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M i M DESCRIPTION AND CONDITIONS Road widening improvements at the 26th Street/66th Avenue intersection are included in the Indian River Mall Developer's agreement. This work will require additional right-of-way along the west side of 66th Avenue between SR60 and 26th Street. In addition, the County's future road Improvement Plan contains a project to widen 66th Avenue north of SR60. For the past few months, the Public Works Department staff has surveyed the 60' additional right-of-way needed along Vista Plantation Golf Course and communicated with the property owner, Vista Properties. The property owner is willing to sell'the 60'x 2,169' right-of-way parcel (approx. 3 acres) for $30,000 per acre which computes to $89,610. In addition to this land cost, compensation to the property owner is being requested for the following relocation costs for improvements in the proposed right-of-way: Replacement of Vegetative Buffer along Golf Course $ 39,000.00 Replacement of Fence along Golf Course $ 10, 000.00 Relocation of Existing lake, cart paths, tees, etc. $ 42,905.50 Construction supervision and administration(3 months) $ 7,500.00 Loss of Golf Course Revenue for 15 days $ 7.500.00 during relocation of lake, etc. Subtotal $106,905.50 Total compensation for land and relocation costs is $196,515.50 ALTERNATIVES AND ANALYSIS The County staff has reviewed the above costs as follows: Land Cost ($30,000/acre) - this cost is reasonable. Vista -Properties paid approximately $30,000 per acre for the land at Walker's Glen Phases I and II located just west of Vista Plantation. For Land Use Designation M-1 land fronting SR60, (8 units/acre) the $30,000/acre value is below the appraised value for land of $6,268/unit (or in this case 8 units x $6,268/unit = $50,144/acre). Relocation Costs - after reviewing the bids received for relocation costs, the loss of revenue figures for closing the golf course during reconstruct, and supervision and administration costs,.staff is of the opinion that the costs are reasonable. Alternative No. 1 Authorize the Chairman to execute a Purchase agreement with Vista Properties of Vero Beach, Inc. for the approximate 3.0 acre parcel. Total compensation is $196,515.50. Alternative No. 2 Deny the offer to sell by Vista Properties. RECOMMENDATIONS AND FUNDING Staff recommends Alternative No. 1. Funding to be from Local Option Sales Tax (L.O.S.T.) Revenue as budgeted in 'rue FT96j97 LOST Program. 65 April 9, 1996 booK 97 PAGE 1,92