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In contrast to the Florida Communities Trust (FCT) program, the <br />CARL program is structured such that the State receives full title <br />to the property. County staff is in the midst of coordinating with <br />DSL staff to . obtain an interest in the property via a "right of <br />reverter", for purposes of ensuring that the property and its <br />resources will remain, as intended, in conservation. <br />Management Costs <br />An advantage to the State retaining title is that the property will <br />be managed by the State in conjunction with the overall Sebastian <br />Creek CARL project. Therefore, no County management costs are <br />anticipated. Because of the County's involvement in the <br />acquisition, however, the County is expected to have input in <br />management issues as a management plan is developed -by the State. <br />-•Appraisals <br />In accordance with County Land Acquisition Guide and State <br />procedures, two independent appraisals were obtained to determine <br />an approved appraised value. These two appraisals, however, <br />diverged by more than 20%, and in accordance with County and State <br />procedures, a third appraisal was obtained to resolve the <br />discrepancy. Ultimately, the two closest appraisals used to <br />determine an approved appraised value were by Real Property <br />Analysts, Inc. and W.H. Benson & Company, Inc. <br />The results of the two closest appraisals are summarized as <br />follows. <br />FISCHER-SEBASTIAN RIVER APPRAISALS <br />APPRAISER VALUE % DIVERGENCE APPROVED APPR. VALDE <br />Real Property Anal. $1,580,000 - - <br />Benson & Company $1,400,000 12.8% - <br />$1,580,000 <br />The negotiated purchase price of $1,490,000 is 94% of the approved <br />appraised value. <br />•Contract <br />In coming to terms with DSL and county staff on the negotiated <br />purchase price (subject to County Commission and State approval), <br />the seller has executed a standard DSL purchase option contract <br />with minor modifications. A copy of that contract is attached to <br />this staff report. <br />ANALYSIS <br />•Multiple Benefits <br />• River Buffer <br />Conservation of the Fischer -Sebastian River property will help to <br />preserve the scenic corridor of the river, which is popular for <br />canoeing and other boating. The Sebastian River is also recognized <br />by the State as a manatee sanctuary, due to its importance to the <br />manatee, a federally endangered species known to frequent the area. <br />Acquisition of the property will help to prevent a proliferation of <br />31 <br />March 19, 1996 <br />L <br />poor 97 PAGE571 <br />