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10/14/1997
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10/14/1997
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Meetings
Meeting Type
Regular Meeting
Document Type
Minutes
Meeting Date
10/14/1997
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I <br />6a0K 103 FAGE 4 <br />Ownership Characteristics <br />Currently, Robert and Susanne Lwin are the owners of the property. Public records indicate that the <br />current tax assessed value for the tract is $1,005,040. <br />Acouisition Cost -Share & Property Management <br />Two issues which are important to LAAC staff with respect to all proposed purchases are obtaining <br />cost share assistance in property acquisition and addressing management costs. <br />• Cost -Share <br />Approximately two years ago, the County executed a Multi -Party Acquisition Agreement with the <br />DSL for 50% cost -share of the Cairns Tract, Irwin Tract, and Spallone property LAAC sites. <br />However, because of the relative expense of the oceanfront Irwin Tract compared to other LAA <br />sites, and with reference to expense concerns raised by LAAC regarding the Cairns Tract purchase, <br />staff has asked the State to increase its cost -share to 75%, which state staff has agreed to support, <br />subject to Governor and Cabinet approval. <br />In contrast to the Florida Communities Trust (FCT) program, the CARL program is structured such <br />that the State receives full title to the property. The purchase of the Irwin Tract, as proposed, will <br />be similar to the Cairns tract purchase, where the State received title and the County entered into a <br />long-term (50 year) management agreement with the State. <br />• Management <br />If acquired, the Lwin Tract will be incorporated with the Cairns Tract and managed by the County. <br />A management plan is already being developed for the Cairns Tract, and will be expanded to include <br />the Irwin Tract. It is anticipated that purchase of the Irwin Tract will not significantly increase <br />management costs that the County has already committed to regarding the Cairns Tract. That is <br />because public access improvements on the Irwin Tract are not crucial, since the property is <br />contiguous to the Cairns Tract which will have limited public access. <br />Appraisals <br />In accordance with County Land Acquisition Guide and State procedures, two independent appraisals <br />were obtained to determine an approved appraised value. The two appraisal firms selected were Real <br />Property Analysts, Inc., and S.E. Baker Group, Inc. <br />The appraised values are summarized as follows. <br />APPRAISER VALUE <br />S.E. Baker Croup $2,796,000 <br />Real Properly Anal. $2,692,000 <br />IRWIN TRACT APPRAISALS <br />% DIVERGENCE <br />4% <br />APPROVED APPIL VALUE <br />$2,796,000 <br />The negotiated purchase price of $2,585,000 is 92% of the approved appraised value. <br />OCTOBER 14, 1997 40 <br />
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