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If the County was seriously considering his parcel, it is possible that he would cooperate by virtue of a bargain/sales agreement where there would be a value reduction of two-thirds of the differ- ence between the $4,000 asking price and a higher appraisal. This was not a firm offer but merely discussions at this time. PFEIFER PROPERTY This property consists of approximately 7.23 acres with 726 feet of beach frontage and a 650 foot depth, The property has a triangular portion on the northeast corner which abuts A -1-A as an out parcel which has been excavated. In turn the property has a similarly sized triangular parcel on the west side of A -1-A across -from its I outhernmost boundary. The original asking price on this property was $1,250,000 or $1,721 a front foot. The property is owned by Dr. Pfeifer and Mr.. Heikes. Mr. Heikes, Bob Kohler and I met on May 3, 1983, to discuss the possible acquisition of the property by the County. During the meeting, Mr. Heikes indicated that the purchase price was $1,300,000 or $1,790 a front foot and that he would probably be willing to accept some terms on the property such as 25% down with the balance over 5 years at 11%. He indicated that Dr. Pfeifer may not want to receivb the purchase price until January 1st of next year. There have been no recent appraisals on the property and no recent survey. The owners have held this property for a considerable amount of time. To date, we have been unable to clear up the discrepancy in the asking price between -.;lat as originally offered to the County and that as represented by Heikes. During the av�eting we discussed with Mr. Heikes the possible tax advantages of dealing with the County and requested him to discuss these aspects with Dr. Pfeifer and let us know whether they felt. such warranted a price reduction on their behalf. I have not hee.rd from Mr. Heikes since our last meeting, and my attezpt to contact his office on Tuesday, May 3, 1983, discovered -that 1.3 was out of town for a week. Dr. Pfeifer returned my call on May 18, 1902:. He indicated that he was in the process of selling his practice &i.)et that he had not discussed the sale of this property with his accountants to date. I explained to him the possible tax advait- tages, and. he indicatedhe had not given this aspect much considera- tion. He invited me to contact his C.P.A. to discuss bargan/sale and condemnation aspects. He reiterated his feeling that the price as originally quoted was fair and in line with comparably offered properties. GOLDEN SANDS PROPERTY This property is approximately 14.45 acres with 1,145 feet fronting on the ocean and a width of 550 feet. The original asking price was $2,250,000 constituting $1,965 per front foot. I met with Mr. Deprez, Ed Schlitt, Harry Offutt and Michael Wright on Tuesday, April 26, 1983, and reported the gist of that meeting to you during your last Sub -Committee meeting on April 28, 1983. The property owners' current position is that they will work with the County on the purchase of any combination of the parcels 8, 9, 10, or 11. That the property owners would be willing to sell the 3 oceanfront parcels for $2.1 million which reflects an oceanfront foot price of approximately $1,834. The land on the west side of A -1-A was purchased with the oceanfront property could be obtained for an additional $300,000 amounting to a price approximating $30,000 per acre. There is a mortgage on the property payable to the Chemical Bank of approximately $300,000 on the land east of A -1-A and $50,000 on the land west of A -1-A. Mr. Schlitt indicates that he 3 wK 153 PAGE 05 LAA