Item K3
LAND AUTHORITY GOVERNING BOARD
AGENDA ITEM SUMMARY
Meeting Date: February 19, 2003
Bulk Item: Yes No X
Department: Land Authority
Agenda Item Wording: Approval to purchase property in Largo City subdivision on Key Largo.
Item Background: Largo City is a sparsely developed subdivision located at MM 104 on the
oceanside of Key Largo. The subdivision is zoned Improved Subdivision (IS) except for one block
fronting US 1 zoned Suburban Commercial (SC). The lots in this subdivision score poorly in ROGO
due to the presence of tropical hardwood hammock and threatened/endangered animal species habitat.
Most of the lots have the additional constraint of being platted in a diagonal pattern, which makes it
difficult to meet the applicable setback requirements. In light of the hardship these regulations pose to
property owners and the need to protect the area's natural resources, staff recommends offering to
purchase the vacant lots (approximately 114) in this subdivision.
The Land Authority's standard purchase contract will be used for these transactions. The agenda
packet spreadsheet lists the maximum costs in the event all the vacant lot owners wish to sell. The
actual costs will depend upon the number of willing sellers.
Advisory Committee Action: On January 27, 2003 the Advisory Committee voted 3/0 to approve
making purchase offers based on the tax roll figures of 115% of the 1986 assessed value or 115% of
the 2002 land value, whichever is higher for the individual lot.
Previous Governing Board Action: To date the Board has approved the purchase of 5 lots in this
subdivision.
Contract/Agreement Changes: N/A
Staff Recommendation: Approval.
Total Cost: $ 1,003,144.85
Budgeted: Yes ~ No
Cost to Land Authority: $ 1,003,144.85
Source of Funds: Land Authority
(Tourist Impact Tax and State Park Surcharge)
Approved By: Attorney ~
County Land Steward ~.
Executive Director Approval:
~.~~
Documentation: Included: X
To Follow: X
Not Required:
Disposition:
Agenda Item LA #3
Property
Largo City (PB 4-142 )
89 Ownerships /114 Lots
Purchase
Price
$952,060,85
PURCHASE CONTRACTS
02119103
Envr, Audit, Survey
or Clean-up
$10,500.00
Title
Insurance
$17,800,00
1 of 1
Attorney
Fee
$22,250,00
Recording
Fee
$534,00
Acquisition
Total
$1,003,144.85
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