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BOOK 99 i-,, 4035 <br />LAAC Recommendation <br />At its meeting on November 20, 1996, LAAC considered whether or not <br />the County should proceed on its own with closing to meet the <br />January 1st option deadline. A quorum was not present at that LAAC <br />meeting, so a formal vote on the matter did not occur. However, the <br />consensus among those LAAC members in attendance was for staff to <br />offer to Dr. Fischer that the County would proceed with closing to <br />meet the deadline if the purchase price was reduced to $1.3 <br />million. Subsequently, staff made that offer, which was summarily <br />rejected by Dr. Fischer. <br />ANALYSIS <br />Attached is a memorandum from Charles Hardee, the County's <br />environmental lands acquisition consultant, explaining the <br />implications and risks associated with the County proceeding with <br />closing and seeking reimbursement from the State. The bottom-line <br />is that this approach could result in the State paying less than <br />50% of the costs, or possibly that the Governor and Cabinet would <br />not approve any after -the -fact cost share. However, if the County <br />does not proceed with closing in order to meet the option <br />expiration deadline, the County risks losing the opportunity to buy <br />and protect the property. <br />When the Fisher property was on the LAAC site ranking list, the <br />property was ranked number 3, and is considered an important <br />environmental property to protect via public acquisition. It is <br />staff's position that the risk of losing the purchase opportunity <br />outweighs the risk of the County losing cost -share funding. <br />RECOMMENDATION: <br />Staff recommends that the Board of County Commissioners authorize <br />staff to close on the subject property prior to the January 1, 1997 <br />option contract expiration date, conditioned upon the seller <br />escrowing $89,400 to account for a potential property value <br />adjustment due to increased wetland acreage. Staff is also <br />recommending that the Board authorize staff to continue working <br />with State CARL program staff to obtain after -the -fact 50% cost - <br />share funding reimbursement. In addition, staff requests that the <br />Board authorize the Board Chairman to execute closing documents and <br />cost -share documents, as necessary. <br />ATTACHMENTS: <br />*Charles Hardee memorandum dated November 19, 1996 <br />sGeneral map of project <br />APPROVED: <br />FOR • % ` 3 —' c, Inbi�n Rroa Co A010"d <br />i Adman. <br />BY: <br />c:�gr1 <br />Uevt. ' <br />RisK Mgr. <br />\r1\1aac\fischbuy.bcc <br />59 <br />DECEMBER 3, 1996 <br />2 <br />to <br />�n <br />