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In accordance with County Land Acquisition Guide and FCT procedures, two independent appraisals were <br />obtained to determine an approved appraised value for each of the two ownerships. The "approved appraised <br />value," per State and LAAC Guide procedures, is the higher value of the two appraisals. For the two <br />appraisals to be acceptable for determining an approved value, the values of the two appraisals must diverge <br />20% or less from each other. <br />In addition, the FCT requires that the two obtained appraisals be reviewed and approved by a third, <br />independent review appraiser. Attached is an excerpt from the appraisal review report for the overall project, <br />summarizing the appraisers' valuations of the subject Simmons and Andre parcels (Attachment # 4). <br />The appraisal firms selected were Armfield -Wagner Appraisal & Research. Inc., and W. H. Benson & <br />Company. The appraised values for the properties are summarized as follows. <br />Ownership <br />Approx. Acres <br />Appraised Values <br />Approved Appraised <br />Negotiated Price (% <br />Value <br />I <br />of Approved <br />Upland <br />I wetland <br />Appraised Value) <br />Simmons <br />2.13 <br />j 45.20 <br />Annfield: 5287,000 <br />5287,000 <br />5240.000 (83.6%) <br />Benson: 5275,000 <br />Andre <br />3.80 <br />39.48 <br />Annfield: 5357,000 <br />5410.000 <br />5400,000 (97.6%) <br />Benson: 5410.000 <br />Total: <br />5.93 ac. <br />1 84.68 ac. <br />(N/A) <br />$697.000 <br />5640.000 (91.8%) <br />The combined negotiated purchase prices of $640.000 is ± 92% of the overall approved appraised value for <br />the subject parcels. <br />In coming to terms with FCT and county staff on the negotiated purchase prices (subject to County <br />Commission and FCT approval), the sellers have executed standard FCT purchase contract Option <br />Agreements with minor modifications. Copies of the contracts are attached to this staff report. <br />F-MMMLY.1 <br />As with all LAAC site purchase negotiations, staff's objective is to negotiate a purchase price at or below <br />the approved appraised value, and staff has fulfilled that objective in this case. The negotiated purchase price <br />of the Simmons parcels is below the average of the two appraisals (-84% of the approved appraised value). <br />The negotiated purchase price of the Andre parcels, however, is —92% of the approved appraised value. <br />higher than the average of the two appraisals. Because the negotiated purchase price of the Andre parcels <br />is higher than the average of the appraised values, approval of the Andre land purchase will require a "super - <br />majority" (4 out of 5) vote of the County Commission. <br />The appraisals of the Simmons and Andre parcels were based on estimates of upland and wetland acres, short <br />of a formal survey that will be required prior to closing. The option agreements reference that if <br />upland/wetland acreage estimates change based on the survey, thus affecting property value, the seller (or <br />the County) may opt not to sell or buy under the current option. If such an adjustment occurs, staff will bring <br />the matter back to the Board for further consideration. <br />Conservation Policy 6.3 of the 2020 County Comprehensive Plan commits the County to acquire a minimum <br />of 100 acres of coastal tropical hammock for conservation purposes. Although the County has fulfilled this <br />November 7, 2000 <br />125 <br />a <br />