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As of this time, Indian River County has purchased (or approved the <br />purchase of) fourteen properties with bond funds. The County has <br />also received one donation (Green Salt Marsh). Of those fourteen <br />properties, all but one (Judah) were cost share purchases. Each <br />property was purchased at less than its approved appraised value. <br />Through cost share partnering, the County has leveraged its bond <br />funds and purchased about twice as much property as would have been <br />acquired using County funds alone. By purchasing at a discount to <br />appraised value (for example, the St. Sebastian PUD property was <br />purchased at 58% of appraised value and 50% cost share), the County <br />has further increased acquired acreage. <br />These facts indicate that the environmentally sensitive land <br />acquisition program has been successful. Even though Attachments <br />2 and 3 show that there is not enough money available to purchase <br />all the properties on the LAAO list, that fact does not reflect <br />adversely on the program. In fact, it was always anticipated that <br />the pool of desirable properties to be purchased would exceed <br />available funds. That situation even enhances negotiation by <br />providing an incentive for property owners to sell before the money <br />is spent on other projects. <br />While the financial projections provided in this report are based <br />on reasonable and conservative assumptions, the Lost Tree Islands <br />purchase is still a significant wildcard. Although the $12.2 <br />million purchase price is based on a publicly released Lost Tree <br />Village counteroffer, there still may be an opportunity to <br />negotiate a lower price. It is also possible that FCT's cost share <br />could increase to $4 million if the Islands are appraised at a <br />higher value based on city and town comprehensive plan changes. So <br />it is possible that the financial bottom line will get better and <br />improbable that it will get worse. <br />Staff recommends that the Board of :County Commissioners review the <br />information presented and provide direction to staff. <br />Attachments <br />1. LAAC Sources & Uses Report <br />2. LAAC Costs & Revenues Report <br />(without Lost Tree FCT participation) <br />3. LAAO Costs & Revenues Report <br />(with Lost Tree FCT participation) <br />May 12, 1998 <br />29 <br />