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The appraised values are summarized as follows. APPRAISER VALUE S.E. Baker Group $2,796,000 Real Properly Anal. $2,692,000 IRWIN TRACT APPRAISALS % DIVERGENCE APPROVED APPR. VALUE 4% $2,796,000 The negotiated purchase price of $2,585,000 is 92% of the approved appraised value. Contract In coming to terms with DSL and county staff on the negotiated purchase price (subject to County Commission and State approval), the seller has executed a standard DSL purchase contract Option Agreement with minor modifications. A copy of that contract is attached to this staff report. ANALYSIS Multiple Benefits • Comprehensive Plan Acquisition Commitment Conservation Policy 6.3 of the County Comprehensive Plan commits the County to acquire a minimum of 100 acres of coastal tropical hammock, and Policy 6 calls for acquisition of at least an overall total of 750 acres of native upland plant community. Although the County has already acquired more than 100 acres of coastal hammock, the Irwin Tract will contribute 8.07 acres toward the overall total native uplands acquisition commitment. The project also furthers objectives in the County comprehensive plan relating to open space, historic resources, and endangered species habitat protection The purchase would also serve to maintain low development density on the north barrier island from the standpoint of hurricane evacuation concerns. RECOMMENDATION Staff recommends that the Board of County Commissioners approve the Irwin Tract purchase contract by agreeing to exercise its purchase option, contingent on the State's approval to exercise the option under a 75% cost -share. Staff also recommends that the Board authorize staff to proceed with property closing tasks in coordination with the State, and authorize the Board Chairman to execute any documents associated with the closing. TO: James E. Chandler County Administrator DE ENT HEAD CONCURRENCE: ert . Keating, AICD Community Development D' ecto DATE: FROM: Roland M. DeBloi CP Chief, Environmental Planning SUBJECT: PROPOSED PURCHASE OF THE FLINN TRACT/ INDIAN RIVER BLVD. LAAC SITE September 30, 1997 It is requested that the information herein presented be given formal consideration by the Board of County Commissioners at its regular meeting of October 7, 1997. SUMMARY _ Staff recommends that the Board of County Commissioners purchase the Flinn Tract - Indian River Boulevard site with land acquisition bond funds. The purchase option contract (already executed by the seller) is summarized as follows: OCTOBER 7, 1997 55 �l USO KP UC r L i