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C_eon Bank Fn.end_ ItUrg- ±$319,500 (±$159,750 if 50% cost -share reimbursement successfully obtained) Acteage: +90 acres (±15 upland acres; ±75 wetland acres) LAAC Recommendation: The County Land Acquisition Advisory Committee (LAAC), at its meeting on January 28, 1998, voted unanimously to recommend that the Board purchase the Harmony Oaks property at the negotiated purchase price, and that the County apply for after -the -fact 50% cost -share reimbursement form the Florida Communities Trust. County will exercise its option and close the purchase, and apply for after -the -fact cost share reimbursement from the Florida Communities Trust. The subject Harmony Oaks property is currently ranked 12th out of 19 projects on the LAAC site acquisition list.- Staff is proposing that the County buy (on its own) the Harmony Oaks property, and seek after -the -fact 50% cost -share funding reimbursement through the Florida Communities Trust program. The reason for this approach is that the seller, Harmony Oaks, Inc., has agreed to sell the property at a discount (83% of the approved appraised value) if the County expedites closing within the next few weeks. Since Harmony Oaks, Inc. recently accepted and executed a purchase contract Option Agreement for the project, appraisal results and other confidential information can now be released. SLAAC Recommendation The County Land Acquisition Advisory Committee (LAAC), at its meeting on January 28, 1998, voted unanimously to recommend that the Board approve the purchase contract, subject to the County applying for after -the -fact 50% cost -share reimbursement through the Florida Communities Trust program (see attached LAAC meeting minutes excerpt). i• .11 r3j, rr,y This public hearing has been advertised +30 days in advance to firlfill a State statute requirement that the County hold a public meeting after having provided at least 30 days advertised public notice to formally . consider approving and exercising its purchase option for the Harmony Oaks property. The State requirement that the Board hold a public meeting to consider exercising its option after having provided 30 days advertised notice of the meeting applies because the County chose to keep its appraisal of the subject property confidential until the seller executed a -binding option contract. Once that option contract had been signed, the appraisal was released and has been available to the public during the 30 day period prior to the advertised public meeting. Besides meeting State statute requirements, the hearing on the Harmony Oaks property will serve to meet a Land Acquisition Guide requirement that the County hold a public hearing prior to purchasing any property with land acquisition bond funds. The Harmony Oaks property consists of an undeveloped tract zoned RS -6, single family residential (6 units per acre) and C-2, Wetlands Conservation (1 unit per 40 acres, with a 1 unit per acre transfer of density). This property is approximately 90 acres in size, and is located at the south county line, east of U.S. #1 and south of Vero Shores Subdivision. The site contains approximately 7 acres of forested maple wetlands; 68 acres of estuarine wetlands, and 15 acres of coastal hammock/ pine woods mix uplands. The site is significant from the ecological standpoint, in that it is contiguous to the nationally significant Indian River Lagoon, and is part of the overall Indian River Lagoon "Blueway." sExisting Improvements & Access The Harmony Oaks property is access through the Vero Shores Subdivision via an Indian River Mosquito Control District (IRMCD) impoundment dike access road The north portion of the impounded estuarine wetland is being restored as mitigation for the development of River Point Subdivision, which was recently platted •Ownership Chargcterisdes Currently, the subject property is owned by Harmony Oaks, Inc. The current tax assessed value of the property is $454,100 (this figure includes land area not subject to the County's purchase, since the land being sold is a portion of an overall tax parcel; see attached map). eAcaaisMon Cost -Share & Property Ma_imament Two issues which are important to with respect to all proposed purchases are obtaining cost share assistance in property acquisition and addressing management costs. APRIL 21, 1998 -54- 0 0