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Wetland Acreage Adjustment The negotiated purchase price of the Fischer property was $1,490,000. When the option contract was drafted and subsequently executed by the seller, County and state staff were aware that there might be a wetland acreage adjustment that could affect the appraised value of the property. For that reason, a "buffer" of $89,400 was written into the contract, so that the seller, Dr. Henry Fischer, was aware that the purchase price would be reduced, up to that much, if wan -anted by a final survey of wetlands and overall acreage. Consequently, as a condition of closing, Dr. Fischer was required to escrow $89,400 to account for a potential property value adjustment due to increased wetland acreage. (The Board approved this arrangement to proceed with closing because of indications that Dr. Fischer would not sell the property unless a certain time frame was met.) As it turned out, there were more wetlands than originally estimated, and Dr. Fischer forfeited the escrow to the County. Due the wetland area adjustment, the State's finalized approved appraised value is $1,210,000, which translates to 43% ($605,000) reimbursement of the County's purchase price of the overall property (not including 50% share of acquisition costs, which will be an additional reimbursement the County will receive under the Option Agreement ). Staff recommends that the Board of County Commissioners approve the attached Option Agreement for County sale of the Fischer -St. Sebastian River property to the Board of Trustees of the Internal Improvement Trust Fund at the price of $605,000, and authorize the Board Chairman to execute the document and other documents as necessary to facilitate the sale closing. 1. Location map 2. County attorney's memorandum 3. Option Agreement 4. 1995 Multi -Party Acquisition Agreement AUGUST 22, 2000 BK 1 1 4 PG 7, 6 -90- is 0