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BOOK M PAGE 96 <br />50 percent of the costs incurred in the purchase of the property. Title to the property acquired <br />will vest jointly in the Board of Trustees and the District with the Board of Trustees holding a <br />75 percent interest and the District holding a 25 percent interest. While thb County has agreed <br />to participate in this transaction under the current bargain criteria, it has requested and staff <br />intends to ask the Land Acquisition and Management Advisory Council to review the policy of <br />not allowing counties to hold a title interest when participating in joint acquisitions. <br />As provided for in the acquisition agreement, on March 11, 1998, as amended on May 13, 1998, <br />the Governing Board of the District adopted Resolution No. 98-16, requesting the Board of <br />Trustees' share of the purchase price for the Carson Plan Estate parcel and reimbursement of 50 <br />percent of its closing costs. Pursuant to the acquisition agreement, the Board of Trustees' share of <br />the preacquisition and closing costs will be reimbursed from CARL incidental expense funds. <br />The District's resolution contains all of the assurances required by the acquisition agreement. <br />The Indian River County Commission adopted Resolution No. 98-52 on April 28, 1998, <br />authorizing the County's 25 percent participation in the joint acquisition. <br />The property will be managed jointly by the Division of Marine Resources, as the lead <br />manager, and the District as a part of the St. Sebastian River State Buffer Preserve. <br />This acquisition is consistent with section 187.201(10), F.S., the Natural Systems and <br />Recreational Lands section of the State Comprehensive Plan. <br />(See Attachment 4, Pages 1-29) <br />RECONEMFM APPROVAL <br />There was a brief discussion on this matter which resulted in the following motion. <br />ON MOTION by Commissioner Macht, SECONDED BY <br />Commissioner Ginn, the Board unanimously requested, <br />authorized, and approved Commissioner Adams to represent the <br />Indian River County Board of County Commissioners at the <br />LAMAC Meeting on July 2, 1998, in Tallahassee. <br />June 9, 1998 <br />88 <br />