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i Procedures adopted by the Board of County Commissioners for environmental land acquisition include confidentiality of appraisals. In accordance with the County's Land Acquisition Guide, and Section 125.355 of the Florida Statutes, appraisals can be released for public information once an option agreement is executed between a seller and the County. Regarding the Irwin property, an option agreement was executed (binding the seller to a negotiated purchase price), and subsequently the appraisals were released from confidentiality. When a county exercises its confidentiality right in purchasing real property, Section 125.355, F.S. requires that the county approve the purchase at a public meeting not less than 30 days after appraisals are released and public notice of the meeting is given. Since the Charman of the Board of County Commissioners, pursuant to authority delegated by the Board, executed a purchase option for the Irwin property, and since appraisals of the property were made public at that time, the Board must now consider whether to exercise its purchase option (contingent on the State exercising its option). Consistent with Chapter 125, F.S. requirements, this decision will be made at the October 7, 1997 public meeting of the Board of County Commissioners (unless the Board agrees to continue the hearing at that time to another meeting). By having given 30 days public notice of this proposed action, the County will have complied with Chapter 125 requirements as well as LAAC Guide requirements to hold a public hearing before purchasing property with land acquisition bond funds. Site Characteristics The +8.07 acre Irwin Tract contains one of the few remaining sizable maritime hammock/ coastal strand communities in Indian River County. The property has approximately 673 linear feet of ocean frontage, and would add to the 1,155 linear feet of ocean frontage acquired in the Cairns Tract purchase. In addition to protecting rare plant communities, the project would contribute significantly to endangered sea turtle habitat protection in an area with one of the highest sea turtle nesting densities in this hemisphere. The property is located in an area with a high probability of having archaeological sites (shell middens). Therefore, archaeological sites may exist on the property. Ownership Characteristics Currently, Robert and Susanne Irwin are the owners of the property. Public records indicate that the current tax assessed value for the tract is $1,005,040. Acquisition Cost -Share & Property Manaeement Two issues which are important to LAAC staff with respect to all proposed purchases are obtaining cost share assistance in property acquisition and addressing management costs. Cost -Share Approximately two years ago, the County executed a Multi -Party Acquisition Agreement with the DSL for 50% cost -share of the Cairns Tract, Irwin Tract, and Spallone property LAAC sites. However, because of the relative expense of the oceanfront Irwin Tract compared to other LAAC sites, and with reference to expense concerns raised by LAAC regarding the Cairns Tract purchase, staff has asked the State to increase its cost -share to 75%, which state staff has agreed to support, subject to Governor and Cabinet approval. In contrast to the Florida Communities Trust (FCT) program, the CARL program is structured such that the State receives full title to the property. The purchase of the Irwin Tract, as proposed, will be similar to the Cairns tract purchase, where the State received title and the County entered into a long-term (50 year) management agreement with the State. • Management If acquired, the Irwin Tract will be incorporated with the Cairns Tract and managed by the County. A management plan is already being developed for the Cairns Tract, and will be expanded to include the Irwin Tract. It is anticipated that purchase of the Irwin Tract will not significantly increase management costs that the County has already committed to regarding the Cairns Tract. That is because public access improvements on the Irwin Tract are not crucial, since the property is contiguous to the Cairns Tract which will have limited public access. ADnraisals In accordance with County Land Acquisition Guide and State proceduress, two independent appraisals were obtained to determine an approved appraised value. The two appraisal firms selected were Real Property Analysts, Inc., and S.E. Baker Group, Inc. _ OCTOBER 7, 1997