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BOOK G11 Fx"- d! - I The proposed purchase consists of three tax parcels. Currently, the owners of the parcels are Salama Development Corporation (one parcel) and the Estate of Stanley A. Emerson (two parcels). Public records indicate that the current tax assessed value for the combined parcels is $777,340. •Acquisition Cost -Share & Prouerty Management Two issues which are important to LAAC staff with respect to all proposed purchases are obtaining cost share assistance in property acquisition and addressing management costs. Cost -Share Indian River County was recently awarded a grant from the Florida Communities Trust for 50% cost -share funding, including 50% of pre-acquisition expenditures (e.g., survey, environmental audit, appraisals). Management The adjacent ORCA property was acquired jointly by Indian River County and the St. Johns River Water Management District in 1991 for conservation purposes. The IFAS Florida Medical Entomology Laboratory (FMEL), which is also adjacent to the property, has established an environmental education program for ORCA. The Emerson and Salama parcels, if acquired, will be incorporated into ORCA, which has existing parking facilities that will serve both properties. The County is in the process of developing a management plan in fulfillment of FCT requirements. The proposed use of the property is resource enhancement and management by means of exotic species removal and wetland enhancement, with compatible passive recreation facilities in the form of nature trails, boardwalks, and informational displays. It is anticipated that purchase of this addition will not significantly increase management costs that the County already incurs managing the ORCA. •Appraisals In accordance with the County Land Acquisition Guide and FCT procedures, independent appraisals were obtained to determine approved appraised values for each parcel. Only one appraisal was needed for the Emerson parcels since the parcels' combined value is less than $500,000. Two appraisals were initially obtained for the Salama parcel (because its value is more than $500,000). However, a third appraisal was necessary to resolve a >20% divergence in the initial two appraisals. The appraisals used to determine property values were done by Real Property Analysts, Inc. (RPA) (Emerson parcels), and by W.H. Benson & Company and Armfield-Wagner Appraisal & Research, Inc. (Salama parcel). The appraised values for the parcels are summarized as follows. Parcel Approx. Acres Appraised Value(s) Approved Appraised Negotiated Price (% I Value of Approved I 1__AEpmised Upland I Wetland Value Emerson (two parcels) 15.70 11.85 RPA: 370,000 370,000• 350,000 (95%) Salama 20.78 17.64 Amifield: 1,150,000 1,150,000•' 1,265,000 (110%) Benson: 1,000,000 Total: 36.48 ac 29.49 ac. (N/A) $19520,000 $1,615,000 (106%) •RPA, the appraiser of the Emerson parcels, reduced upland acre value due to an eagle's nest that constrained development on --7.62 upland acres. "The Armfleld appraised value accounts for an adjustment made due to information provided by the seller's engineer on tenial wetland filling that could be allowed for development. off -set by permitting and mitigation costs. December 21, 1999 38