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Eu K �4.►J J' committed cost share partners. Those are: Round Island South (approved FCT grant) and Spallone (CARL cost share). Each of the other three is the subject of an PCT grant application submitted for the current cycle. In addition to the projected land cost and acquisition expenses, the anticipated activity category reflects other costs anticipated for the next year. Those costs include program administration costs, arbitrage costs, and initial management expenses.' As indicated in Attachment 1, the costs associated with the anticipated activity would reduce the current balance to about one and a half million dollars. Since purchase of the Lost Tree Village Islands was a major concern of the Board in directing staff to prepare this LAAO financial status report, the Lost Tree Islands purchase was incorporated into this report, using conservative assumptions. First, it assumes that the Islands will not be purchased at the FCT offer price of $5.7 million (a price made public by Lost Tree Village), but instead will be acquired at Lost Tree's full purchase price of $12.2 million (latest counteroffer which has been made public by Lost Tree Village). Second, it assumes that no FCT funding will be provided. FCT would pay as much as $4 million of the purchase price if appraisals were at least $10 million. The FCT grant award, however, may be withdrawn if no purchase occurs soon. Finally, it is assumed that the final $11 million bond will be issued, and the bond proceeds will total $10,500,000. As shown in Attachment 2, there is insufficient money to purchase the Lost Tree Village Islands, using the conservative purchase assumptions listed above. Since there is an approved FCT grant award for purchase of the Lost Tree Islands, it is appropriate to consider those funds. This grant will pay 40% of the appraised value of the property or $4 million, whichever is less. Attachment 3 reflects a conservative estimate of FCT funds available for the purchase. This FCT award estimate of $2.3 million is based on FCT purchase offers made public by Lost Tree Village. As shown in Attachment 3, there are sufficient funds to purchase the Lost Tree Islands with use of the FCT funds. �iIa$- - - - Attachment 2 also identifies the impact of County purchase of the other properties on the LAAO acquisition list. The purchase of these properties is not imminent for various reasons including uncooperative owners, lack of cost share opportunities, and others, but these lands are on the acquisition list and may be acquired. Given the land cost and acquisition expenses of these properties and the projected fund balance considering purchase of the Lost Tree Islands, the LAAO fund would not be sufficient to purchase all of these lands. May 12, 1998 28