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I <br />executed a Developers Agreement through which the 1.5 acre parcel can be acquired by <br />the County. The developer would be allowed to join and expand the pond at a later date <br />when the remainder site is developed, if desired. <br />The purchase price of the A-1 zoned land is $27,000.00, or $18,000.00 per acre. This <br />price -per -acre is comparable to other similar parcels the County has acquired based upon <br />appraisals or evaluations. There are no appraisal or attorney fees in the subject's case. <br />In addition to compensation for the land the Developer is requiring that the County <br />construct two median openings along the half mile frontage of Kings Highway between <br />Oslo Road and 5' Street SW. On the remainder of the project, only one median opening <br />will be constructed on the half mile stretch between east -west side streets. <br />The Phase II widening of Kings Highway must be complete by November 30, 2003 or the <br />land reverts back to the seller with the seller keeping the $27,000 purchase price. Several <br />of the other Developer's Agreements contain completion deadlines for Kings Highway, but <br />do not contain a reverter clause. The earliest stipulated completion date is in the First <br />Church of God contract which requires completion of Kings Highway by November 30, <br />2002. <br />This Developer's Agreement with Laurel Homes is one of eight (8) acquisitions remaining <br />on the Kings Highway project Including the Laurel Homes property, three parcels are still <br />needed for stormwater ponds and five parcels are still needed for road right-of-way. <br />RECOMMENDATIONS AND FUNDING <br />Staff recommends the Board of County Commissioners approve the $27,000.00 purchase, <br />and authorize the Chairman to execute the Agreement <br />Funding will be from Account #315-214541-066.12. <br />Commissioner Ginn expressed concern about a reverter clause in the contract. <br />Public Works Director Jim Davis stated that he spoke with Deb Robinson of Laurel <br />Builders and she does not want to tie up the land for 5 years. <br />Chairman Adams emphasized that the County is not tying up the property but buying <br />it. We are paying a fair market purchase price and the Board cannot go along with the <br />reverter clause. <br />SEPTETER 19, �G � 2 <br />-58- <br />• 0 <br />