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Ms. Eva Armstrong • Exchange of 1.4 acres page 2 Inc., which has a large planned development to the north of GSP. The County has negotiated an exchange agreement with Windsor. The exchange proposal as outlined in this letter and attachments includes significant benefits for the County and the Trustees in addition to the exchange. As part of the reconfiguration of GSP, the County requests that the Trustees exchange its tract for the proposed Trustees' ownership indicated on the "After Exchange" exhibit. I offer the following in support of this request: • The proposed Trustees' ownership contains a full replacement of the 100 foot width of the current Trustees' ownership, plus an additional 25 feet of width (27 feet +1- of frontage). This additional ocean front footage is worth an estimated $26,000 per front foot as an addition to the proposed Trustees' ownership (based on the average of ocean front sales on the MLS since November 1, 2005; see attached exhibit entitled Front Foot Value Comparable Sales); making an estimated value for the additional land to be conveyed to the Trustees of $750,000. • In addition, the County will convey a conservation easement 50 feet in width (approximately 55 front feet), making an additional 75 feet of total width (82 front feet) added to the original 100 foot width of Trustees' ownership. The proposed Trustees' ownership is equal to orr better than the current Trustees tract in resource value; and•the proposed Trustees' ownership will remain in its natural state after the exchange. - The existing zoning density on the property to be conveyed by Windsor is 3 single family units per acre, creating a possibility for 27 homes. In order to reduce the density of human use of the turtle beach, Windsor is willing to permanently restrict the over all density on the property it will receive to only 6 units over the entire tract, for a density of less than one unit per acre. Windsor has already, at the request of the County, rezoned its adjacent property from multifamily to single family, partly to reduce density adjacent to the turtle nesting beach. - Windsor has also agreed to record restrictive covenants which permanently limit dune crossovers, prohibit construction activities seaward of the CCCL during nesting season, prohibit overnight beach accessories and mechanical beach cleaning during nesting season, and provide for turtle friendly lighting, access for sea turtle monitoring and sea turtle education. See the attached exhibit entitled Declaration of Restrictive Covenants. • The facilities on GSP are out dated, and have been significantly damaged by storms over the past several years. Windsor has agreed to build a new park facility on the property to be acquired by the County. The design of parking, over walks and facilities will be updated, and will include improved environmental specifications, including better parking, landscaping and native vegetation cover. That part of the old park not utilized in the new park will be restored to native conditions. With a more efficient parking layout, the overall development footprint of the park will be reduced from 1.98 acres to 1.80 acres. 234