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WR 16 "30 16:18 Lv LEGHL DEPT 914 478 3131 X2199 <br />CIBA-GEIGY Corporation <br />Ardsley, New York 10502-2699 <br />Telephone 914 478 3131 <br />April 16, 1990 <br />Mr. Jim Chandler <br />County Administrator <br />Indian River county <br />1890 25th Street <br />Vera Beach, FL 32960 <br />Dear Mr. Chandlers <br />P.6 <br />CIBA-GEIGY <br />DRAFT <br />This will serve to advise you of Ciba-Geigy Corporations <br />(seller) intent to enter into an exchange of properties with <br />Indian River Co., Florida (buyer) essentially under the <br />provisions of Florida Bar and the Florida Association of <br />Realtors, Inc. form contract for sale and purchase <br />(FAR/BAR-002-876) 1/88 and in accordance with the following: <br />1. Seller will exchange approximately twenty one (21) <br />acres of the land described in Exhibit A attached hereto and <br />valued at $25,000 per acre for approximately thirty eight <br />(38) acres of land owned or controlled by A. Nyquist as more <br />fully described in Exhibit B attached hereto to be acquired <br />by Buyer at a value of $14,000 per acre. Said exchange will <br />be accomplished in accordance with provisions of Section <br />1031 of the Internal Revenue Service tax code. <br />2. At the same time, Seller will donate to the Buyer the <br />balance of the forty (40) acre property (approximately 19 <br />acres) as described in Exhibit A and valued at $25,000 per <br />acre. <br />3. All costs incident to closing the exchange and donation <br />transactions will be borne by the Buyer. <br />h. The Buyer agrees to maintain a protective buffer of <br />trees of at minimum one hundred (100) feet width along the <br />King's Highway frontage and use the property described in <br />Exhibit B only for recreational purposes. <br />5. Seller shall be given a right of first refusal to <br />re -acquire the property should Buyer ever wish to sell. <br />6. A closing will occur on or before May 31, 1990. <br />If the above property reflects your understanding, please <br />sign and return a copy of this letter to me. Thereafter I <br />will have prepared a formal contract for execution by both <br />parties. <br />Very truly yours, <br />Richard B. Este <br />Director Real <br />!Ttate Services <br />� I <br />21 BOOK �I PAGE '0 <br />APR 171990 <br />