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(�Ep 10 1991 <br />BOOK f'r1UE 2" A <br />Mr. Davis distributed copies of the following letter to each <br />Commissioner: <br />Sebastiaii General Partnership, B.P.T. <br />P. O. Box 780068 • Scbastian, Florida 32978-0068 • 589-8088 <br />September 7, 1991 <br />"!r. Jim Davis, P.E. - <br />Indian River County <br />1840 25th Street <br />Aero Beach, Florida 32960 <br />Dear Jim: <br />fWe are in receipt of your July 15, 1991 letter wherein <br />You 7ronose a figure of -$46,827 for the .43 acre parcel to <br />be apglied as am impact fee/credit. Both my Tuttle-Armfield <br />appraisal and Sebastian Appraisers appraisal come in considerably <br />higher than this figure. Both appraisals are $90,000 more <br />than this figure. <br />In an effort to settle this issue, Sebastian 'eneral <br />Partnership, B.F.T. is willing to sell to the County the <br />right-of-way for $60,000, We are willing to release the <br />right-of-way for this amount provided the deal is consummated <br />within thirty (30) days. After thirty days, the amount will <br />have to be re -negotiated. <br />Sincerely, <br />Henry . Fischer, <br />General Partner <br />Mr. Davis stated that while Dr. Fischer has agreed to sell the <br />27 feet of right-of-way for $60,000, staff felt it was worth more <br />like $43,000. <br />Mr. Davis added that since there was no platting in this area <br />the County does not have the County right-of-way. Dr. Fischer has <br />had some appraisals done of the Chesser's Gap property. The <br />appraisals that have been performed, however, are not the classical <br />type of appraisal for right-of-way acquisition where the parent <br />tract is valued and after the right of way taking is accomplished, <br />the remainder is valued and you subtract the remaining value from <br />the parent tract value to get the value of the right-of-way. That <br />type of appraisal has not been performed. <br />Public Works Director Davis felt until this corridor is <br />completely acquired and the roadway connects to U.S. 1, that turn <br />lane will only serve Chesser's Gap development, which is going to <br />be a major development. It is a Planned Unit Development in the <br />City of Sebastian which the City of Sebastian has approved. A <br />traffic impact study which Mr. Davis had reviewed indicated that <br />16 <br />M M <br />