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bm 97 pace 562 Staff recommends that the Board of County Commissioners approve County purchase of the Prang Island (a.k.a. Prange Islands) property using land acquisition bond funds. The purchase contract is summarized as follows: Purchaser: Indian River County Board of County Commissioners / Florida Communities Trust (Indian River County will hold title) Seller: The Idlewyld Corporation, Inc. Cost -Share: Florida Communities Trust (40%). (includes share of acquisition costs) Total Price: $696,000 (+$26,274 per acre overall) Other Costs: +$44,000 (appraisals, survey, environ. audit, title insurance, management plan) County Bonds Expenditure: +$443,736 (not including initial management costs) Acreage: +26.49 Acres (22.41 uplands; 4.08 wetlands) Principal Condition: Closing subject to County Commission and FCT Governing Body approval of purchase contract and project plan, including management plan. LAAC Recommendation: At its meeting on January 31, 1996, the Land Acquisition Advisory Committee voted unanimously to recommend that the Board of County Commissioners approve the proposed purchase and management plan. The attached Prang Island purchase contract and management plan were considered by the Board of County Commissioners at its meeting of February 6, 1996, at which time the Board ratified the option agreement and project plan for submittal to the Florida Communities Trust (FCT). Subsequently, the FCT approved the Prang Island project plan at its quarterly meeting on February 8, 1996. This matter is now being brought back to the Board to fulfill a State statute requirement that the County hold a public meeting after having provided at least 30 days advertised public notice to formally consider exercising its purchase option for the Prang Island property. The State requirement that the Board hold a public meeting to consider exercising its option after having provided 30 days advertised notice of the meeting applies because the County chose to keep its appraisals of the subject property confidential until the seller executed a binding option contract. Once that option contract had been signed, the appraisals were released and have been available to the public during the 30 day period prior to the advertised public meeting. Besides meeting State statute requirements,_tile hearing on Lhe 'Prang Island purchase will serve to meet a Land Acquisition Guide requirement that the County hold a public hearing prior to purchasing any property with land acquisition bond funds. DESCRIPTION AND CONDITIONS The subject Prang Islands) property has been under consideration by LAAC since the Committee began reviewing sites in 1990. The Prang Island(s) property is currently ranked 18th out of 20 projects on the LAAC site acquisition list. Since the project was initially identified for acquisition, the Vero Beach City Council has expressed strong support of the project acquisition. 22 March 19, 1996 � s s