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•Appraisals - In accordance with County Land Acquisition Guide, two independent appraisals were obtained to determine an approved appraised value of the property. The appraisal firms selected were Wingo & Associates, Inc. and the Lentz -Goodman Group. The appraised values for the property are summarized as follows. ST. SEBASTIAN PUD APPRAISER VALUE % DIVSRGSNCB APPROVED APPR. VALUE Lentz -Goodman $1,885,000 N/A $1,885,000 Wingo & Assoc. $1,856,585 1.58 The negotiated purchase price of $1,100,000 is +58% of the approved appraised value. eContract In coming to terms with county staff on the negotiated purchase price (subject to County Commission approval), the seller has executed a standard FCT purchase contract Option Agreement with minor modifications. A copy of that contract is attached to this staff report. The FCT standardized contract was used because staff anticipates that FCT will approve after -the -fact cost -share funding, and use of the FCT contract format will facilitate after - the -fact reimbursement from the FCT. ANALYSIS *Multiple Benefits Environmental Education As with most of the County's proposed acquisitions, the St. Sebastian PUD property purchase will enhance education in the County. With this property, the educational function will consist of nature trails and educational displays for the site. Also, the Environmental Learning Center has expressed an interest in using the property as a "satellite" location for xeric scrub educational excursions. Comprehensive Plan Acquisition Commitment Conservation Policy 6.2 of the County Comprehensive Plan commits the County to acquire a minimum of 50 acres of xeric scrub for conservation purposes. Although the County has fulfilled this minimum acreage requirement, the St. Sebastian PUD property contributes to this policy by conserving +43 acres of xeric oak and pine scrub. Moreover, the purchase would contribute to the County's commitment to buy a minimum of 300 acres of pine flatwoods, and 750 acres overall of native upland habitat. The project also furthers objectives in the City and County comprehensive plans relating to open space, aquifer primary recharge area protection, and rare species conservation. Staff recommends that the Board of County Commissioners approve the St. Sebastian PUD purchase contract option agreement, subject to revision of the North Sebastian Conservation Area management plan to include the subject property. In addition, staff recommends that the Board approve exercise of the option, and authorize staff to proceed with closing on the subject property, as well as take actions as necessary to apply for and obtain after -purchase 50% cost -share reimbursement through the Florida Communities Trust grant program. BOOK 99 fnf OCTOBER 8, 1996 53