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11.A.1. LOST TREE ISLANDS - "ADDENDUM I TO CONCEPTUAL APPROVAL AGREEMENT" REGARDING FLORIDA COMMUNITIES TRUST'S INCREASED PERCENTAGE MATCH TOWARD PURCHASE Environmental & Code Enforcement Chief Roland DeBlois reviewed a Memorandum of August 6, 2002 advising that this is merely a formalization of an agreement and recommended approval. TO: James E. Chandler County_A dministrator EPAR MENT HEAD CONCURRENCE: RTobert Keating, AICP Community Development Dire 1tor FROM: Roland M. DeBlois AICP Chief, Environmental Planning DATE: August 6, 2002 RE• 4'%-/'4, Board Consideration of "Addendum I to Conceptual Approval Agreement" Regarding the Florida Communities Trust's Increased Percentage Match Toward Purchase of the Lost Tree Islands It is requested that the Board of County Commissioners foimally consider the following information at the Board's regular meeting of August 13, 2002. DESCRIPTION AND CONDITIONS On March 5, 2002, the Board of County Commissioners approved a Florida Communities Trust (FCT) Conceptual Approval Agreement for the Lost Tree Islands project. That Agreement provided for the FCT to pay 36.22% of the approved appraised value (with a maximum grant amount of $5.5 million) for acquisition of the Lost Tree Islands. This past June, county staff, under advisement from The Conservation Fund, requested that the FC1 Governing Board consider increasing its percentage matdh towards purchase of the Lost Tree Islands (see Attachment 2). On July 24, 2002, the FCT Governing Board approved the request, increasing its match from 36.22% to 75% of what FCT deteimines to be the "final total project eligible costs." The maximum FCT grant amount, however, will remain at $5.5 million. To formalize the FCT's agreement to increase its percentage match, the FCT has transmitted the attached "Addendum I to Conceptual Approval Agreement" for the Board (as well as the City and Town) to execute. ANALYSIS The sole purpose and effect of the Addendum is to foiuialize the FCT's increased percentage match; all other aspects of the Conceptual Approve Agreement will remain unchanged. The change benefits the County by ensuring an FCT match of S4,875,000 (75% of $6 5 million, the current "as is" approved appraised value) towards the Lost Tree Islands purchase price. The FCT will also pay 75% of acquisition costs (i.e., appraisals, survey, environmental audit acquisition agent fees), provided the overall grant award does not exceed 55.5 million. The 75% FCT match is the maximum percentage allowed under FCT August 13, 2002 44 r