5/26/1983 - Laserfiche WebLink

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price if the County is action. This property Bell Road property. willing to proceed with an all cash trans - is immediately adjacent and south of the BELL ROAD PROPERTY Chairman Bird and I met with Dan Preuss, realtor and representa- tive of the Bell Road property on Friday, May 6, 1983. This prop- erty is approximately 11.24 acres with 980 feet of oceanfrontage to a depth of 500 feet. The owners have offered the property to the County at the price of $1,800 a front foot or approximately $1,750,000. The Bell Road Corporation purchased this property in August of 1980 for $1,100 a front foot. The owners would accept a downpayment equal to the balance of their existing -mortgage which is approximately $500,000 and would offer terms of a 3 year amor- tization at 12% interest on the unpaid balance.. The seller will be interested in reducing the price to $1,750 a front foot if the County were inclined toward an all cash transaction. The se1)ei is flexible and would consider selling a portion of the property. This property is immediately adjacent and to the north of the Schlitt/Erdo tract. HOWELL AND CHAPMAN PROPERTY This tract consists of approximately 16.74 -acres with 1,460 feet of oceanfrontage with a depth of 500 feet. The owners are requesting $3,000,000 for the parcel.which constitutes $2,056 a front foot. I have not met with the owners of the Howell and Chapman propeity but believe that Mr. Fennell has had at least one telephone conver- sation with their representatives. MORRIS PROPERTY: This parcel is 5.94 acres in size, has a depth of approximately 450 feet on the ocean side, and has a triangular potion as an out parcel along the ocean east of the Coastal Construction Control Line. The asking price for the parcel is $1,000,000 which includes a large parcel on the west side of A -1-A, both parcels totalling approximately 14 acres. The parcel owner and representative, Mme. Schlitt, indicated that tax aspects of this transaction would be very important and that if appropriate transaction could be struc- tured the price may be reduced from the $1,000,000 figure. BERKWITZ ESTATES PROPERTY This parcel consists of approximately 3.39 acres in size with beach frontage of 400 feet and a depth of 370 feet. The requested price for the property is $650,000 constituting $1,625 a front foot. This property is currently subject to probate proceedings. Mr. Offutt has had telephone conversations with representatives of the estate and will be in a position to indicate his findings to the Sub -Committee. STANNY PROPERTY Mr. Challacombe informed the Board that staff looked at all properties from a cost, resource and planning standpoint, and the reason staff liked the Stanny property is because it is located just north and adjacent to Round Island Park and can be used to 5 MAY 26 3 �9� arc 53 Put �7