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<br />Mr. DeBlois pointed out that a revised updated option agreement was received and
<br />replaced the one originally in the backup.
<br />Next, Budget Director Joseph k Baird reviewed the financial aspects of the proposed
<br />transaction using the following figures which he handed out to the Commissioners and
<br />displayed on the ELMO.
<br />lel='Un;-'N' e5 ET 1jj0-8C0 METING
<br />FE
<br />ESTIMATED EXPENSES FOR THE COUNTY T,
<br />TO PURCHASE LOST TREE ISLANDS By
<br />FAR BAR
<br />MANAGEMENT PLAN
<br />$0 $12,600
<br />LESS REIMBURSEMENT $0 ($2,300,000)
<br />TOTAL $11,194,500 $9,766,600
<br />NOTES:
<br />1. FCT OPTION - COUNTY MUST REMOVE EXOTIC VEGETATION AND
<br />REVEGETATE WITH NATIVE PLANTS OVER A TWENTY (20) YEAR PERIOD.
<br />THE ESTIMATED COST IS $10,000 TO $40,000 PER YEAR.
<br />2. IF CLOSING EXCEEDS DATE SET FORTH IN THE FAR BAR CONTRACT,
<br />THEN THE PRICE WILL INCREASE 1 % A MONTH (12% ANNUM) AFTER
<br />JULY 26, 1998.
<br />ESTIMATED REMAINING FUNDS IN
<br />ENVIRONMENTAL LAND AFTER THE
<br />PURCHASE OF LOST TREE ISLANDS
<br />AMOUNT AVAILABLE
<br />FAR BAR FCT
<br />OPTION OPTION
<br />$12,067,409 $12,067,409
<br />LESS LOST TREE ISLAND PURCHASE ($11,194,500) ($9,766,600)
<br />REMAINING BALANCE AFTER PURCHASE $872,909 $2,300,809
<br />May 26, 1998
<br />32
<br />40 Q
<br />OPTION
<br />FCT OPT.
<br />SELLING PRICE
<br />$11,000,000
<br />$11,900,000
<br />TITLE INSURANCE
<br />$17,000
<br />$10,200 (60%)
<br />ENVIRONMENTAL SURVEY
<br />$15,000
<br />$9,000 (60%)
<br />DOC STAMPS
<br />$77,500
<br />$83,800
<br />SURVEY ($100,000-$15,000)
<br />$85,000
<br />$51,000 (60%)
<br />SUBTOTAL
<br />$11,194,500
<br />$12,054,000
<br />MANAGEMENT PLAN
<br />$0 $12,600
<br />LESS REIMBURSEMENT $0 ($2,300,000)
<br />TOTAL $11,194,500 $9,766,600
<br />NOTES:
<br />1. FCT OPTION - COUNTY MUST REMOVE EXOTIC VEGETATION AND
<br />REVEGETATE WITH NATIVE PLANTS OVER A TWENTY (20) YEAR PERIOD.
<br />THE ESTIMATED COST IS $10,000 TO $40,000 PER YEAR.
<br />2. IF CLOSING EXCEEDS DATE SET FORTH IN THE FAR BAR CONTRACT,
<br />THEN THE PRICE WILL INCREASE 1 % A MONTH (12% ANNUM) AFTER
<br />JULY 26, 1998.
<br />ESTIMATED REMAINING FUNDS IN
<br />ENVIRONMENTAL LAND AFTER THE
<br />PURCHASE OF LOST TREE ISLANDS
<br />AMOUNT AVAILABLE
<br />FAR BAR FCT
<br />OPTION OPTION
<br />$12,067,409 $12,067,409
<br />LESS LOST TREE ISLAND PURCHASE ($11,194,500) ($9,766,600)
<br />REMAINING BALANCE AFTER PURCHASE $872,909 $2,300,809
<br />May 26, 1998
<br />32
<br />40 Q
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