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boa 97 PAu. 5% MAI appraisers, these appraisals must be extremely thorough in research and analysis. For these reasons, staff is confident that the Cairns property appraisals accurately reflect the property's true value. The appraisers of the Cairns property both have extensive experience appraising properties in this area, including barrier island land in Indian River and other east coast counties. For the portion of the subject property west of AIA, the appraisers found comparable sales having actual per acre sale prices ranging -from $70,000 to $110,000. As a result of their analyses, the final appraised values for the west of AlA property were $83,000 (Goodman) and $85,000 (Baker) per acre. The negotiated contract price represents an approximate per acre value of $78,200 for that portion of property. Both appraisers also independently identified and reviewed comparable sales for the oceanfront part of the property. These sales ranged from $3,000 to $6,000 per front foot. Although many of the most recent sales were at the higher end of the range, both appraisers felt that the size and development factors applicable to the' Cairns property required a value near the lower end of the range for the oceanfront; both indicated $4,000 per front foot as the value estimate. The negotiated contract price -reflects an oceanfront value of about $3,680 per front foot. Based on a review of all the value information available, staff believes that the Cairns property appraised value represents a reasonable reflection of the market value for a, large, river -to -ocean property on the barrier island. Furthermore, staff feels that a negotiated price of 92% of the approved appraisal amount constitutes a value for the county and state. Although the appraised value appears reasonable, an issue raised by LAAC during its discussion of this potential purchase relates to the Board of County Commissioners' overall goals for the program. During discussion of the Cairns purchase, several members of LAAC raised the valid question as to whether the County should pursue properties of this magnitude through its environmentally significant lands program; the County's share of funding for this one property would amount to almost 20% of the full $26 million bond issue authorized by the voters. Staff has pursued this acquisition based on both LAAC's ranking of the property and CARL'S ranking of the property, as well as on a general determination that the -environmental significance, open space and Jungle Trail -related benefits to the community justify the expenditure. The contrasting viewpoint, raised by LAAC's vote, is that expenditures of this magnitude for this type of land are not within the scope of the program's mission. Staff's position is that, although the Cairns property is expensive compared to lands elsewhere in the county (i.e., not on the barrier island), the County should proceed with purchasing this property (at the negotiated price) if it has any intention of preserving some of the last remaining sizable areas of native coastal habitat in the county (and in the state). - •Multiple Benefits Jungle Trail As previously indicated, purchase of the Cairns property will help fulfill objectives of the Jungle Trail Management Plan by providing the County an opportunity to acquire controlled public access to the Trail and Indian River Lagoon. 40 March 19, 1996