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r FEB 91993 <br />BOOK 08 M) 8100 <br />Park property and still have dollars left over. He further thought <br />that with the exchange of land and the exchange of dollars the <br />County would have clear title to the Gifford Park property, the <br />Town of Indian River Shores would have a piece of property for <br />public use, and the public would benefit in all respects. <br />Chairman Bird stated that since this item was first addressed <br />he has viewed it from all aspects and concluded that both <br />properties were appraised at the highest and best use and there is <br />$125,000 difference in value. There have been recent sales and the <br />new comparables could determine that the property value might be <br />higher now. He felt the deal was fair because both properties <br />would have a restriction for public use. <br />Commissioner Eggert clarified, and Mr. Schoen confirmed that <br />the Indian River Shores Town Council suggested two alternatives: <br />a straight land swap with the restriction for public use on the <br />beachfront property, or the land swap without the restriction but <br />with the additional sum of $125,000 paid by the Town of Indian <br />River Shores to the County. Mr. Schoen felt sure that the <br />difference in value would change if an appraisal were done on the <br />present use of Gifford Park and the inherent use of the beachfront <br />property. <br />Chairman Bird felt so strongly that the difference in value <br />does exist that he could be talked into making the trade with the <br />cash payment and without the restrictions. <br />Mr. Schoen stated that the Town of Indian River Shores would <br />be delighted with that deal. <br />Commissioner Macht wondered if a modified restriction would be <br />more agreeable to the Town of Indian River Shores, but Mr. Schoen <br />stressed that the money is the bothersome item. <br />Chairman Bird reminded everyone that there was a third string <br />attached which is the right of first refusal on both properties, <br />and Mr. Schoen stated that the right of first refusal was <br />acceptable to him. <br />Commissioner Eggert pointed out that the County would be in a <br />difficult situation if we traded the beachfront property now and <br />the Town of Indian River Shores put it up for sale and we were <br />asked to repurchase it at half a million or a million dollars. <br />Chairman Bird was willing to drop the public use provision and <br />keep the cash differential. <br />Commissioner Eggert asked whether that was Mr. Schoen's <br />preference, and Mr. Schoen thought they could live with it either <br />way. He just wanted to come to a conclusion on this item. <br />Commissioner Macht suggested a motion to swap the two pieces <br />of property, the Town of Indian River Shores pay to the County the <br />28 <br />® M _ <br />