TO: The Honorable Board of County Commissioners
THROUGH: John A. Titkanich, Jr., County Administrator
Michael C. Zito, Deputy County Administrator
Beth Powell, Parks, Recreation & Conservation Director
FROM: Wendy Swindell, Parks Recreation & Conservation Assistant Director
DATE: February 11, 2026
SUBJECT: Osprey Estates Project - Completion of the Due Diligence Process & Final Closing
__________________________________________________________________
BACKGROUND
On March 8, 2022, the County Administrator provided the Indian River County Board of County Commissioners (“BCC”) with a proposed resolution authorizing an Environmental Land Bond Referendum for the November 8, 2022, ballot. Resolution 2022-016 was passed by majority vote. The Resolution calls for a Bond Referendum Election for the issuance of general obligation bonds as follows: “To acquire and permanently preserve environmentally significant lands to restore the Indian River Lagoon, protect water resources, natural areas, wildlife habitat, drinking water resources, and construct public access improvements related thereto, shall Indian River County be authorized to issue general obligation bonds up to $50,000,000, maturing within 20 years from each issuance, not exceeding the legal maximum interest rate, payable from ad valorem taxes, with full public disclosure of all spending through annual independent audits.”
The Environmental Bond process allows for any member of the public to nominate properties for potential acquisition. The process allows for “willing sellers” to negotiate with the County on the potential acquisition of properties. The BCC established the Environmental Land Acquisition Panel (ELAP) as a nine-member group to review information provided during the application process and provide recommendations to the BCC regarding the prioritization of the acquisition of environmentally sensitive lands.
On March 11, 2025, the Board of County Commissioners approved the ELAP Final Ranking and Tiered List of Nominations for the first nomination period (March 1, 2024 through August 31, 2024). At this meeting the Board authorized staff to pursue Tier 1 Ranked Properties for acquisition consistent with the ELAP’s recommendation, including the authority to make conditional offers of purchase and sale subject to approval by the Board of County Commissioners, and in accordance with Florida Statute Section 125.355
Osprey Estates is a Board approved Tier 1 property. The 15.4-acre property includes three parcels located at the eastern end of 45th Street adjacent to the Indian River Lagoon The property is dominated by a mosquito impoundment that is no longer managed for mosquito control.
Pursuant to Section 125.355, F.S., once a landowner has accepted and executed a Purchase Agreement the appraisal results and other confidential information may be released via Public Notice. The County completed the Public Notice of the availability for public review of the Osprey Estates appraisal on October 22, 2025. The purchase agreement was executed by the Board of County Commissioners on December 9, 2025.
ANALYSIS
On December 9, 2025, the Board approved the purchase contract for the Osprey Estates project in the amount of $1,640,000. Following the Board’s approval, the 60-day due diligence period was initiated. The due diligence period includes a thorough review of the property's natural, legal, and financial characteristics to ensure it aligns with conservation goals and regulatory requirements. This work typically includes ordering a detailed title search to confirm ownership and identify any encumbrances; conducting a current survey to delineate boundaries accurately; and completing a Phase I Environmental Site Assessment (ESA) to identify any hazardous materials or potential contamination, and completion of a baseline report to document current site conditions. An ESA was not required for this property due to limited potential land uses for the site (due to the presence of dense mangroves).
The due diligence assessments did not identify any issues that would adversely affect the County’s intended use of the property. Copies of the boundary survey (Attachment 1) and Property Title documents (Attachment 2 have been included for reference. The purpose of this agenda item is to inform the Board of the results of the due diligence assessments prior to the closing of the purchase by the County.
BUDGETARY IMPACT
On December 9, 2025, the Board approved the sale agreement for the Osprey Estates project. The Board approved sale agreement includes the budgetary impact associated with funds due to the seller, as well as the budgetary impact for the fee due to the broker. No additional budgetary impact is proposed.
PREVIOUS BOARD ACTIONS
20-1630 06/09/2020 Letter to BCC Re: 2020 Environmental Lands Bond Referendum and Trust for Public Land Report
22-0043 02/01/2022 Presentation from Ken Grudens, Executive Director, Indian River Land Trust, Re: Proposed 2022 Environmental Land Bond Referendum
22-0091 02/01/2022 Proposed 2022 Environmental Land Bond Referendum
22-0194 03/08/2022 Environmental Land Bond Referendum
22-0803 09/20/2022 Updated Draft Environmental Lands Program Guide for the November 2022 Environmental Land Bond Referendum
23-0202 03/07/2023 Indian River County Environmental Bond - Review Committee Selection Process
23-0264 03/28/2023 District #3 Appointee to the Environmental Lands Acquisition Panel (ELAP)
23-0288 04/04/2023 District 4 Appointment to Environmental Lands Acquisition Panel (ELAP)
23-0403 05/16/2023 Appointment of James L. Connaughton ELAP
23-0492 06/06/2023 District #3 Appointee to the Environmental Lands Acquisition Panel (ELAP)
23-0626 07/11/2023 Environmental Lands Acquisition Panel (ELAP)
23-0875 09/26/2023 Award of RFP 2023064 for Ecological Services in Support of the Environmental Land Acquisition Bond Process
23-1155 02/06/2024 Environmental Land Bond - Introduction to the ArcGIS Hub/Dashboard
23-1057 12/12/2023 Environmental Lands Acquisition Panel (ELAP) Recommendation for Finalization of Draft Environmental Lands Program (ELP) Guide
25-0193 02/25/2025 ELAP - District 4 Appointee - Member Resignation & Appointment
25-0319 03/11/2025 ELAP Ranking List of Environmental Lands Acquisition Properties for the Initial Nomination Period
25-0475 04/22/2025 Water & Air Research, Inc. Work Order Number 1, Amendment 2 for Ecological Services in Support of the Environmental Land Acquisition Board
25-0921 09/23/2025 Environmental Lands Acquisition Status Update Regarding a Purchase Contract - Durrance Place
25-0922 09/23/2025 Environmental Lands Acquisition Status Update Regarding a Purchase Contract - Hale Grove Properties
25-0946 10/07/2025 Consideration of a Sale Agreement for the Purchase of the 21.89-acre Hale Grove site through the Environmental Lands Acquisition Bond
25-1002 10/21/2025 Environmental Lands Acquisition Status Update Regarding a Purchase Contract - Jungle Trail Island Club Manor
25-1056 11/04/2025 Consideration of a Sale Agreement for the Purchase of the 19.6-acre Jungle Trail Island Club Manor Site through the Environmental Lands Acquisition Bond
25-1076 11/18/2025 Consideration of a Sale Agreement for the Purchase of the 36.99-acre Winter Beach 73rd Site through the Environmental Lands Acquisition Bond
25-1077 11/18/2025 ELAP Ranking List of Environmental Lands Acquisition Properties for Nomination Periods 2 & 3
25-111 12/09/2025 Consideration of a Sale Agreement for the Purchase of the 15.47-acre Osprey Estates Site through the Environmental Lands Acquisition Bond
POTENTIAL FUTURE BOARD ACTIONS
Board consideration of future public access improvements and grant funding opportunities.
STRATEGIC PLAN ALIGNMENT
Quality of Life
OTHER PLAN ALIGNMENT
N/A
STAFF RECOMMENDATION
Recommended Action
There is no Board action required for this agenda item.