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PRANG ISLAND APPRAISALS APPRAISER VALUE % DIVERGENCE APPROVED APPR. VALUE J.T. Namie & Assoc. $722,000 - - - Aucamp, pellenback $675,000 6.5 % - & Whitney $722,000 The negotiated purchase price of $696,000 is 96% of the approved appraised value. *Contract In coming to terms with FCT and county staff on the negotiated purchase price ( subject to County Commission and FCT approval) , the seller has executed a standard FCT purchase contract Option Agreement with minor modifications. A copy of that contract is attached to this staff report. ANALYSIS •Multiple Benefits • Environmental Education As with most of the County's proposed acquisitions, the Prang Island purchase will enhance education in the County. With Prang Island, the educational function will consist of informational displays for boaters accessing the site. Also, the campsite existing on site is proposed to be maintained and made available for outings by groups such as the Environmental Learning Center and the Boy Scouts, on an appointment basis. • Comprehensive Plan Acquisition Commitment Conservation Policy 6.3 of the County Comprehensive Plan commits the County to acquire a minimum of 100 acres of coastal/tropical hammock vegetative community for conservation purposes. The Prang Island project contributes to fulfilling this policy by conserving +5 acres of tropical hammock. The project also furthers objectives in the County (and City) comprehensive plans relating to floodplain protection, open space, rare species conservation, and protection of archaeological/historic resources. RECOMMENDATION Staff recommends that the Board of County Commissioners approve the Prang Islands) purchase contract by agreeing to exercise its purchase option. Staff also recommends that the Board authorize staff to proceed with property closing tasks in coordination with the FCT, and authorize the Board Chairman to execute any documents associated with the closing. 25 March 19, 1996 Bm 97 PAGE 5 5