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JUL - 6 1993 <br />BOOK 89 P,", -7 <br />1?. 9S6 <br />In comparing the two LAAC sites,- the Prang Islands score better due <br />to the presence of a native maritime hammock on the property. <br />Notwithstanding, both projects appear to have enough merits under <br />the FCT program criteria to warrant an application submittal. <br />The FCT program awards 10 extra points to projects where the <br />applicant pays 60% of acquisition costs instead of 50%. Relating to <br />these sites, 10 points may make the difference in whether either of <br />the projects is ranked for funding. <br />Ballpark Appraisal <br />The FCT program requires an applicant to submit an accurate <br />estimate of property fair market value. State requirements,, <br />however, discourage formal appraisals of property for this purpose. <br />Consequently, staff normally use the assessed value of a property <br />as a basis for value estimates. <br />Regarding the Lost Tree and Prang Islands, however, LAAC members <br />and staff are concerned that the assessed value for these <br />properties is not an adequate basis for estimating fair market <br />value. <br />For this reason, LAAC, at its regular meeting on May 26, 1993, <br />voted to recommend that the Board authorize a "letter of appraisal" <br />or "ballpark" estimate of these properties by an MAI certified <br />appraiser for purposes of FCT application submittal. <br />RECOMMENDATIONS <br />Staff recommends that the Board of County Commissioners authorize <br />staff to submit two separate applications for the Lost Tree Islands <br />and the Prang Islands under the present application cycle of the <br />FCT program, with the County proposing to pay 60% of acquisition <br />costs. Also, staff recommends that the Board authorize a <br />"ballpark" appraisal. of these properties by an MAI certified <br />appraiser for purposes of FCT application submittal. <br />ON MOTION by Commissioner Eggert, SECONDED by <br />Commissioner Macht, the Board unanimously (4-0, <br />Commissioner Tippin being absent) authorized the <br />submittal of two applications to FCT and a ballpark <br />appraisal of the properties by an MAI certified <br />appraiser for purposes of the application, as set <br />out in staff's recommendation. <br />RESOLUTION FOR COST -SHARE PARTNERSHIP WITH ST. JOHNS RIVER WATER <br />MANAGEMENT DISTRICT TO ACQUIRE THE LOWENSTEINISALAMA PROPERTY <br />The Board reviewed the following memo dated 6/29/93: <br />30 <br />