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7.D. Extension of Florida Communities Trust (FCT) Cost -Share Agreement for Purchase of Lost Tree Islands (Addendum X to Conceptual Annroval A reem nt The Board reviewed a Memorandum of May 19, 1999: TO: James E. Chandler County Administrator 7ober0K t TMENTHEAD CONCURRENCE:M. Keating, AIC / Community Developmen Direct/ FROM: Roland M. DeBloi CP Chief, Environmental Planning DATE: May 19, 1999 RE: Board Approve of Extension to the Florida Communities Trust (FCT) Cost -Share Agreement for Purchase of the Lost Tree Islands It is requested that the data herein presented be given formal consideration by the Board of County Commissioners at its regular meeting of May 25, 1999. DESCRIPTION AND CONDITIONS Staff requests that the Board of County Commissioners authorize the Board Chairman to execute the attached "Addendum X to the Conceptual Approval Agreement" for the Lost Tree Islands (FCT Project #93-001-P3A). This Addendum extends the FCT grant award expiration date for the Lost Tree Islands project to December 4, 1999. The document formalizes the FCT Governing Body's approval of county staffs request for an extension, which approval occurred at the FCT Governing Body's meeting on April 30, 1999. Acquisition Status Settlement negotiations are ongoing between Lost Tree Village Corporation (LTVC) and the Department of Community Affairs (DCA), City of Vero Beach, and Town of Indian River Shores regarding land use of the islands. Also, LTVC has filed a "quiet title" suit against the State to assert LTVC's claim that it owns the submerged bottomlands between the barrier island and the "inner islands" near by to Silver Shores. It is unknown how long it will take for that suit to run its course. The County and the FCT have a standing offer to LTVC of $5.7 million for the islands. The ultimate outcome of the land use issues and quiet title suit will affect the islands' value, and could therefore justify reappraisals and renewal of negotiations for public purchase of all or some of the islands. The six month extension, already agreed to by the FCT, will allow an opportunity for possible reappraisals and renewal of negotiations. RECOMMENDATION Staff recommends that the Board of County Commissioners authorize the Board Chairman to execute the attached agreement addendum, and authorize staff to coordinate with the Town of Indian River Shores and the City of Vero Beach for approval of the addendum by those municipalities. ATTACHMENTS Addendum X to the Conceptual Approval Agreement relating to County/State acquisition of the Lost Tree Islands. MAY 259 1999 15 BOOK