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Stoney Brook Premier Exchange Agreement February 10, 2016 Page 12 Currently, about 20% of the 112 lots in Stoney Brook are unimproved Most of the unimproved lots along with the property belonging to the Stoney Brook Farms Property Owners' Association, Inc. was recently purchased by a new ownership team In order to remedy this problem, the three parties have agreed to a swap of property. The County will convey by county deed to Stoney Brook the encroached upon County owned property (Attached to the Agreement as Exhibit "A") consisting of 0 32 acres, zoned RS-3, single family residential, up to 3 units per acre Staff is confident that the planned improvements for the 82nd Avenue/41h Street intersection can be safely constructed without the 0 32 acre parcel because of its long triangular shape Stoney Brook will in turn convey the property to the affected landowners with the controlling plat requirements encumbering the property In return, Stoney Brook will convey to the County the western hiatus parcel consisting of 0 317 acres of property zoned A-1, Agricultural, 1 unit per five acres. (Attached to the Agreement as Exhibit "B") Premier Citrus will convey a 1 06 acre (46,250 square feet) parcel of property located on the southwest corner of 4th Street and 82nd Avenue to the County for future right-of-way for 4th Street improvements. The parcel is zoned RS-3, single family residential, up to 3 units per acre. A sketch and legal description of the 1 06 acre parcel is attached to the Agreement as Exhibit "B". The County has recently replaced the bridge over the canal at 4th Street and has plans to improve the intersection at 82nd Avenue and 4th Street. Additional right-of-way is still needed from property owner on the east side of 82nd Avenue. Staff had attempted to negotiate a resolution of this matter with the previous owners of Stoney Brook. Those efforts were unsuccessful as the County sought some type of compensation for the encroached upon 82nd Avenue parcel since the County paid full market value ($35,000 per acre) for the property back in 2005. Staff is now satisfied the County is being fairly compensated for the encroached upon 82nd Avenue right-of-way with the addition of the 1.06 acres from Premier on the south side of 411 Street. The County benefits from the acquisition of the 4th Street right-of-way parcel as the County will not need to acquire the property through the eminent domain process. Florida Statutes §125 37 directs that the terms of the proposed exchange be published in the local newspaper once a week for at least two weeks before adoption of a resolution authorizing the exchange The advertisements appeared in the Press Journal on February 111 and February 8th, 2016 Funding. The estimated costs associated with this transaction is $400.00 and will paid from General Fund/ County Attorney/ Recording Fees- Account # 00110214-034830 Recommendation. Staff recommends the Board approve the Real Estate Exchange Agreement between Indian River County, Stoneybrook Farms Group, LLC and Premier Citrus, LLC Staff further recommends the Board adopt the Resolution approving the Exchange Agreement and authorize the Chairman to execute the documents on behalf of the Board. Copy to Bruce Barkett, Esq. 116