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ZH. OSLO RIVERFRONT SOUTHLAAC SITE - CLARIFICATION OF STATE <br />COST SHARE OF PURCHASE PRICE - SALAMA PARCEL <br />The Board reviewed a Memorandum of March 8, 2000: <br />TO: Board of County Commissioners <br />FROM: Terrence P. O'Brien COO <br />Acting County Attorney <br />DATE: March 8, 2000 <br />SUBJECT: CLARIFICATION OF STATE COST -SHARE OF PURCHASE PRICE: <br />SALAMA PARCEL OF THE OSLO RIVERFRONT SOUTH LAAC SITE <br />094 <br />At a public hearing on December 21, 2OW, the Board of County Commissioners approved purchase of the <br />Salama parcel of the "Oslo Riverfront South" environmental land project, and authorized staff to proceed <br />with closing on the parcel in coordination with the Florida Communities Trust (FCT) as a 50% cost -share <br />partner. <br />As explained in the staff memorandum provided as back-up for that hearing, the negotiated purchase price <br />of the Salama parcel ($1,265,000) is 110% of the approved appraised value ($1,150,000). It was not clearly <br />explained, however, that the FCT, in accordance with its rules, will not cost -share the overage amount <br />($155.000). Notwithstanding, the estimate of total bond expenditure reported to the Board did account for <br />the FCT's non -participation in the overage cost -share, and is not affected. <br />The FCT has requested that Paragraph 3.A., "Total Purchase Price," of the Salama Option Agreement be <br />revised to clarify that the FCT will not participate in the overage. Attached is a copy of proposed replacement <br />pages of the Option Agreement with clarification revisions. (The seller as agreed to this clarification, since <br />it will not affect the overall purchase price). <br />Staff recommends that the Board of County Commissioners approve the proposed replacement pages to the <br />Salama purchase option contract. <br />Commissioner Ginn did not initially vote for this and wanted the record to reflect her <br />opposition. <br />March 14, 2000 <br />-31- <br />