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OFFER OF SETTLEMENT - HOWELL-CHAPMAN BEACHFRONT PROPERTY Assistant County Attorney Barkett believed everyone is familiar with the background involved with the possible acquisi- tion of the Howell -Chapman property. He reported that after our appraisal came in at 2.7 million, we made an offer to the owner at that amount, but could not get him to come up with a counter offer. It was then submitted to the court for eminent domain proceedings. He continued that after meeting with representa- tives of the owner.in West Palm, they have now come up with the following offer to settle: HOWELL-CHAPMAN PARCEL Characteristics: 18.06 acres vacant oceanfront - N. A -1-A 1461 front feet along ocean Save Our Coast Contribution: $2,490,600 (Ours) Armfield-Wagner Appraisal: 2,700,000 (Theirs) Phillip Pickens Appraisal: 3,883,330 Difference between our appraisal and theirs: Price If split difference: Offer to settle including costs s atty's fees: Less State contribution Total cost to County 1,183,330 3,291,665 3,215,000 2,490,600 $ 724,400 Options and Alternatives: 1. Accept offer to settle for $3,215,000, which includes costs and attorney's fees. 2. Reject offer with no counter-offer; go to trial, accept jury verdict. 3. Reject offer, propose counter-offer, with or without costs and attorney's fees. Give time certain for acceptance: 24 hours. Recommendation: Accept offer to settle for $3,215,000. Total cost to the County would be $724,000, which includes costs and attorney's fees. If we go to trial, a jury could go with our appraisal, their appraisal, or split the difference, assuming each side puts on a reasonable case. If jury splits the difference ($3,291,665), County's cost would be $801,065 PLUS costs and attorney's fees, which could also be in six_T'igures. If this offer is rejected, a counter -proposal should be authorized today. _ 37 BOOK 7 . � f'Ai;F JUL 28 1987