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BOOK 98 o0c 1 DESCRIPTION AND CONDITIONS Paradise Central Corp. is developing a gas station/food store at the southeast corner of the CR512/CR510 intersection. The County needs to acquire the north 10' of the site for future CR512 road widening improvement. The developer is willing to sell the additional right-of-way and use the compensation to purchase an additional 10' of land from the property owner to the south, thereby resulting in the same size parcel for development. The -Paradise Central Corp. paid approximately $3.35/s.f. for the property in 1994, but a recent appraisal by Armtield and Wagner Appraisals valued the property at $6.25/s.f. The property owner is willing to split the difference and sell the 10' x 200.4' right-of-way parcel for $4.80/s.f. or $ 9,620. ALTERNATIVES AND ANALYSIS The right-of-way is needed to provide for six through -lanes and two left -turn lanes at the intersection. The compensation at $4.80/s.f has been negotiated at arm's length and is below the appraised value. The alternatives presented are as follows: Alternative No. 1 Approve the Contract for Purchase to acquire 2,004 s.f. parcel for $4.80/s.f., or $ 9,620. Alternative No. 2 Deny approval and re -negotiate. RECOMMENDATIONS AND FUNDING Staff recommends Alternative No. 1 whereby the right-of-way parcel is purchased for $4.80/s.f. Funding to be from Dist. 3 Traffic Impact Fee Account. ON MOTION by Commissioner Eggert, SECONDED by Commissioner Bird, the Board unanimously approved the Contract for Purchase to acquire 2,004 square foot parcel for $4.80/square foot, or a total of $9,620, from Paradise Central Corporation, for CR - 512 right-of-way east of CR -510, as recommended in the memorandum. COPY OF CONTRACT IS ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD PETITION PAVING - 53RD AVENUE, SOUTH OF 16TH STREET IN SUNDOWNERS SUBDIVISION - RESOLUTIONS I AND II The Board reviewed a Memorandum of May 6, 1996: 74 May 14, 1996