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HOWELL-CHAPMAN PARCEL ACQUISITION UPDATE <br />Assistant County Attorney Barkett reviewed the following <br />memo: <br />TO: The Board of County Commissioners <br />DATE: December 10, 1986 <br />SUBJECT: Howell -Chapman Parcel Acquisition Update <br />FROM: Bruce Barkett <br />Assistant County Attorney <br />Facts: <br />At the November 25th Board of County Commissioners' meeting <br />this office presented the Board with the November, 1986 <br />Armfield-Wagner appraised value of the above -referenced <br />parcel of beach -front property. The parcel is on the Save <br />Our Coast State project list, and the State has reserved <br />$2.5 million to contribute toward purchase of the property. <br />Coincidentally, the appraisal reflected a $2.5 million value <br />for the property, and the Board authorized me to submit to <br />the seller an offer to purchase the parcel for $2.5 million. <br />Such an offer was transmitted, and the deadline for a <br />response has passed without word from the seller. <br />Previously the seller offered to sell the parcel for $3.6 <br />million. <br />The original appraisal was based upon a dollar amount of <br />$1,812 per ocean front foot, and the appraiser estimated the <br />parcel to have 1,380 front feet. A corrected appraisal has <br />been submitted reflecting the property's true front footage <br />on the ocean, which is 1,462 front feet, and a dollar amount <br />of $1,847 per front foot, making the corrected appraised <br />value $2.7 million. <br />Options: <br />This item is put before the Board for guidance. Two options <br />are presented: <br />1. Amend the offer to $2.7 million. The County would <br />contribute $200,000.00 but would get in return management <br />and use of a $2.7 million ocean -front park which completes a <br />gap between other properties purchased for park use. The <br />seller could be given one week to respond to the offer. <br />2. Go to condemnation immediately. The County would be <br />responsible for the seller's attorney's fees whether or not <br />we chose to pay for the parcel according to the fair market <br />value as determined by the court. <br />Recommendation: <br />Option Number 1 is recommended simply because exercise of it <br />does not preclude use of condemnation if the offer is <br />rejected. Further, a negotiated sale would save the County <br />the seller's attorney's fees. <br />77 <br />J t? <br />Boor;. 66' <br />