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M M M It is requested that the formal consideration by regular meeting of April information herein presented be given - Board of County Commissioners at its 9, 1996. SUrnr AM Staff recommends that the Board of County Commissioners approve the attached Option Agreement for purchase of (with bond funds) 56 lots owned by Atlantic Gulf Communities ---(AGC), as a first phase of acquisition within the Sebastian Highlands Scrub project. The proposed purchase contract (already executed by the seller) is summarized as follows: Purchaser: Indian River County Board of County Commissioners / Florida Communities Trust (Indian River County will hold title) Seller: Atlantic Gulf Communities Cost -Share: Florida Communities Trust (50%) (includes share of acquisition costs) Total Price: $225,000 (average +$4,017 per lot) Other Costs: +$15,000 (appraisal, environ. audit, title Insurance, management plan) County Bonds Expenditure: +$120,000 (not including initial management costs) Acreage: 56 Lots (+1/4 acre each, +14 acres) Principal Condition: Closing subject to County Commission and FCT Governing Body approval of purchase contract and project plan, including management plan. The Land Acquisition Advisory Committee (LAAO) considered this proposed acquisition at its meeting on April 3, 1996. Since this staff report was prepared prior to the LAAC meeting, the Committee's action could not be reported in this staff report. Staff, however, will report LAAC's recommendation to the Board at the April 9, 1996 Board meeting. DESCRIPTION AND CONDITIONS The subject Sebastian Highlands Scrub property was approved in early 1995 as a Florida Communities Trust (FCT) 50% cost -share project. In 1995, -the Sebastian Highlands Scrub project was ranked 14 out of 19 projects on the LAAC site acquisition list. The City of Sebastian has expressed support of the overall project because the project will alleviate conflicts within the City concerning endangered species protection vs. private development rights. The overall Sebastian Highlands Scrub project consists of 182 lots. Although the total 182 lot project has been approved for state cost -share funding, the U.S. Fish and Wildlife Service (FWS) has indicated that the critical ;corei area needing protection consists of +'6 lots in the vicinity of the Pelican Island Elementary a® School, as well as a block of unimproved lots owned by AGC \ northwest of the school (see attached map). As an acquisition strategy, county and in negotiating an option contract with (AGC) as a "first phase" of the overall of the 182 lots, and is the single 31 April 9, 1996 state staff have proceeded Atlantic Gulf Communities acquisition. AGC owns 56 largest landowner in the boa PACE 10,