1992-065 - Laserfiche WebLink

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NOW, THEREFORE, the parties agree as follows: 1. The COUNTY will convey to the DEPARTMENT the following described property for mitigation of the new bridge within thirty days of execution of this agreement: Convey a permanent easement over the parcel of land shown on the above noted map as Parcel No. 801. 2. The DEPARTMENT will pay a pro -rata share of the COUNTY'S cost of acquisition of County Parcel No. 110. The COUNTY acquired 43.77 acres, which was appraised on the following basis: The COUNTY has paid $495,000 to the former owners of the Property pursuant to the Order of Taking procedure for the property acquired by the COUNTY for mitigation of Indian River Boulevard. The DEPARTMENT wishes to utilize a portion of the COUNTY acquired property for its own mitigation purposes for the Merrill Barber Bridge. Therefore, the agreed DEPARTMENT pro -rata share of the COUNTY'S cost of acquisition as described in paragraphs 3, 4 and 5 of this agreement will be 81.56% of the total. This share is calculated as a ratio of the appraised value of the land which the DEPARTMENT wishes to acquire for its mitigation purposes, to the total appraised value of the whole parcel acquired by the COUNTY for its construction and mitigation purposes ($403,732/$495,000). 3. The DEPARTMENT will pay $403,732 (81.56% of $495,000) to the COUNTY within 30 days of the receipt of the permanent easement to be conveyed pursuant to this agreement. This payment will represent the first installment of the total payment for Parcel No. 801. 4. Upon a final determination by the Court of the amount to be paid to ,the former owners of the property, the DEPARTMENT will pay to the COUNTY its pro -rata share (81.56%) of any additional amounts paid to the former owners. However, such additional amounts to be paid by the DEPARTMENT shall not exceed $300,000. The DEPARTMENT will make this payment within 90 days of the receipt of an invoice from the COUNTY. pareol.mar Parcel 801 - Page 2 of 5 DEPARTMENT Value of Appraised COUNTY Land DEPARTMENT Type of Land Value Acquisition Requirement . Land Upland $28,000/Acre 14.061 Acre 14.061 Acre $393,712 Wetland 3,500/Acre 29.709 Acre 2.862 Acre 10,020 43.770 Acre 16.923 Acre $403,732 The COUNTY has paid $495,000 to the former owners of the Property pursuant to the Order of Taking procedure for the property acquired by the COUNTY for mitigation of Indian River Boulevard. The DEPARTMENT wishes to utilize a portion of the COUNTY acquired property for its own mitigation purposes for the Merrill Barber Bridge. Therefore, the agreed DEPARTMENT pro -rata share of the COUNTY'S cost of acquisition as described in paragraphs 3, 4 and 5 of this agreement will be 81.56% of the total. This share is calculated as a ratio of the appraised value of the land which the DEPARTMENT wishes to acquire for its mitigation purposes, to the total appraised value of the whole parcel acquired by the COUNTY for its construction and mitigation purposes ($403,732/$495,000). 3. The DEPARTMENT will pay $403,732 (81.56% of $495,000) to the COUNTY within 30 days of the receipt of the permanent easement to be conveyed pursuant to this agreement. This payment will represent the first installment of the total payment for Parcel No. 801. 4. Upon a final determination by the Court of the amount to be paid to ,the former owners of the property, the DEPARTMENT will pay to the COUNTY its pro -rata share (81.56%) of any additional amounts paid to the former owners. However, such additional amounts to be paid by the DEPARTMENT shall not exceed $300,000. The DEPARTMENT will make this payment within 90 days of the receipt of an invoice from the COUNTY. pareol.mar Parcel 801 - Page 2 of 5