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/861 <br /> MEMORANDUM <br /> TO: Board of County Commissioners <br /> FROM: Dylan Reingold, County Attorney <br /> DATE: November 5, 2019 <br /> SUBJECT: Premier Citrus, LLC Purchase and Sale Agreement <br /> BACKGROUND. <br /> On March 26, 2019,the Indian River County Board of County Commissioners (the "Board") approved a <br /> purchase and sale agreement with Premier Citrus, LLC for the purchase of three properties totaling <br /> approximately 286 acres of land bordered by 82nd Avenue to the east, 4th Street to the north, 90th Avenue <br /> to the west and 1st Street SW to the south. The purchase price was$4,800,400.00 for the three properties. <br /> The closing was scheduled for late July. <br /> The County was unable to close on the property as scheduled. In order to avoid the uncertainty of <br /> litigation, the County Attorney and County Administrator negotiated a new purchase and sale agreement <br /> with Premier Citrus, LLC, for just the 243.50 acres located east of I-95. The purchase price is$5,950,000. <br /> Although, this price is significantly above the previous purchase price, the amount is still less than the <br /> amount of the most recent appraisal value obtained by the County of$7,300,000. <br /> FUNDING. <br /> There are three funding sources anticipated for the purchase of the subject properties. <br /> 1. Optional Sales Tax—20%of optional sales tax monies are set aside for projects affiliated with <br /> the Indian River Lagoon initiative - $1.8 million is budgeted in the County's CIE in Fiscal <br /> Year 20/21 for a TMDL/Utility/Effluent Storage project. <br /> 2. Park impact fees are available for a western corridor park - $1 million is budgeted in the <br /> County's CIE in Fiscal Year 22/23. <br /> 126 <br />