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7.I EXTENSION TO FuNN TRACT OPTION AGREEMENT TO MAY 1. 1998 The Board reviewed a Memorandum of February 18, 1998: TO: James E. Chandler County Administrator D TMENT HEAD CONCURRENCE: o ert Keatin AICD ' Community Developm r FROM: Roland M. DeBlois,Al CP Chief; Environmental Planning DATE: February 18, 1998 SUBJECT: BOARD APPROVAL OF EXTENSION TO THE FLINN TRACT OPTION AGREEMENT, TO ALLOW TIME FOR CLOSING IN COORDINATION WITH COST -SHARE AGENCIES It is requested that the information herein presented be given formal consideration by the Board of County Commissioners at its regular meeting of February 24, 1998. DESCRIPTION & CONDITIONS At a public hearing on October 14, 1997, the Board of County Commissioners approved County purchase of the ±37.6 acre Flinn Tract on south Indian River Boulevard, contingent upon the County securing cost -share funding from the St. Johns River Water Management District (SJRWMD) and the Florida Inland Navigation Distad (FIND). Since that time, both the SJRWMD Governing Board and the FIND Commission have formally approved their cost -share participation. Before closing of the Flinn Tract can occur, certain tasks need to be completed, including obtainment of a boundary survey, environmental audit, and title insurance. In accordance with a Participation Agreement among the cost -share agencies (approved by the Board on February 3, 1998), these and other closing documents are subject to review and approval by the SJRWMD and FIND. The County's Option Agreement to purchase the Flinn property expires on February 27, 1998. In order to allow enough time for closing in coordination with the cost -share agencies, the Option needs to be extended. Mr. Robert Flinn, representing the sellers, has agreed to extend the Option for an additional two months. However, as a condition of the Option extension, Mr. Flinn is requesting that the County agree to pay documentary stamps as part ofthe closing. The proposed option extension also clarifies what was agreed to as part of purchase negotiations, that there will be no penalties or late fees with respect to existing special assessments for certain utilities that the seller must pay prior to closing. ANALYSIS Extension of the Option is necessary if the County is to receive cost -share funding for the purchase, which amounts to approximately $625,000. Based on the negotiated purchase price ($1,353,000) and the current rate of 70 cents per $100, it is estimated that documentary stamps for the Flinn Tract purchase will cost $9,471. County staff thinks payment of the documentary stamps in this particular instance is justified, given the cost -share funding at stake. Now that the cost -share agencies have formally agreed to participate in the purchase, closing tasks are in progress (i.e., survey). Staff anticipates that the two month extension will allow adequate time for closing. FEBRUARY 24, 1998 -26-