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Staff has met with Mr Hammond and his attorney several times to discuss purchasing the <br />property and he has indicated a willingness to sell or swap approximately 27.5 of the 30 acres. <br />He would like to keep the 2.5 acres where he has existing buildings and storage. A summary of <br />the terms of the purchase and swap are as follows: <br />Purchase <br />Mr. Hammond offered to sell approximately 27.5 acres zoned industrial at $35,000 per <br />acre with a closing before December 31, 2002. He would keep the 2.7 acres where he has <br />existing buildings. <br />Swap <br />Indian River County is in the process of purchasing 35.8 acres of agricultural zoned <br />property on the northwest comer of 41st Street and 43rd Avenue at a cost of $15,000 per acre <br />from the Jackson Grove Corporation which should close in November, 2002. Mr. Hammond is <br />willing to swap the approximately 25± acres adjacent to the jail for the 25± acres <br />(approximately) of the Jackson property located on the comer of 41' Street and 43`d Avenue. <br />Very general terms are as follows: <br />1. After Indian River County purchases the Jackson Grove Corp.'s agricultural <br />property, we will swap it for Mr. Hammond's industrial property adjacent to the jail <br />Indian River County will pay an additional $15,000 for each acre swapped to compensate <br />for swapping industrial land for agricultural land. <br />2. Any acreage difference in the swap will be treated as a purchase of $30,000 an <br />acre or credit of $30,000 an acre. <br />3. Closing must be before December 31, 2002. Fruit could be harvested through <br />April 15, 2003. <br />4. Mr. Hammond will make application to have the property on 41st Street and 43`d <br />Avenue rezoned industrial If this does not occur within a 12 month period, Indian River <br />County will purchase the property swapped on the comer of 415` Street and 43`d Avenue for <br />$20,000 per acre <br />Funding <br />Funding will be from Utilities and from Optional Sales Tax. <br />Recommendation <br />Staff requests authorization to negotiate a contract for Board of County Commission <br />approval to either purchase the Hammond industrial property east of the j ail by a direct purchase <br />or a swap based on the general conditions mentioned above. <br />October 8, 2002 <br />32 <br />0l <br />0 <br />