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In accordance with County Land Acquisition Guide and FCT procedures, an independent appraisal was obtained to determine an approved appraised value of the property. Because the property's value is less than $500,000, only one appraisal was obtained. The appraisal firm selected was The Lentz -Goodman Group. The appraised value for the property $270,000. The negotiated purchase price of $260,000 is ±96% of the approved appraised value. In coming to terms with FCT and county staff on the negotiated purchase price (subject to County Commission and FCT approval), the seller has executed a standard FCT purchase contract Option Agreement with minor modifications. A copy of that contract is attached to this staff report. In 1998, Indian River County submitted an FCT application, which was subsequently approved for 50% cost - share funding, including 50% of pre-acquisition expenditures (e.g., environmental audit, appraisals). At this point in time, no purchase contract has been negotiated for either of the two other ownerships in the Blue Goose project. John Genoni, representing the parcel on the southwest comer of Jungle Trail and Earring Point Road, has indicated an unwillingness to sell. That property is proposed to be used as private mitigation and passive recreation associated with `Bermuda Club," a recently approved residential development north of Sea Oaks. Mr. Genom has expressed an interest in keeping the parcel largely in its natural condition, but is squarely against public access to the property, and therefore does not want to sell it to the County. The third parcel, north of Earring Point Road, consists almost entirely of estuarine mangrove wetlands and open water cove, and is not under threat of development. Given those factors, purchase of the Preuss property must be considered as a "standalone" purchase, and evaluated as to whether it would in -and -of -itself fulfill the County's environmental lands program objectives. Mr. Tom Collins is interested in buying the subject Preuss property for his own private use, to develop a single family home on the property. Attached is a letter from Mr. Collins indicating that he has entered into a "back-up" contract with the parcel owners to buy the property if the County chooses not to exercise its option. Mr. Collins is proposing to set-aside additional land under a conservation easement, beyond what is already conserved, if the County would relinquish its option. Under this alternative, resources on the subject Property would be substantially conserved at little or no cost to the County, and the property would stay on the tax roll. The tradeoff is that there would be no opportunity for public access. If the County proceeds to buy the Preuss parcel, the County has obligated itself in its FCT application to provide limited access and resource-based facilities on the project property. Specifically, conditions of the Conceptual Approval Agreement include County provision of limited parking, nature trails, and wetland boardwalks on the overall Blue Goose project property. Management of habitat (e.g., exotics removal) is also required under the cost -share agreement. Initial site improvements, such as exotic plant removal, could be paid for with bond referendum finds as part of the property acquisition. Improvements such as wetland boardwalks would need to be funded by a source other than referendum monies. Potential funding sources include park development grants, county mitigation funds, and tree removal violation funds. Relating to long term management, the property would be incorporated into the countywide park system and managed by the County Parks Division in coordination with county environmental planning staff. Volunteer groups will be asked to assist the County with certain aspects of property management such as nature trail upkeep and litter patrol. A management plan for the overall project has been drafted by the county's acquisition/management consultants, to fulfill FCT grant requirements. Attached is a draft of the plan, for LAAC review. The alternative proposed by Tom Collins would result in substantial protection of site resources, but would not allow an opportunity for public access. If the property was acquired, it would apparently be a standalone Purchase, as previously explained. Given those circumstances, staff thinks the County should pursue the conservation easement alternative. In doing so, however, the County should develop an agreement with Mr. Collins to be executed prior to the County releasing its option, to ensure that the arrangement is carried out. JUNE 11 1999 -19- BOOK lug