SUBJECT
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Approve Agreement for Sale and Purchase between Buck Mann Ranch, LLC, BDG Lands, LLC and Polk County in conjunction with the Upper Peace Creek Mann Ranch Project along with a CIP amendment and budget transfer. ($20,055,000 one-time expense)
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DESCRIPTION
Based on a previously completed watershed management study of the Peace Creek Canal the County has identified several project areas intended to enhance water quality, water storage and aquifer recharge associated with the canal and the lakes to which it outfalls. One such area is area located along either side of US Highway 27 to the north of Cypress Gardens Boulevard (SR 540)/Waverly Road which is near Lake Annie and includes approximately 1.3 linear miles of the canal corridor. The area would allow for future projects to enhance water quality as well as additional water storage and enhanced habitats. The County has identified several large tracts of land in the project area owned by Buck Mann Ranch, LLC and BDG Lands, LLC which contain a total of approximately 1,272-acres, of which approximately 700-acres are uplands. Additionally, the tracts lie adjacent to, and would complement, properties previously acquired by the County in conjunction with the overall project area. During discussions with the representatives of the owners they acknowledged that they would be interested in pursuing a voluntary acquisition of the properties by the County. The County hired two independent appraisers to establish a value for the tracts which resulted in very similar values. Negotiations with the owners have resulted in a proposed purchase price of $20,000,000 for the property and the owners have executed and delivered an Agreement for Sale and Purchase. This project was approved by the Stormwater Technical Advisory Committee (STAC). The Board previously allocated American Rescue Plan Act Funds (ARP) for this project which will be utilized for a significant portion of the purchase of the property.
The County Attorney’s Office and the Real Estate Services Administrator have reviewed the Agreement for Sale and Purchase and recommend approval. Accepting the Land Purchase Agreement, authorizing the issuance of funds for the purchase, and hiring American Government Services Corporation to close the transaction will allow the County to take ownership of the property.
RECOMMENDATION
Request Board approve the above-mentioned Agreement for Sale and Purchase along with a CIP amendment and budget transfer of $4,500,000 from American Rescue Plan (ARP) Fund Reserves, and authorize the issuance of funds in the amount of $20,000,000 for the purchase. Also request Board approve hiring American Government Services Corporation to close the transaction and approve paying closing costs in the estimated amount of $55,000 for a total amount of $20,055,000.
FISCAL IMPACT
Funds are available for the purchase of the parcel and applicable closing costs in the total amount of $20,055,000 as follows: 1.) $11,294,860 in the American Rescue Plan Act Fund upon approval of a CIP amendment and budget transfer of $4,500,000 from American Rescue Plan (ARP) Fund Reserves; 2.) $7,050,000 in the Florida Department of Environmental Protection - Peace Creek Canal Basin Grant Fund and 3.) $500,000 in the Heartland Funding State Appropriations (PRWC Peace Creek WPP) Grant Fund and 4.) $1,210,140 in the Stormwater MSTU Fund.
CONTACT INFORMATION
R. Wade Allen, Administrator
Real Estate Services
863-534-2577