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Pellicer Flats

Pellicer Flats. August 23, 2010. pellicer Flats 3 Contracts. Purchase and Sales Agreement with Option Purchase Parcel I for 735 acres Option for additional 245 acres Standard Provisions (Easements, Title, Due Diligence) Wetland Mitigation Bank Agreement Establishes Goals of Bank

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Pellicer Flats

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  1. Pellicer Flats August 23, 2010

  2. pellicer Flats 3 Contracts • Purchase and Sales Agreement with Option • Purchase Parcel I for 735 acres • Option for additional 245 acres • Standard Provisions (Easements, Title, Due Diligence) • Wetland Mitigation Bank Agreement • Establishes Goals of Bank • Creates Process to pursue Mitigation Bank Permits • Sets Rules for Repayment of Escrow Funds and Purchase of Phase II Parcel 245 acres • Escrow Agreement • Sets Fiduciary Rules • Explains permitted use of funds

  3. phase I – Parcel 1Purchase Details • Purchase of Kelly Tract, Parcel 1004 and ½ of 1005 • Kelly Tract – Princess Place in-holding • Parcel 1004 – Off of Davis Grade and Connected to Princess Place • ½ of Parcel 1005- Some Intracoastal Islands and Longs Creek • 735 acres +/- for $2,750,000 ($3,741 per acre) • Source of Funding: ESL Funds

  4. Phase II Wetland Mitigation Bank • Lands taken out for Public Recreation/Eco Tourism • Potential Yield 80-100 State and Federal credits • Approximately 10 Freshwater Credits and 70-90 Saltwater Credits (Unique + No UMAM Banks) • Bank over all Most of Property 980 acres +/- • Estimated to be Multi-basin due to tidal connection • Source of Funding: Escrow 250K Seller Funds and 250 County ESL Funds • Successful Bank Permit - County Purchases Parcel 2 and Repays Seller for Investment with interest • Unsuccessful Bank Permit - Process Ends

  5. phase III - Parcel 2 Purchase Details • Purchase remaining ½ of Parcel 1005 • Intracoastal Islands • 92 acres of Uplands • Adjoining Residential • 245 acres +/- for $1,750,000 ($7,143 per acre) • Permitted Mitigation Bank Property • Source of Funding: Mitigation Bank Credits

  6. Wetland Mitigation BankDetails • Cost to Permit Bank • Estimated Permitting Costs $200,000-$250,000 • Estimated Other Costs $100,000-$150,000 – Sureties, Startup, Marketing, Environmental Improvements. • Contingency $100,000 • Estimated to take 12 to 24 months • Seller to act as agent for County on permitting • Permitted in County’s Name - Joint Application • Contingency Threshold - built in agreement to protect the County if Permitting Bank does not make financial sense.

  7. Wetland Mitigation BankFINancial details • County Obligated Costs Once Bank is permitted • Repaying Seller Escrow Fund Contributions $150,000-$250,000 • Parcel 2 Purchase $1,750,000 • Any Interest Earned on Escrow or Parcel 2 Purchase (8% annual interest up to 5 years) • Bank Costs • Routine Bank Operating Costs 50-100K year • Capital Costs Depending on Sales 100K per year • Safety Valves • Interest Stop after 5 years • Wetland credits become payment method after 5 years. • Mitigation Credit Sales have Bank Operation Costs netted before payments to Seller.

  8. Wetland Mitigation BankPotential REvenues • Fresh Water Credits (10+/-) ($1,000,000-$1,600,000) • List for $160,000 a credit • Wholesale bad economy $100,000-$120,000 a credit • Saltwater Credits(70-90)($12,600,000-$17,500,000)* • List for $250,000+ (somewhat unique, No UMAM) • Wholesale bad economy $180,000-$210,000 a credit • *Above numbers based on 70 credit sales • Total Potential Revenues $13,600,000 – $19,100,000

  9. Wetland Mitigation BankPotential NET monies for reuse Total Potential Revenues $13,600,000 – $19,100,000 Summarized Expenses • Seller Obligations $2,000,000-$2,800,000 • Bank Operations (Over Time) $1,000,000-$2,200,000 • Repaying ESL for Phase I $3,000,000 Subtotal Expenses $6,000,000 -$8,000,000 Addition money potentially for Eco-Tourism, Recreation and Environmental Land Purchases over time. $5,600,000 - $13,100,000

  10. Why do a Wetland Mitigation Bank???? • Minimizes Use of ESL Funds to purchase 1# priority (Leaves ESL funds to make purchases with partners) • Keeps money local and may actually import funding • Creative Approach – 1st Saltwater UMAM Bank • Bank would enhance environment thru improvement • Would provide funds for proper land management • In line with County Commission strategic plan goals • Potential additional money for repaying ESL and then for Eco-Tourism, Recreation, and other Environmental Land Purchases over time. • Put us up with Volusia, St. Johns, St. Lucie Counties

  11. parcel 1 Purchase MAP

  12. pARcel 2 Purchase MAP

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