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DESCRIF i1UN AND CONDITIONS The Board of County Commissioners, at a public hearing on March 19, 1996, approved county purchase of the —95 acre "Fischer - Sebastian River" property using environmental land bond funds. The property is located on the east and west shorelines of the south prong of the St. Sebastian River, north of C.R. 512 (see attached map). The County closed the purchase in January 1997, under the premise that it will proceed to obtain cost -share reimbursement under the State Conservation and Recreation Lands (CARL) program. On August 22, 2000, the Board approved an Option Agreement for County sale of the Fischer -St. Sebastian River property to the Board of Trustees of the Internal Improvement Trust Fund (BTIITF) at a price of $605,000, and authorized staff to take steps as necessary to facilitate the sale closing. The subject Option Agreement is to be considered by the Governor and Cabinet on April 10, 2001. At that time the Governor and Cabinet, sitting as the BTIITF, will vote whether or not to exercise the Option. County staff was recently informed by state staff that there is a valuation issue caused by a non-exclusive management easement that the County obtained when it bought the Fischer property (see attached letter). The result is that the State's approved appraised value of the Fischer property has been reduced from $1,210,000 to 5952.480, thus reducing the 50% cost -share reimbursement from $605,000 to $476,240. To that end, Division of State Lands (DSL) staff is requesting that the Board approve the attached Second Amendment to the Option Agreement to account for the reduction. ANALYSIS When the County purchased the property in 1997 from Dr. Henry Fischer, negotiations included the acquisition of a non-exclusive access easement to a portion of the parcel (see attachment). The easement was to allow access to —24 acres of the overall —95 acres and runs through a portion of a partially developed private subdivision (Fischer Lake Island). At that time, Dr. Fischer was concerned about public access through the private subdivision and insisted that the non-exclusive easement be limited to use for management purposes only. The County accepted this type of easement, as the property is adjacent to state-owned lands and there would not be a problem providing access to the property. In fact, St. Sebastian River Buffer Preserve staff has indicated that the limited access easement does not present a problem in managing the property. adverse effect on market value of the property and tIt was not contemplated at the time the County bought the property that acceptance of the easement could have an hus affect State cost -share reimbursement. State staff, in consulting the appraisers that evaluated the property for the County, has concluded that the easement affects the market value negatively and restricts the use of the property served by the easement much like a conservation easement would. The County has essentially two alternatives. The first alternative is for the County not to amend the Option Agreement, which will likely result in the Governor and Cabinet voting to not exercise the current Option. In tum, the County will retain ownership of the property, including responsibility for on-going management, and not receive any cost -share reimbursement. The second alternative is for the County to approve the amendment, sell the property to the State, and receive the reduced (but still substantial) reimbursement. RECOMMENDATION: Staff recommends that the Board of County Commissioners approve the attached Second Amendment to Option Agreement and authorize the Board Chairman to execute the document. Moreover, staff recommends that the Board authorize county staff to take actions as necessary to finalize closing of the purchase under the revised Agreement. ATTACHMENTS: I Map of the Fischer property 2. Depiction of non-exclusive easement Letter dated 3123101 from DSL staff 4 Second Amendment to the Option Agreement April 3, 2001 0 NOfn aK G I AOGl Avco Aamlrt d , Leaw Buaget I Lec q AfSk ,y gr 3% C)ale Q