Pellicer Flats August 23,

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 2

phase I – Parcel 1 Purchase 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 Some Intracoastal Islands and Longs Creek 735 acres +/- for $2,750,000 ($3,741 per acre) Source of Funding: ESL Funds 3

Phase II Wetland Mitigation Bank Lands taken out for Public Recreation/Eco Tourism Potential Yield State and Federal credits Approximately 10 Freshwater Credits and 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 4

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 5

Wetland Mitigation Bank Details 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. 6

Wetland Mitigation Bank FINancial 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 K 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. 7

Wetland Mitigation Bank Potential 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 8

Wetland Mitigation Bank Potential 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 9

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 10

parcel 1 Purchase MAP 11

pARcel 2 Purchase MAP 12