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r FEB 16 1983 DELETION OF WALKER TRACT FROM "SAVE OUR COAST" PROGRAM Administrator Wright reviewed the following memo: TO: The Honorable Members of DATE: February 7, 1983 FILE: �v the Board of County Commissioners FROM: SUBJECT: WALKER PROPERTY Michael Wright(�V/ / REFERENCES: County Adminis t Paul Walker, the agent for the Walker property, has indi- cated an unwillingness to' sell the 23 acres of lana east of AIA that is currently being considered for purchase through the Save Our Coast Program. The syndicate Walker represents owns a total of 51 acres in a parcel that extends from the Atlantic to the Indian River. Attached is a map that outlines the entire tract. The asking price of the entire tract is in'the-neighborhood of $7 million with a probable purchase price in the $5 to $6 million dollar range. The property has only 800 feet of ocean frontage and is located less than two miles from the ocean to river, 90 acre Round Island Park. Even in the unlikely event the state expanded its con- sideration to include participation in the entire parcel, Indian River County's share would run between $1.75 million to $2.1 million, or in excess of $2,100 a front foot. The Count, would be gaining a sizeable tract of land on the Tndian Riv'(,r. However, in my opinion, such a purchase would not be in spirit with either the Save Our Coast program or the intent of the beach acquisition referendum. Because of Walker's unwillingness to sell, I have asked state officials to refrain from proceeding with the appraisal of the property. Work is continuing on the Nutt property with possible, though not probable action, at the March cabinet meeting. If all goes well, the April or May meeting -would be more realistic time frame for consideration. At the next Commission meeting, I will ask that you for- ma-lly drop consideration of the Walker property and direct staff efforts toward acquiring other less costly ocean front tracts. 26