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F, <br />0 <br />1101,.; ml FACE <br />Legal Background - <br />There are two procedures which govern the purchase of real property by the County. <br />The first is by statute as set forth in Section 125.355, F.S, a copy of which is set forth in <br />Appendix A to this memorandum for ease of reference. The second is by County <br />ordinance Section 105.07 which is also set forth in Appendix A. <br />Facts: <br />With respect to the purchase of LTI, the statutory procedures are being used. <br />Essentially, these procedures require that, initially, an option contract be executed by <br />all parties (FCT, IRC, CofVB, TIRS and LTI). This requires only a majority vote of <br />the Commission. The appraisals would be made public after execution by IRC and <br />LTI, and 30 or more days later a public hearing would be held by IRC to determine if <br />the County wants to exercise the option and purchase the property. Because it is <br />understood that the option sale price exceeds the average of the two appraisals, <br />approval by IRC would need to be by an extraordinary vote (4 out of 5) to purchase <br />the property. <br />Lnalso requires that a non-FCT contract be considered as well. In order to meet this <br />requirement, it was determined that an option contract for the standard Florida <br />Realtor and Bar (FAR/BAR) contract would be presented to the Commission for <br />approval on the same day that the FCT option contract would be submitted for <br />approval by the Commission. - <br />The following procedure was agreed to by staff and LTI: <br />MAY 26,1998 - BCC MEETING <br />1. FCT Option Agreement presented to the Board of County Commissioners for <br />execution. A simple majority is required. <br />2. Resolution which authorizes staff to obtain the property by negotiation, sale, or <br />condemnation. The purpose of this is to allow the seller the benefit of Section <br />1033 IRS Code. A simple majority is required. <br />3. Option to purchase with the FAR/BAR contract presented to the Board of <br />County Commissioners for execution. A simple majority is required. <br />4. Request the Board of County Commissioners to hold Special Meeting on June <br />30, 1998 to consider in this order. <br />a) Exercise of FCT option — this requires on extraordinary vote of at least <br />4 votes. <br />b) Exercise the option of the FAR/BAR contract. <br />May 26,1998 <br />i) If the FCT option is exercised an extraordinary vote of at least 4 <br />votes is required to exercise the FAR/BAR option. <br />ii) If the FCT option is not exercised a simple majority is sufficient <br />to exercise the FAR/BAR option. <br />34 <br />0 <br />