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U The combined negotiated purchase price of $1,615,000 is ±106% of the overall approved appraised value for the subject parcels. As indicated in the appraisal summary table, the negotiated purchase price of the Salama parcel is 10% above the approved appraised value. That amount is off -set somewhat (but not completely) by the negotiated purchase price below appraised value on the Emerson parcels, such that the total purchase price is 6% above the combined approved appraised values. •Contract In coming to terms with county staff on the negotiated purchase price (subject to County Commission approval), the sellers have executed standard FCT purchase contract Option Agreements with minor modifications. Copies of the contracts are attached to this staff report. FCT standardized contracts were used because FCT will participate as a cost -share partner in the purchase. As with all LAAC site purchase negotiations, staffs objective was to negotiate a purchase price at or below the approved appraised value. In the case of the Salama parcel, however, staffs years of negotiations failed to obtain a purchase price at or below the appraised value. Staffs position is that the negotiated purchase price is the best that could be obtained under the circumstances. Staff s acceptance of the negotiated purchase price of the Salama parcel (10% above appraised value) is based on the key nature of the parcel to the overall project, and also on the fact that the seller has initiated a development plan for the property, and the property would likely be developed within the coming year if it is not acquired for conservation. Since the negotiated purchase price for the Salama parcel is higher than the average of the appraised values, the Salama parcel acquisition will require a "super -majority" (4 out of 5) vote of the County Commission. - Staff always seeks to have the seller contribute to acquisition costs (e.g., survey, environmental assessment, title insurance, etc.). To that end, the contract for the Emerson parcels provides that the seller will update an existing survey, with the County and FCT splitting cost up to $2,000 toward the survey update; any cost beyond $2,000 will be paid by the seller. The seller of the Emerson parcels has agreed to pay the cost of title insurance, documentary stamps, and due taxes. Regarding the Salama parcel, however, the seller has not agreed to contribute to acquisition costs, whereby the County and the FCT will split the costs of a survey, environmental assessment, and title insurance. Moreover, as negotiated in the Salama purchase contract, the County will pay documentary stamps ($8,855) and due taxes ($18,768). Although payment of documentary stamps and due taxes is unusual under the acquisition program, staff decided to move forward with the Salama contract, with those conditions, due to the importance of the Salama property as the key parcel of the overall LAAC project. eMultiule Benefits • Enhancement of ORCA The project site provides a significant opportunity to enhance passive recreation as an extension to the existing Oslo Riverfront Conservation Area to the north. Purchase of this property would provide expanded opportunities for nature walks, bird watching, and environmental education. • Comprehensive Plan Acquisition Commitment As reflected in the goals, objectives and policies of its Comprehensive Plan, Indian River County recognizes the importance of conserving native vegetative communities, particularly native vegetation areas serving as habitat for rare species. Acquisition of the subject parcels will further the Comprehensive Plan goals, objectives and policies in this category, particularly relating to the bald eagle nest documented on the property, as well as to other listed species endemic to xeric scrub habitat. Conservation Policy 6.2 of the 2020 County Comprehensive Plan commits the County to acquire a minimum of 100 acres of xeric scrub habitat for conservation purposes. Although the County has fulfilled this minimum acreage requirement, the subject property contributes to this policy by conserving ±25 acres of sand pine scrub. December 21, 1999 39 •