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Florida Communities Trust (FCT), cost -share grant extension for Islands. Background boa 99 f*a 956 urging the approval of a 6 month the purchase of the Lost Tree On April 12, 1994, the Board of County Commissioners approved a Conceptual Approval Agreement (CAA) with the Florida Communities Trust for a 40% cost -share grant regarding purchase of the Lost Tree Islands. As a part of that Agreement, the County elected to have the FCT be the lead negotiator of the purchase. Because the Lost Tree Islands are located partially within the City of Vero Beach and partially within the Town of Indian River Shores, the City and the Town are parties to the Agreement. In accordance with State procedures and county policies, appraisals and negotiations for the purchase of environmental lands are confidential. In general, however, regarding the Lost Tree Islands, FCT made a formal offer to Lost Tree Village Corporation in February, 1996, based on two certified independent appraisals. Just recently, representatives of Lost Tree submitted a counter- offer to FCT, and have been meeting with local officials on land use issues in an effort to facilitate a coming to terms. FCT Grant Extensions Generally, FCT Conceptual Approval Agreements are structured to expire after 6 months, unless an extension is formally requested by a grant recipient and approved by the FCT Governing Body. In the past, such extension approvals have been routine, with the County obtaining CAA extensions as a matter of course for its FCT grant projects, including the Wabasso Scrub and Prang Island properties, which the County has purchased. The FCT grant award for the Lost Tree Islands will expire on December 4, 1996, unless an extension is approved by the FCT Governing Body at its quarterly meeting on December 3, 1996. To date, the FCT Governing Body has approved four 6 month extensions to the original Lost Tree Islands CAA. On October 31, 1996, county staff sent a standard CAA extension request letter to the FCT for the FCT Governing Body to consider extending the Lost Tree Islands CAA an additional 6 months, to allow for continuing negotiations (see attached). However, FCT staff has advised county staff that, during the 1996 State legislative session, the Legislature adopted provisions that limit new FCT grants to a maximum of two years. Consequently, FCT grants that were awarded prior to 1996 and have been extended more than two years are under increased scrutiny, and FCT approval of further extensions is less assured, particularly if significant progress in negotiations is not apparent. Both the City of Vero Beach and the Town of Indian River Shores consider the Lost Tree Islands to be a top priority acquisition, to protect against island development. Vero Beach attorney staff has advised county staff that the City is planning to send a letter to the FCT urging that the grant extension be approved and that the FCT continue a diligent effort to negotiate purchase of the Islands. A similar letter is expected to be sent to the FCT from the Town of Indian River Shores. ANALYSTS County staff has contacted FCT staff, and FCT staff has indicated that it supports an extension to the Lost Tree Islands CAA, and will recommend to its Governing Body that the extension be 36 November 26, 1996 M M