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• Cost -Share The Land Acquisition Advisory Committee, at its regular meeting in January, voted unanimously to support an 50% cost -share application to the Florida Communities Trust (FCT) under FCTs current cycle of funding. As proposed, the County would proceed to buy the property and seek after -purchase cost -share reimbursement through the FCT program. The current FCT cycle has an application deadline of April 27b. In the next few months, state-wide applications will be ranked, and at that time it will be known if the Harmony Oaks property qualifies for grant funding. Management Costs The proposed use of the Harmony Oaks property is resource-based passive recreation. The property is proposed to have limited parking, nature trails, and a small fishing pier/boat dock in an open water cove connected to the Lagoon. A number of initial site improvements, including exotics removal, can be paid for with bond referendum funds as part of the property acquisition. Improvements such as limited parking will need to be funded by a source other than referendum monies. Potential funding sources include park development grants, county mitigation funds, and tree removal violation funds. Relating to long term management, the property will be incorporated into the county -wide park system and managed by the County Parks Division in coordination with county environmental planning staff. Volunteer groups will be asked to assist the County with certain aspects of property management such as nature trail up -keep and litter patrol. eAppralsal In accordance with County Land Acquisition Guide, an independent appraisal was obtained to determine an approved appraised value of the property. In accordance with County and State procedures, since the property's worth is less than $500,000, only one appraisal (instead of two) was obtained. The appraisal firm selected was Armfield-Wagner Appraisal & Research, Inc. The Armfield-Wagner appraised value is $360,000. The negotiated purchase price of $299,500 is ±83% of the approved appraised value. •Contract In coming to terms with county staff on the negotiated purchase price (subject to County Commission approval), the seller has executed a standard FCT purchase contract Option Agreement with minor modifications. A copy of that contract is attached to this staff report. The FCT standardized contract was used because staff anticipates that FCT will approve after -the -fact cost -share funding, and use of the FCT contract format will facilitate after -the -fact reimbursement from the FCT. •Multiple Benefits Environmental Enhancement/Public Access As with most of the County's proposed acquisitions, the Harmony Oaks property purchase will enhance environmental appreciation and access to natural resources in the County. With this property, the access will consist of limited parking, nature trails, and a small fishing pier/ boat dock on the site. County purchase of the property will also afford the County an opportunity to improve the interconnection of impounded wetlands to the Indian River Lagoon, thus improving the environmental health of the Lagoon. Comprehensive Pian Acquisition Commitment Drainage Sub -Element Policy 5.1 of the County Comprehensive Plan commits the County to acquire a minimum of 100 acres of flood plain for conservation purposes. Although the County has fulfilled this minimum acreage requirement, the Harmony Oaks property contributes to this policy by conserving ±75 acres of flood plain wetlands. Moreover, the purchase would contribute to the County's commitment to buy a minimum of 750 acres overall of native upland habitat The project also furthers objectives in the County comprehensive plans relating to open space, native upland conservation, shoreline access, and rare species habitat conservation. Staff recommends that the Board of County Commissioners approve the Harmony Oaks purchase contract option agreement, that the Board approve exercise of the option, and authorize staff to proceed with closing on the subject property. Staff also recommends that the Board authorize staff to take actions as necessary to apply for and obtain after -purchase 50% cost -share reimbursement through the Florida Communities Trust grant program. APRIL 21, 1998 -55- 60 " 'AUC.