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CONSENT: 11/4/2014 C,. <br />Office of <br />INDIAN RIVER COUNTY <br />ATTORNEY <br />Dylan Reingold, County Attorney <br />William K. DeBraal, Deputy County Attorney <br />Kate Pingolt Cotner, Assistant County Attorney <br />TO: Board of County Commissioners <br />FROM: Dylan Reingold - County Attorney <br />DATE: October 21, 2014 <br />SUBJECT: <br />Release of Reversionary Interests with regard to Former Fire <br />Rescue Station #9 Property Located at 1640 U.S. Highway 1, <br />Sebastian <br />On May 9, 2011 the Board of County Commissioners declared the former Fire Rescue <br />Station #9, located at 1640 U.S. Highway 1 in Sebastian, as surplus property and <br />authorized it to be sold by auction. On June 20, 2011 an auction was conducted by the <br />firm of Karlin Daniel and Associates, Inc., and the winning bidder was Richard Peacock. <br />On June 21, 2011 the Board approved the winning bid of $160,000, and the property <br />transaction was handled by attorney Thomas G. Sherman out of Coral Gables, Florida, <br />with Union Title Services, Inc. issuing title insurance to Mr. Peacock. <br />Mr. Peacock's property now is under contract for sale, and the County Attorney's Office <br />has been contacted by his local attorney for assistance in releasing a reverter that was <br />revealed in the most recent commitment for title insurance. The reverter was originally <br />imposed on the subject property by the City of Sebastian back in 1989 with a <br />subsequent quitclaim to Indian River County in 1999 purportedly transferring the <br />reversionary interest. <br />Presented herewith for consideration is the Release of Reversionary Interests which <br />releases any reversionary interests the County may have with regard to the City of <br />Sebastian's quitclaim deed to Indian River County with respect to the subject property. <br />FUNDING: <br />The only cost associated with this matter is the recording fees, which will not be borne <br />by Indian River County. <br />RECOMMENDATION: <br />Authorize the Chairman to execute the attached Release of Reversionary Interests. <br />nhm <br />attachment <br />Approved for November 4, 2014 BCC Meeting <br />Consent Agenda <br />COIINTY ATTORNEY <br />Indian River Co. <br />59Risk <br />Approved <br />Date <br />Admin. <br />/ <br />ity ii <br />Co. Atty. <br />' p v� <br />Budget <br />Id i4 <br />Department <br />- <br />_ <br />Management <br />`=- <br />