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• • ILALLSTROM FARMSTEAD Property Approx. Acres Appraised Value(s) Approved Appraised Value Negotiated Price (% of Approved Appraised Value) Upland Wetland Hallstrom Properties, Inc. (two parcels) 52.37 8.0 Armfield: 1,325,000 Wingo: 1,366,000 1,366,000 1,150,000 (84%) St. Lucie Development Corporation 32.31 0.0 Armfield: 500,000 Wingo: 492,150 500,000 460,000 (92%) Total: 85.18 ac. 8.0 ac. (N/A) $1,866,000 $1,610,000 (86%) The combined negotiated purchase price of $1,610,000 is +86% of the overall approved appraised value for the subject parcels. Contracts In coming to terms with county staff on the negotiated purchase price (subject to County Commission approval), the sellers have executed standard FCT purchase contract Option Agreements. Copies of the contracts are attached to this staff report. FCT standardized contracts were used because FCT will participate as a cost -share partner in the purchase. ANALYSIS As with all LAAC site purchase negotiations, staff's objective was to negotiate a purchase price at or below the approved appraised value, which has been done.In July 2001,when the Hallstrom Farmstead project was initially presented to the LAAC for consideration, it was recommended by staff (and endorsed by LAAC) that the County's funding contribution towards the overall project would be purchase of the environmentally significant St. Lucie Development scrub parcel. As presented to LAAC m July 2001, the Historical Society was willing to make up the difference in funding to fulfill the required local match (of 25% towards the 75% FCT grant) if the St. Lucie Development purchase pnce did not fulfill the local 25% match. As it turns out, the $460,000 purchase price of the St. Lucie Development parcel fulfills (and exceeds) 25% of the overall project cost. As such, rather than contribute toward purchase cost, it is staff's position that the Historical Society's contribution toward the project is best served at the management level, assisting with site improvements, with management of the site's cultural resources, and with educational programs. Comprehensive Plan Acquisition Commitment As reflected in the goals, objectives and policies of its Comprehensive Plan, Indian River County recognizes the importance of conserving native vegetative communities, particularly native vegetation areas serving as objectives and policies in this category, particularly relating to the gopher tortoises and other listed species endemic to xeric scrub habitat. Conservation Policy 6.2 of the 2020 County Comprehensive Plan commits the County to acquire a minimum of 100 acres of xeric scrub habitat for conservation purposes. Although the County has fulfilled this minimum acreage requirement, the subject property contributes to this policy by conserving ±35 acres of sand pine scrub. In addition, the acquisition of the Hallstrom Farmstead parcels will further the county's objectives to provide open space and passive recreational facilities within the Urban Service Area of the county. The project site will allow an opportunity for educational trails and an opportunity for the County to educate the public about ecological issues as well as cultural resources. RECOMMENDATION: Staff recommends that the Board of County Commissioners approve the attached conceptual management plan and exercise of the Hallstrom Properties, Inc. and St. Lucie Development Corporation option contracts, and authorize staff to proceed with closing on the subject properties in coordination with the Florida Communities Trust JULY 16, 2002 -73-