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- M 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 Chairman of the Board of County Commissioners, pursuant to authority delegated by the Board, executed a purchase option for the Flinn 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 SJRWMD 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 +37.6 acre Flinn Tract is located on the east side of Indian River Boulevard, approximately across from the Boulevard's intersection with 81 Street. The property contains a ±21 acre coastal oak hammock and approximately 161/z acres of wetlands bordering the Indian River Lagoon. Approximately 15.70 acres of the wetlands are impounded estuarine salt marsh, which are part of a bigger +35 acre impoundment known as "Schlitt's Impoundment" (#21). The Flinn Tract acquisition is the culmination of acquisition efforts within the overall Indian River Boulevard South project, which is made up of 7 ownerships and extends from the city limits of Vero Beach to Vista Gardens on the east side of Indian River Boulevard. The Flinn Tract is the only tract in the project containing a significant natural upland community. Through the efforts of the County, SJRWMD and FIND, it is still anticipated that all 7 ownerships other than the Flinn tract (except possibly the Vista Wetlands tract) will be protected through mitigation, conservation easements or other methods without the expenditure of County acquisition funding. In this sense, the Flinn acquisition is the "centerpiece" in the completion ofthis project. Attachment #1 to this memorandum indicates the method of protection proposed for each tract in the project, and the project's overall relationship with the Oslo Riverfront Corridor. Ownership Characteristics Currently, the subject property is owned by Robert A. Flinn and Richard M. Flinn. Public record indicate that the current tax assessed value for the overall property is $489,520. Deed and ad valorem tax information indicate that the Flinns are the owners of the overall +37.6 acres. However, SJRWMD staff has identified the east +15.70 acres of the property as "potentially sovereignty land." Angraisals In abcordance with County Land Acquisition Guide and State procedures, two independent appraisals were obtained to determine an approved appraised value. The County Land Acquisition Guide defines the approved appraised value as "the higher value indicated in the two approved appraisals" (when the appraisals differ less than 201%). The two appraisals are summarized as follows. FLINN TRACT APPRAISALS APPRAISER VALUE % DIVERGENCE Wingo & Associates, Inc. $1,353,550 Lentz -Goodman Group, Inc. $1,320,000 2% APPROVEDAPPILVALUE $1,353,550 OCTOBER 14, 1997 47 103 pgF 53� L