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Dylan Reingold, County Attorney William K. DeBraal, Deputy County Attorney Susan J. Prado, Assistant County Attorney County Attorney's Matters - B. C. C. 11. 12.19 Ofce of INDIAN RIVER COUNTY MEMORANDUM TO: Board of County Commissioners FROM: Dylan Reingold, County Attorney DATE: November 5, 2019 SUBJECT: Premier Citrus, LLC Purchase and Sale Agreement BACKGROUND. ATTORNEY On March 26, 2019, the Indian River County Board of County Commissioners (the "Board") approved a purchase and sale agreement with Premier Citrus, LLC for the purchase of three properties totaling approximately 286 acres of land bordered by 82nd Avenue to the east, 4th Street to the north, 90th Avenue to the west and 1 st Street SW to the south. The purchase price was $4,800,400.00 for the three properties. The closing was scheduled for late July. The County was unable to close on the property as scheduled. In order to avoid the uncertainty of litigation, the County Attorney and County Administrator negotiated a new purchase and sale agreement with Premier Citrus, LLC, for just the 243.50 acres located east of I-95. The purchase price is $5,950,000. Although, this price is significantly above the previous purchase price, the amount is still less than the amount of the most recent appraisal value obtained by the County of $7,300,000. FUNDING. There are three funding sources anticipated for the purchase of the subject properties Optional Sales Tax — 20% of optional sales tax monies are set aside for projects affiliated with the Indian River Lagoon initiative - $1.8 million is budgeted in the County's CIE in Fiscal Year 20/21 for a TMDL/Utility/Effluent Storage project. 2. Park impact fees are available for a western corridor park - $1 million is budgeted in the County's CIE in Fiscal Year 22/23. C:IL'}rralajoluuonLlyppnpVwicniNliero �IWin�bw.rVNe+[;xbrlCowrenl.Chnlookl5F971PF71rime.,iacr