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 construction of the new bridge within 30 days of the execution of this agreement: la) Convey by Quit -Claim Deed, in fee simple, the parcel of land shown on the DEPARTMENT'S Right -of -Way Map for State Project No. 88030-2514 as Parcel NO. 101. lb) Convey a permanent easement over the parcel of land shown on the above noted map as Parcel No. 802. 2. The DEPARTMENT will pay a pro -rata share of the COUNTY'S cost of acquisition of County Parcel No. 103. The COUNTY acquired 54.25 acres which was appraised on the following basis: The COUNTY has paid $366,000 to the former owners of the property pursuant to the Order of Take 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 right-of-way and 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 80.5% of the total. This share is calculated as the ratio of the appraised value of the land which the DEPARTMENT wishes to acquire for construction of Merrill Barber Bridge as a portion of the total land acquired by the COUNTY for construction and mitigation of Indian River Boulevard, to the total appraised value of the whole parcel ($294,612/$366,000). 3. The DEPARTMENT will pay $294,612 (80.5% of $366,000) to the COUNTY within 90 days of the receipt of the property to be conveyed, pursuant to this agreement. This payment will represent the first installment of the total payment for Parcel No. 101 and Parcel No. 802. 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 (80.58) 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. par10' ma- Parcel 101 - Page 2 of 5 DEPARTMENT Value of Appraised COUNTY Land DEPARTMENT Type of Land Value Acquisition Requirement Land Upland $30,000/Acre 9.20 Acre 9.20 Acre $276,000 Wetland $ 2,000/Acre 45.05 Acre 9.306 Acre 18,612 54.25 Acre 18.506 Acre $294,612 The COUNTY has paid $366,000 to the former owners of the property pursuant to the Order of Take 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 right-of-way and 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 80.5% of the total. This share is calculated as the ratio of the appraised value of the land which the DEPARTMENT wishes to acquire for construction of Merrill Barber Bridge as a portion of the total land acquired by the COUNTY for construction and mitigation of Indian River Boulevard, to the total appraised value of the whole parcel ($294,612/$366,000). 3. The DEPARTMENT will pay $294,612 (80.5% of $366,000) to the COUNTY within 90 days of the receipt of the property to be conveyed, pursuant to this agreement. This payment will represent the first installment of the total payment for Parcel No. 101 and Parcel No. 802. 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 (80.58) 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. par10' ma- Parcel 101 - Page 2 of 5