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Regular Agenda Item <br />>� INDIAN RIVER COUNTY, FLORIDA <br />I <br />DEPARTMENT OF UTILITY SERVICES <br />,.o W1 <br />Date: February 09, 2016 <br />To: Joseph A. Baird, County Administrator <br />From: Vincent M. Burke, P.E., Director of Utility Services <br />Subject: 83.14 +/- Acres Due Diligence Report and Opinion of Probable Cost <br />DESCRIPTIONS AND CONDITIONS: <br />On December 15, 2015, the Indian River County Board of County Commissioners (BCC) approved an <br />agreement to purchase 83.14 +/- acres of undeveloped land at 925 5th Street SW, just east of Osprey <br />Marsh Algal Turf Scrubber site, contingent upon a due diligence time period that ends Monday, <br />February 29, 2016. The undeveloped site is being considered as a location for a potential surface <br />water reservoir used for nutrient load reductions or as an alternative water supply for the County's <br />potable water needs. <br />At that same meeting, the Board approved Work Order No.4 to hire consulting engineer, CDM <br />Smith, to assist the Utilities Department in performing a due diligence investigation and to <br />determine an estimated opinion of probable costs for such a potential reservoir and surface water <br />treatment plant. <br />The final sale of the property is scheduled to occur at 2:00 pm on Tuesday, March 1, 2016. The <br />purpose of this agenda is to update the Board on the findings thus far. <br />ANALYSIS: <br />Appraisal <br />At the December 15, 2015 BCC meeting, staff informed the Board about the sales history associated <br />with the property. The purchase and sale agreement approved by the Board at that meeting was in <br />the offer of a one-time payment of $1,000,000. The County enlisted the services of Armfield & <br />Wagner (A&W) for several reasons. The firm is local, they are reputable and the firm had previously <br />done an appraisal on the subject property for a private developer back in 2011. A&W updated their <br />historical information and presented their report to the County on December 30, 2015. A&W <br />Appraisal #43829, which complies with the Uniform Standards of Professional Appraisal Practice <br />F:\Utilities\UTILITY - Engineering\WATER\Alternative Water Supply\Portofino Preserve aka Blackstone 83 acre site\Due Diligence Report for BCC <br />02_16_2016\Agenda - Due Diligence Report and OPC for 83 acre site for BCC meeting 02_16_2016.docx Page 1 of 14 <br />{Q <br />