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L_1 <br />N. Amendment to Option Agreement - Fischer -St. Sebastian <br />River LAAC Site <br />The Board reviewed a Memorandum of December 10, 1996: <br />TO: James E. Chandler <br />County Administrator <br />DE R ENT HEAD CONCURRENCE: <br />Robert M. Ke ng, AICP <br />Community Developm6nnt Di ector <br />FROM: Roland M. DeBlois-AICP <br />Chief, Environmental Planning <br />DATE: December 10, 1996 <br />SUBJECT: APPROVAL OF AMENDMENT TO OPTION AGREEMENT FOR SALE AND <br />PURCHASE OF THE FISCHER-ST. SEBASTIAN RIVER LAAC SITE <br />It is requested that the information herein presented be given <br />formal consideration by the Board of County Commissioners at its <br />meeting of December 17, 1996. <br />DESCRIPTION AND CONDITIONS <br />On December 3, 1996, the Board of County Commissioners authorized <br />staff to close on the Fischer -St. Sebastian River property in order <br />to meet a January 1, 1997 deadline for option exercise. A condition <br />of closing is that the seller must escrow $89,400 to account for a <br />potential property value adjustment due to increased wetland <br />acreage. At the December 3rd meeting, the Board authorized staff to <br />continue working with State CARL program staff to obtain after -the - <br />fact 50% cost -share funding reimbursement. Moreover, the Board <br />authorized the Board Chairman to execute closing documents and <br />cost -share documents relating to the purchase. <br />Attached is a copy of an "Amendment to the Option Agreement for <br />Sale and Purchase" of the Fischer property that requires the Board <br />Chairman's signature. This amendment is necessary to set forth <br />parameters for the seller's $89,400 escrow. <br />RECOMMENDATION <br />Staff recommends that the Board of County Commissioners authorize <br />the Board Chairman to execute the attached "Amendment to Option <br />Agreement for Sale and Purchase" relating to the Fischer property <br />purchase. <br />Community Development Director Bob Keating advised this <br />amendment involves 1 minor change. On page 58, the time of escrow <br />is listed as July, 1998. Staff has agreed with Dr. Fischer to <br />change the date to January 1, 1997 which will be 1 year. Dr. <br />Fischer would then be allowed to assign to the contract to a third <br />party. <br />DECEMBER 17, 1996 <br />31 <br />