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Boa 97 fvF 570 after appraisals are released and public notice of the meeting is given. Since the Chairman of the Board of County Commissioners, pursuant to authority.delegated by the Board, executed a purchase option for the Fischer property, and since appraisals of the property were made public at that time, the Board must now consider whether to.exercise its purchase option (contingent on the State exercising its option). Consistent with Chapter 125, F.S. requirements, this decision will be made at the March 19, 1996 public meeting of the Board of County Commissioners. By having given 30 days public notice of this proposed action, the County will- have complied with Chapter 125 requirements as well as LAAC Guide requirements to hold a public hearing before purchasing property with land acquisition bond funds. •Site Characteristics The Fischer -Sebastian River property includes land on the east and west banks of the South Prong of the St. Sebastian River, just north of C.R. 512. The portion of the project on the east side of the river has approximately 4,800 feet of river frontage, consisting of +25 acres, +6 acres of which are wetlands. This east property is composed of 19 undeveloped platted lots within San Sebastian Springs Subdivision. West of the St. Sebastian River, the project consists of +64 acres (±6 acres of wetlands) with +10,500 feet of river frontage. Although the project's west acreage is "raw" undeveloped land, the current landowner has preliminary plat approval for two subdivisions west of the river. Of the 79 proposed lots in these two unplatted subdivisions, 41 lots are located in the acquisition area. The +76 acre upland portion of the overall project consists of a mixture of xeric oak scrub and mesic hardwood hammock. The subject property is located within the city limits of Sebastian, and has a zoning designation of RS -20, Single Family District. This zoning district allows single family development on lots with a minimum size of 20,000 square feet, roughly 2 units per acre. The number of existing and proposed platted lots on the subject property equate to an approximate 1.5 unit per acre density. *Ownership Characteristics Currently, the subject property is owned by Dr. Henry A. Fischer. Public records indicate that the current tax assessed value for the overall property is $997,670. *Acquisition Cost -Share & Property Management Two issues which are important to LAAC staff with respect to all proposed purchases are obtaining cost share assistance in property acquisition and addressing management costs. Cost -Share As previously mentioned, the County, in May, 1995, executed a Multi -Party Acquisition Agreement with the DSL for 50% cost -share of the Fischer property. This Agreement includes 50% cost -share of acquisition costs, with the exception of appraisals, which were paid for with County bond funds. Unlike the Korangy Tract LAAC site purchase, the State will provide its match at the time of closing (versus reimbursement). 30 March 19, 1996