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This public hearing has been advertised +30 days in advance to fulfill a State statute requirement that the County hold a public meeting after having provided at least 30 days advertised public notice to formally consider approving and exercising its purchase option for the Anstalt property. The State requirement that the Board hold a public meeting to consider exercising its option after having provided 30 days advertised notice of the meeting applies because the County chose to keep its appraisal of the subject property confidential until the seller executed a binding option contract. Once that option contract had been signed, the appraisal was released and has been available to the public during the 30 day period prior to the advertised public meeting. Besides meeting State statute requirements, the hearing on the Anstalt property will serve to meet a Land Acquisition Guide requirement that the County hold a public hearing prior to purchasing any property with land acquisition bond funds. The subject 19 acre property consists of ±18 acres of mature sand pine scrub, and approximately one acre of freshwater wetland. The property is currently zoned RM -6, Multi -family Residential, up to 6 units per acre. Its Future Land Use Designation is L-2, Low Density Residential, up to 6 units per acre. The property is an "enclave" of unincorporated county surrounded by land within the City of Sebastian. Although undeveloped County right-of-way for Gibson Street (130th Street)terminates at the northwestern comer of the property, the property is currently landlocked. As previously mentioned, the property borders public conservation land on three sides. The fourth side (to the east) borders Florida East Coast Railroad right-of- way- Ownership ight-of- way. Owners ip Characteristics Currently, the owner of the property is Amistad Anstalt (a Liechtenstein corporation). Public records indicate that the current tax assessed value for the tract is $84,310. Acquisition Cost -Share & Property Manag m n Two issues which are important to staff with respect to all proposed purchases are obtaining cost share assistance in property acquisition and addressing management costs. • Cost -Share Florida Communities Trust staff has indicated to county staff that the subject property is eligible for FCT funding as a boundary amendment to the existing St. Sebastian PUD FCT project. County staff is in the process of submitting a boundary amendment application to the FCT. Staff anticipates that the amendment will be approved, and that FCT 50% cost -share funding will be forthcoming. Since the St. Sebastian PUD FCT project was an after -the -fact reimbursement agreement, the County has the opportunity to purchase the Anstalt tract on its own and obtain after -the -fact FCT cost -share funding. County staff's position is that the County should remain flexible to close the purchase on its own and obtain after -the -fact cost -share reimbursement, in the event that timing does not allow a joint County/FCT closing by the option expiration date of December 1, 1998. • Management If acquired, the subject property will be incorporated as part of the North Sebastian Conservation Area and managed by the County. It is anticipated that purchase of this addition will not significantly increase management costs that the County already plans to incur in managing the overall North Sebastian Conservation Area. (See the attached management cost projection table from the North Sebastian Conservation Area Management Plan.) The County has hired a consultant (Smith Environmental Services) to develop a Sebastian area -wide scrub - jay habitat conservation plan (HCP), expected to be completed by the end of this calendar year. The Anstalt property will add to the pool of public conservation land available to mitigate the release of scrub lots for development in the Sebastian Highlands. Management of the subject property to convert it to scrub -jay habitat will consist of thinning the mature sand pines in combination with follow-up prescribed bum(s). This November 10, 1998 35 BOOK J07 PAGE �u