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Item C2 LAND AUTHORITY GOVERNING BOARD AGENDA ITEM SUMMARY Meeting Date: September 21, 2000 Bulk Item: Yes No X Department: Land Authority Agenda Item Wording: Approval of contracts to purchase property - Rainbow Beach Subdivision. Item Background: These purchases are proposed to protect property rights and natural resources. Rainbow Beach subdivision on Big Torch Key is zoned Native Area (NA) and designated Residential Conservation (RC) on the Future Land Use Map. Individual lots in this area are too small to meet the four-acre minimum necessary to build a single-family home. The subdivision is located in the National Key Deer Refuge and the State Florida Keys Ecosystem CARL project. The vegetation is a mix of tropical hardwood hammock, freshwater wetlands, ponds, and mangroves. Any residential development in this area would be subject to ROGO. Funding for these purchases will come from the State's Preservation 2000 program, which will restrict future use of the property to conservation and public recreation. The Land Authority's standard purchase contract will be used. The property's current assessed value is $50 per lot. The agenda packet spreadsheet lists the legal descriptions, purchase prices, and closing costs for these transactions. Advisory Committee Action: On 4/26/00 the Advisory Committee voted 5/0 to offer 115% of the 1986 assessed value for all lots above the mean high water line in Rainbow Beach subdivision. Previous Governing Board Action: The Governing Board has approved other purchases in this subdivision. Staff Recommendation: Approval. Total Cost: $ 5,421.75 Budgeted: Yes X No Cost to Land Authority: $ 5,421.75 . Approved By: Attorney ~ Executive Director Approval: OM B/Purchasing ~ 'c1~ Risk Management Documentation: Included: X To Follow: Not Required: Disposition: Agenda Item LA #2 PURCHASE CONTRACTS 09/21/00 Purchase Environmental Title Attorney Recording Acquisition Property Price Audit Insurance Fee Fee Total Rainbow Beach (PB 1-164) Block 1, Lots 8 & 17 $3,105.00 N/A $200.00 $250.00 $6.00 $3,561.00 (Blackwell) Block 20, Lots 5 & 6 $569.25 N/A $200.00 $250.00 $6.00 $1,025.25 (Howell) Block 31, Lot 8 $379.50 N/A $200.00 $250.00 $6.00 $835.50 (Grenuck) Total $4,053.75 N/A $600.00 $750.00 $18.00 $5,421.75 FY 00 Preservation 2000 Fund $3,500,000.00 Less Previous Encumbrances ($1,915,808.17) Less Proposed Encumbrances ($5,421.75) Unencumbered Balance $1,578,770.08 <( ~~ Oeo ri w ~ ;;f~~ ~ ~ <( o C2 ~ LL o ~ ~ w Q~ 0::.: :::l o ,) j ::J ~ ,(.!- . . . I . I . .. . ; J .:. . . . . . . . . . . .i. .:. . i' . . . . . . .:W!~: . , .!-i.H" . at. .. .... . . ..! .. .. 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