Laserfiche WebLink
11A <br />Office of the <br />INDIAN RIVER COUNTY <br />Jason E. Brown, County Administrator <br />Michael C. Zito, Assistant County Administrator <br />ADMINISTRATOR <br />MEMORANDUM <br />TO: Members of the Board of County Commissioners <br />FROM: Jason E. Brown <br />County Administrator <br />DATE: May 9, 2017 <br />SUBJECT: Indian River Shores Property Right of First Refusal <br />On May 6th, 2017, Indian River Shores held an auction to offer for sale the 5.38 acre vacant <br />parcel of land located at 5110 State Road AIA adjacent to the County's Tracking Station <br />Oceanfront Park. On May 8th, 2017, the Indian River Shores Town Council made the decision to <br />accept the highest bid of $4,400,000.00. In accordance with the Deed dated March 16th, 1993, <br />the County has the right -of -first refusal on the property. <br />Although the parcel sold for $4,400,000.00, the attached letter from the Town of Indian River <br />Shores indicates a purchase price of $4,840,000.00 which includes a buyer's premium of <br />$440,000.00. Staff's position is that the property can be purchased for $4,400,000.00 under the <br />County's right of first refusal, however, staff does not recommend purchase of the property. <br />Staff recommends the Board of County Commission waive the right -of -first refusal for this <br />transaction, and allow the Town of Indian River Shores to complete the sale to Lutgent <br />Companies as specified in the attached Real Estate Purchase and Sale Contract. <br />Attachments: <br />Indian River Shores Letter Dated May 8, 2017 <br />Real Estate Purchase and Sale Contract <br />County Deed Dated March 16th, 1993 <br />P70 <br />