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Bob Schoen, vice mayor of Indian River Shores, stated that <br />Indian River Shores Town Council did consider use of the property <br />for recreation because there is a need for beach access in that <br />area. However, they are interested in that property because they <br />have the larger problem of stormwater runoff going down the storm <br />sewers and directly into the lagoon. Indian River Shores is <br />required by their comprehensive plan to eliminate that runoff <br />situation by establishing retention ponds. Their plan includes a <br />retention pond with a walkway around it for access to the beach. <br />The Indian River Shores Town Council disagrees with the cash <br />differential because it was their understanding that the $125,000. <br />-.represented a difference in fair market value of the two properties <br />at their highest and best use. The oceanfront property is no <br />longer available for its highest and best with a restriction for <br />public use on it. Mr. Schoen hoped the Commission would reconsider <br />the matter and either agree to the land swap plus $125,000 with no <br />restrictions, or if the Commission feels strongly that the <br />restriction is necessary, then drop the $125,000 cash differential <br />because the beachfront property is no longer available for its <br />highest and best use. <br />County Administrator Jim Chandler explained that both <br />appraisals were done at the highest and best use. The appraised <br />value on the property adjacent to Tracking Station Park was <br />$700,000 and on the Gifford Park property it was $575,000. The <br />highest and best use in both cases would be residential. <br />Chairman Bird felt that since both properties were appraised <br />at the highest and best use, and both would have the restriction of <br />public use, the difference in value of $125,000 is a fair deal. <br />Mr. Schoen thought that the distinction between the two <br />properties is that the Gifford Park property already is dedicated <br />to public use, whereas the beachfront property is residential. He <br />thought the Indian River Shores Town Council would prefer to have <br />a reappraisal if that is the Commission's proposal. <br />Commissioner Eggert thought we should have appraisals on both <br />properties based on public use. <br />Commissioner Adams felt that it might cost $125,000 if Indian <br />River Shores took the property and constructed the retention pond <br />and walkaround. Conversely,, the cost might be the, same if the <br />County built a passive park there. For that reason she felt that <br />it should be handled as an even swap with no cash involved. In <br />that way the County would be contributing'to the environment also. <br />Administrator Chandler pointed out that we have use of Gifford <br />Park to the year 2000. If we retained possession of the beachfront <br />property to that time, we could sell it and purchase the Gifford <br />27 <br />L_ FEB 91993 BOOK 88 F k,u 799 <br />