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