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F, BOOK 97 PAGE 5 7 As previously mentioned, the County has executed a Multi -Party Acquisition Agreement with the DSL for 50% cost -share of the Cairns 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). A survey of the property has been paid for.by the State. The seller has agreed to pay title insurance, which is expected to cost +$40,000. In contrast to the Florida Communities Trust (FCT) program, the CARL program is structured such that the State receives full title to the property. County staff is in the midst of coordinating with DSL staf f to obtain an interest in the property via a "right of reverter", for purposes of ensuring that the property and its resources will remain, as intended, in conservation. • Management Costs An advantage to the State retaining title is that the State will be responsible for property management in conjunction with the overall Archie Carr CARL project. The County, however, may want to participate in property management along Jungle Trail. In 1989, the County adopted the Jungle Trail Management Plan, which among other initiatives, calls for controlled public access along the Trail. The Cairns property's Jungle trail frontage also provides an opportunity for the County to consider establishing a limited public access area, consistent with the intent of the Jungle Trail Management Plan. Additionally funding for Jungle Trail access improvements could be forthcoming as part of a Florida Department of Transportation (FDOT) grant that has been awarded to the County for overall Trail improvements. *Appraisals In accordance with County Land Acquisition Guide and State procedures, two independent appraisals were obtained to determine an approved appraised value. The two appraisal firms selected were Real Property Analysts, Inc., and S.E. Baker Group, Inc. The results of the two appraisals are summarized as follows. CAIRNS TRACT APPRAISALS APPRAISER VALDE S DIVERGENCE APPROVED APPR. VALDE +87 Acre Tract: Real Property Anal. $10,000,000 - S.E. Baker Group $ 9,842,000 2% - $10,000,000 +17 Acre Tract: S.E. Baker Group $1,465,000 - - Real Property Anal. $1,430,000 2% - $ 1,465,000 TOTAL: $11,465,000 The negotiated purchase -price of $10,600,000 is 92% of the approved appraised value. March 19, 1996 38 I