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DISCUSSION RE BEACH ACQUISITION <br />Chairman Bird informed the Board that after discussing <br />with State officials the time deadline under which we are <br />working in trying to make a decision as to how much to spend <br />on acquiring beachfront properties and how much to hold in <br />reserve, the and Attorney Brandenburg were able to obtain <br />some preliminary information regarding the state appraisals <br />of the Gordon butt property, which is adjacent to Wabasso <br />Beach Park. He continued that, after talking with Mr. Nutt, <br />they were given a strong impression that the appraisals were <br />considerably below what Mr. Nutt considers to be the value <br />of his property, and it, therefore, is very dubious that an <br />agreement could be reached with Mr. Nutt on the purchase of <br />that property. <br />It was noted that the Nutt property was the main <br />parcel we hoped to have our credits apply against under the <br />Save Our Coast program, but it seems we have been encouraged <br />to submit additional parcels. <br />Attorney Brandenburg then proceeded to review the four <br />properties listed on the agenda, noting that he has sales. <br />contracts executed on all of them. He also submitted <br />opinions of market value prepared by local appraisers and <br />reported that they indicate the values are all good values <br />except for the riverfront piece of the Stanny parcel. <br />Chairman Bird felt it would be helpful if the Attorney <br />took the properties one at a time and summarized the <br />negotiated price as compared to the preliminary appraisal <br />price. <br />Attorney Brandenburg reported that the Southeastern <br />appraisal re Bell Road is $1,800,000 and the sales contract <br />we have is $1,750,000 or $50,000 below appraisal. In the <br />same letter of opinion of market value from Southeastern, <br />the Stanny property lying east of AlA was appraised at <br />$650,000 and our contract is at $650,000; the riverside <br />6 <br />