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M M TO: James E. Chandler County Administrator Robert M. Keating; I Community Developm t FROM: Roland M. DeBlois,%AICP Chief, Environmental Planning DATE: September 5, 1995 SUBJECT: Request for•the Board to Consider Exercising its Option to Cost -Share Purchase the Wabasso Scrub LAAC Site It is requested that the information herein presented be given formal consideration by the Board of County Commissioners at its regular meeting of September 12, 1995. DESCRIPTION & CONDITIONS: On June 27, 1995, the Board of County Commissioners approved an Option Agreement for the (Sale and) Purchase of the "Wabasso Scrub" environmental land acquisition project, and approved a project management plan for the property. The Option Agreement has since been executed by -the Florida Communities Trust (FCT), which is a 50% cost -share partner in the acquisition. For reference, a copy of the staff memorandum presented to the Board on June 27th, along with unapproved minutes of that meeting, is attached. Purchase Option Exercise Approval At the June 27, 1995 Board meeting, staff explained that, before the Board may choose to exercise the purchase option, Florida Statutes Section 125.355 requires a public hearing with at least 30 days public notice. A public hearing with 30 days notice has since been duly advertised for the September 12, 1995 County Commission meeting. As such, although the Board has largely approved the purchase, this matter is presented for the Board to formally consider exercising the option to buy the Wabasso Scrub site. Approval of Required Closing Documents In addition to the Board's formal exercise of the purchase option, FCT requires County Commission approval of the following documents (attached) prior to closing: • Addendum IV to the Conceptual Approval . Agreement (increasing FCT match to 50% of actual costs) • Purchaser's Reconciliation of Total Project Costs •- Grant Award Agreement SEPTEMBER 12, 1995 9 BOOK 916 F11 0