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Medical Record Services Medical Record Services Federal Express Federal Express James T. Long, Esq. James T. Long, Esq. James T. Long, Esq. Total Record Research Record Research Overnight Mail Overnight Mail Public Defender Conflict - Felony Public Defender Conflict - Misd. Public Defender Conflict - Juvenile NO ACTION REQUIRED OR TAKEN. BOOK 107 Ff+..GE GH 39.01 9.28 15.75 16.00 10,200.00 2,400.00 900.00 19,797.80 7.D. HARMONY OAKS. INC AND RIVERPOINT. INC - REQUEST FOR BOARD ACKNOWLEDGMENT OF BARGAIN SALEIPURCHASE OF THE HARMONY OAKS LAA C SITE FOR PURPOSES OF INCOME TAX CREDIT The Board reviewed a Memorandum of November 9, 1998: TO: James E. Chandler County Administrator DEP TMENT HEAD CONCURRENCE: 17111 R eaimg, AICD Community Development FROM: Roland M. DeBlois Chief, Environmental Planning DATE: November 9, 1998 SUBJECT: Harmony Oaks, Inc. Request for Board Acknowledgment of Bargain sale/ Purchase of the Harmony Oaks LAAC Site, for Purposes of Income Tax Credit It is requested that the information herein presented be given formal consideration by the Board of County Commissioners at its regular meeting of November 17, 1998. On April 21, 1998, the Board of County Commissioners approved purchase of the Harmony Oaks property under the County environmental lands program. The +90 acre property is located at the south county line, east of U.S. #1 and south of Vero Shores Subdivision (see attached map). On May 28, 1998, county staff closed the purchase, and is now finalizing after -the -fact 50016 cost -share reimbursement from the Florida Communities Trust (FCT). The purchase price of the Harmony Oaks property was $299,500, 83% of the $360,000 approved appraised value. David Blair, president of Harmony Oaks, Inc. and Riverpoint Inc., the sellers of the property, considered the transaction a bargain sale. Now, W. Blair is requesting that the Board acknowledge the bargain sale/purchase on federal income tax forms, whereas the seller(s) can apply for a tax credit (see attached letter and forms). As such, this matter is herein presented for the Board's consideration to acknowledge the bargain purchase. The "Harmony Oaks" purchase consisted of two contiguous parcels, one owned by Harmony Oaks, Inc., and the other owned by Riverpoint, Inc. Both companies were represented by David Blair, who is president of both companies. Accordingly, attached are two income tax forms, one for each company. When the Harmony Oaks purchase was reviewed by the County Land Acquisition Advisory Committee (LAAC), the Committee recommended that the Board approve the purchase prior to obtaining cost -share fiords because the seller had agreed to sell the property at a discount (83% of approved appraised value). According to David Blair, the sellers were willing to sell the property at a discount because the County agreed to close the purchase in a relatively short time -frame and seek after -the -fact reimbursement vs. the normal, longer time -flame of an FCT cost -share joint closing. NOVEMBER 17, 1998