5/26/1998 - Laserfiche WebLink

Home Browse Search

6 - a matters; Roland De Blois, Chief Environmental Planner, for general background; and Terry O'Brien, Assistant County Attorney, for legal matters. The team met with Charles Bayer, Jr., President of Lost Tree Village Corp., Ernie Cox, attorney for Lost Tree, and Steve Melchiori, consultant for Lost Tree, on May 15, 199$ at 9:00 A.M. at the John's Island Administration Building. Alternatives and Analysis At the outset of the negotiations, a non-negotiable requirement from the Seller was that a firm enforceable contract be in place as soon as possible, and not just an option to purchase. To meet this requirement, a two-pronged approach was taken. First, a Florida Community Trust (FCT) option contract would be prepared. Second, a back-up contract would be prepared which would obligate the County to purchase the Lost Tree Islands if the FCT option did not close. This approach would allow the County to proceed with seeking FCT funding (+/- $2.3 Million), and at the same time, guarantee Lost Tree that no matter what happened with the FCT option approach, Lost Tree would have the Lost Tree Islands purchased with title in the County. The FCT option contract will contain revisions, and follows the procedures previously used in FCT purchases. The contract price under the option would be $11,900,000, with a net approximate cost to the County of approximately $9,600,000. The contract price under the back-up contract with Indian River County only would be $11,000,000, with the County responsible for the entire amount. There are fees for survey and title insurance that have been negotiated between the parties. If the FCT funds are acquired, the additional requirements imposed by FCT participation are as follows: 1. County must remove exotic vegetation and revegetate with native plants within twenty (20) years. The estimated cost is $10,000 to $40,000 per year for clearing and revegetation. 2. Provide additional access improvements on islands, such as nature trails, picnic areas and informational displays. Hopefully, grants would be obtained for this work. 3. Draft a management plan (approximate cost $12,600.) As a condition of the County's separate contract with Lost Tree Village Corporation, the County and Seller must diligently pursue the acquisition of a FCT (State of Florida Preservation 2000 Program - Doc. Stamp Revenue) Grant. This process requires additional processing by all parties regarding survey, environmental investigation, etc. Closing costs include a survey of the property estimated to cost $100,000 with Seller paying $15,000 and County funding the remainder unless FCT agrees to participate (40% of County share). Title insurance estimated to cost $34,000 funded 50/50, Buyer and Seller, and Environmental survey estimated to cost $15,000 and to be paid by County. The Seller has requested the following -conditions to the contract: May 26, 1998 29