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: January 26, 2026
SUBJECT: Osprey Estates Project - Completion of the Due Diligence Process & Final Closing
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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,...
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