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CONSIDER PURCHASE OF MC KEE JUNGLE GARDENS Administrator Chandler reviewed his memo, as follows: TO: Board of County Commissioners DATE: June 8, 1989 FILE: SUBJECT: MC KEE JUNGLE GARDENS FRO 'James E. Chandler REFERENCES: 'County Administrator At the meeting of April 25, 1989 the McKee Jungle Gardens Preservation Society, Inc. requested that the Commission consider purchasing the property commonly known as McKee Jungle Gardens. Staff was instructed to analyze the acquisition funding alternatives, as well as the alternatives for operating and maintaining the park if acquired. The property owner, Vista Properties of Vero Beach, Inc. has indicated a willingness to sell, but only within certain time. constraints. A total of +/- 99 acres is involved, of which 19 acres is that formerly known as McKee Jungle Gardens (Attachment #1) . The balance of the acreage lies in the wetland areas east of the Vista Royale and Vista Gardens developments. In a meeting with Mr. Ronald Ewing, Vista Properties President, he indicated that the selling price is $2.5 million and is not negotiable. Further, the offer Is for all the parcels and they will not be considered individually. The offer Is for cash only, with no terms. Due to 'the property value two appraisals are required by law and they are scheduled to be received no later than Friday, June 9th. If the asking price exceeds the average of the two appraisals. a 4/5 Commission vote is required to enter into a purchase contract, even if• -that purchase is subject to referendum. Timing Is also a critical factor with the Vista Properties offer. If a final determination is not made in early June, Mr. Ewing indicated the offer will be withdrawn. His Board gave until June 30th to have a purchase contract. If an outright purchase is made then closing would be expected to be shortly thereafter. If the question goes to referendum, he indicated they would expect it to be scheduled as quickly as possible and the contract would stipulate the purchase is subject to referendum. Closing would be before December. In terms of funding the acquisition, there are several alternatives. However, as indicated by the OMB Director's memo, ( Attachment #2) realistically there appears to be two: optional sales or general obligation bond issue (referendum). , Although there is no prohibition to adding the McKee acquisition to the sales tax list, it was not one of the projects contained in .the first five years of the program presented to the public. As was pointed out at the •time the cash flow was presented and $1.5 million from cash forward allocated to the program, it is anticipated that, as was the intent, the original projects can be accomplished without short term financing. However, the cash flow will need to be monitored very closely and perhaps priority adjustments considered during the summer of 1990. Assuming there would be no change now in the priority of those projects initially presented and considering the cash flow, if McKee is added short term financing would be required. 4 5 1 �4 BOOK d I F,a;[ 45