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• Since that time, county staff has obtained an appraisal of the property. The appraisal, conducted by Robert Sutte of Real Property Analysts, Inc., is summarized as follows: Ownership Paul D and Wayne F. Kroegel Contract Approx. Acres Upland Wetland 2.61 0.00 Appraised Value $350,000 Currently, TPL has the Kroegel parcel under contract. If the County approves the attached Agreement, which commits the County to buying the property from TPL (after due diligence review and acceptance), TPL will close its purchase and subsequently sell the parcel to the County. The Agreement specifies: • A County purchase price of $350,000 (the appraised value); • County review of due diligence documents (survey, environmental assessment, title commitment) on or before May 20, 2002 whereby the County may terminate the Agreement if any objections to the documents are not cured by TPL by time of closing; and • A closing date between TPL and the County on or before June 14, 2002. ANALYSIS Parcel size The appraisal of the property was conducted assuming a parcel size of 2.71 acres, based on Property Appraiser records. A recent survey of the property, however, indicates a parcel size of 2.61 acres. Staff is in the process of coordinating with TPL and the appraiser to determine if the property size discrepancy affects the appraised value: Over -the -phone contact with the appraiser indicates that the value will not Likely change due to the slight difference in size. Notwithstanding, the Agreement will need to be revised to reflect the changed appraised value if the appraised value does change due to the size discrepancy. Due to timing issues, staff's position is that the Board should approve the Agreement as is and address the value change subsequently, as warranted. Easements Two riverfront parcels east and adjacent to the Kroegel parcel, owned by George Bunnell (the southern parcel) and Richard and Starlet Kirkland (the northern parcel), have easements on the Kroegel parcel along the north and south property lines. If the County acquires the Kroegel parcel, the County will be obligated to continue to allow access to the Bunnell parcel via a southern access easement. However, the existing driveway accessing the riverfront parcel is not completely within the designated access easement. If the County acquires the Kroegel parcel, the County will need to coordinate with the two owners to resolve driveway and easement Location discrepancies. The Kroegel parcel has —40 feet of river frontage between the Bunnell and Kirkland parcels. Mr. Bunnell has an open space easement that applies to the river access portion of the Kroegel parcel that limits the use of the river access portion to open space. This easement also limits riparian use of the Kroegel property to one private dock. County staff is reviewing the easement to determine whether a public dock would be allowed under the limitations of the existing open space easement. If it is the County's intention to have a public dock on the Kroegel parcel, the County may need to coordinate with Mr. Bunnell and revise the easement. Structures A recent survey of the property shows four structures on the Kroegel parcel. Prior to closing, County staff is scheduled to visit the property, along with the Kroegels, TPL staff and Indian River County Historical May 14, 2002 23 DU •