5/26/1983 - Laserfiche WebLink

Home Browse Search

r MAY 261983 believes these mortgages are assumable at an with 4 to 5 years to run. The owners of this very flexible in their approach to a possible SIRK PROPERTY i 53,�'r interest rate of 8% property seem to be County acquisition. This property has approximately 188 feet of oceanfrontage, is 500 feet deep, and consists of 2.15 acres east of A -1-A. I did not meet with the owners of the Sirk property. Mr. MacAdam talked with the owners twice over the telephone and has indicated that they are not particularly interested in making the trip from Coral Gables to Vero Beach at this time. They will entertain offers on the oceanfront property by itself. The owners have expressed their desire to sell the property and appear to be cooperative. They have indicated a preference for a cash closing. NUMBER ELEVEN CORPORATION PROPERTY This parcel is approximately 2.3 miles north of Wabasso Beach Park and consists of 6.29 acres having 565 feet along the ocean with a 485 foot depth. The original asking price for the property was $1,200,000 making the front foot cost $2,123. Mr. Paull met with Al MacAdam, Dick Letsinger and Dan Wilson, on May 10, 1983, to discuss the possible acquisition by the County of this property. The property is held by a Sub -Chapter S Corporation which has Mr. Letsinger as its Director/President and Mr. Wilson as a Director/ Vice -President. The property has a 20 year mortgage at 10% wit.11 a $320,000 balance with a balloon payment due in 1985. The owners indicated their interest in a cash transaction but also specifi-- cally asked about cash plus donation plus a possiblity of purchas- ing some of the County's beach bonds. The possible advantages of dealing with the County were explained to the owners, and they r -ire requested to check with their accountants and determine whether they could offer the County a more favorable purchase. On May 17, 1983, Mr. Paull, Mr. MacAdam, Mr. Letsinger and Mr_ Wilson met again. At this time they reduced their purchase price. to $1,000,000 or $1,773.05 a front foot. It should be noted that this conveyance will be subject to a 5 foot easement along the north edge of the property which was previously dedicated for the benefit of the owners of Turtle Cove Subdivision. ED SCHLITT PROPERTY (ERDO PARCEL) This parcel is approximately 6•.2 acres in size with 484 feet of oceanfrontage and a depth of 566 feet. The original asking price for this property was $1,700,000 constituting $3,512 a front foot. I met with Harry Offutt and Ed Schlitt on May 16, 1983, to discuss the possible acquisition of this parcel by Indian River County. This, parcel is owned by a joint venture comprised of several investors who have indicated a preference for an all cash trans- action with possible terms if desired by the County. The parcel is listed at $1.7 million for the whole tract which includes a triangular parcel with dimensions of 8051, 1335' and 1492' all lying west of A -1-A. If the County desired to purchase only the oceanfrontage, the owners originally asked for approximately $2,.000 a front foot. During our latest meeting the owners have indicated a willingness to sell the oceanfrontage for $1,800 a front foot and the property on the west side in.the neighborhood of $450,000. Representatives of the owners have indicated that there is a possi- bility that the property could be offered for a slightly reduced Y 4