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FCT Acquisition Process

Frequently asked Questions about the FCT Acquisition Proccess

 

Acquisition Types

Once projects are selected for funding, the FCT works with the grant recipient to acquire sites as outlined in Rule 62-819, F.A.C. The following acquisition processes are summarized on this page:
  • Joint Acquisition with the Florida Communities Trust as the Lead Agent
  • Joint Acquisition with the Grant Recipient As Lead Agent
  • Partially Pre-Acquired with the Grant Recipient As Lead Agent
  • Pre-Acquired Sites
  • Reimbursement Acquisitions (Parcels Purchased by Recipient After Application Deadline)

Joint Acquisition with the Florida Communities Trust as the Lead Agent

  1. Florida Communities Trust receives executed Grant Agreement, Confidentiality Agreement, and Willing Owner Letters from Grant Recipient
  2. Division of State Lands obtains a title commitment for each parcel, if needed for appraisal/acquisition purposes
  3. Division of State Lands obtains bids for appraisal(s) at the same time of ordering title work:
    1. Selected appraiser(s) is retained by Purchase Order
    2. Two appraisals required if an ownership's value is estimated to be $1,000,000 or greater
  4. Appraiser(s) prepares appraisal report(s) according to Uniform Standards of Professional Appraisal Practice and Florida Communities Trust requirements:
    1. Division of State Lands receives two sets of completed appraisal report(s)
    2. Appraisal report(s) is sent to contract review appraiser for review
    3. Upon approval, appraisal review memo certifying value(s) and establishing Maximum Amount is sent to Division of State lands negotiation staff
  5. Appraisal review memo is sent to Recipient and Division of State Lands negotiation staff with copy of appraisal(s)
  6. Division of State Lands negotiation staff contacts Recipient to coordinate priority parcels, if applicable, and offer(s) to seller(s):  
    1. Option Contract for Purchase is prepared and sent to seller with a copy to Recipient
    2. Ongoing negotiations or receive Option Contract signed by seller
  7. Recipient approval of Contract
  8. Management Plan is prepared by Recipient and submitted to Florida Communities Trust for approval during the negotiation/contracting phase
  9. Upon receiving signed contract, a Project Plan (Recipient's request for money) is prepared and submitted to Division of State Lands

Joint Acquisition with the Grant Recipient as Lead Agent

  1. Florida Communities Trust receives executed Grant Agreement, Confidentiality Agreement, and Willing Owner Letters from Recipient
  2. Recipient obtains title commitment for each parcel, if needed for appraisal acquisition purposes
  3. Recipient obtains bids for appraisal(s) from approved list of appraisers and contracts for appraisal services according to their contracting requirements:
    1. Two appraisals required if an ownership's value is estimated to be $1,000,000 or
    2.  Appraiser(s) must receive two sets of appraisal reports from each appraiser to Division of State Lands for review
  4. Appraiser(s) prepares appraisal report(s) according to Uniform Standards of Professional Appraisal Practice and Florida Communities Trust contract requirements:
    1. Recipient sends two sets of appraisal reports from each appraiser to Florida Communities Trust for review
    2. Appraisal report is sent to contract review appraiser for review
    3. Upon approval, appraisal review memo certifying value(s) and establishing Maximum Amount is sent to Division of State Lands negotiation staff
  5. Appraisal review memo is sent to Recipient and Division of State Lands negotiation staff with copy of appraisal(s)
  6. Division of State Lands negotiation staff assists Recipient in preparation of option contract:
    1. Florida Communities Trust Option Contract must be used
    2. Ongoing negotiations or Division of State Lands/Recipient receive Option Contract signed by seller
  7. Recipient approval of Contract
  8. Management Plan is prepared by Recipient and submitted to Florida Communities Trust for approval during the negotiation/contracting phase
  9. Upon receiving signed contract, a Project Plan (Recipient's request for money) is prepared and submitted to Division of State Lands for approval
  10. When the Project Plan is approved the contract enters the closing phase
  11. Closing documents are ordered by seller or Recipient, depending upon contract requirements:  
    1. Survey, Title Commitment and Environmental Site Assessment are received by Division of State Lands and Recipient
    2. Documents are reviewed by Recipient and Division of State Lands staff to determine if adjustments in purchase price are necessary
    3. Recipient reviews, approves and signs the Declaration of Restrictive Covenants and Reconciliation Statement
  12. Closing Warrant is ordered
  13.  Upon receipt of warrant, closing occurs with selected closing agent

Partially Pre-Acquired with the Grant Recipient as Lead Agent

  1. Florida Communities Trust receives executed Grant Agreement, Confidentiality Agreement, and Willing Owner Letters on non-acquired parcels from recipient
  2. Recipient sends two sets of appraisals for pre-acquired parcel(s) to Division of State Lands:
    1. Appraiser(s) must be on the Division of State Lands /Department of Environmental Protection approved appraiser list
    2. Two appraisals required if an ownership's value is $1,000,000 or greater
  3. Recipient obtains title commitment for remaining parcels, if necessary for appraisal/acquisition purposes
  4. Recipient obtains bids for appraisal(s), from approved list of appraisers, and contracts for appraisal services for remaining parcels according to Recipient's contracting requirements:
    1. Recipient sends two sets of appraisal reports from each appraiser to Division of State Lands for review
    2. Division of State Lands sends appraisal reports to contract review appraiser for review
  5. Appraiser(s) prepares appraisal report(s) according to Uniform Standards of Professional. Appraisal Practice and Division of State Lands requirements:
    1. Recipient sends three sets of appraisal reports from each appraiser to Florida Communities Trust for review
    2. Florida Communities Trust sends appraisal reports to contract review appraiser for review
    3. Upon approval, appraisal review memo certifying value(s) and establishing Maximum Approved Purchase Price is sent to Florida Communities Trust
  6. Appraisal review memo is sent to Recipient and Division of State Lands negotiation staff with copy of appraisal(s)
  7. Division of State Lands negotiation staff assists Recipient in preparation of option contract for parcels to be jointly purchase:
    1. Florida Communities Trust Option Contract must be used
    2. Ongoing negotiations or Division of State Lands/Recipient receive Option Contract signed by seller
  8. Management Plan is prepared by Recipient and submitted to Florida Communities Trust for approval during the negotiation/contracting phase
  9. Upon receiving signed contract, a Project Plan (Recipient's request for money) is prepared by Recipient and submitted to Division of State Lands for approval
  10. Closing documents are ordered by seller or Recipient depending upon contract requirements:
    1. Survey, Title Commitment and Environment Site Assessment are received by Division of State Lands and Recipient
    2. Documents are reviewed by Recipient and Division of State Lands staff to determine if adjustments in purchase price are necessary
    3. Recipient reviews, approves and signs the Declaration of Restrictive Covenants and Reconciliation Statement
  11. Warrant is ordered
  12. Upon receipt of warrant, closing occurs for jointly acquired parcel(s) and pre-acquired parcel(s) is reimburse

Pre-Acquired Sites

  1. Florida Communities Trust receives executed Grant Contract from Recipient
  2. Recipient sends three sets of appraisal(s) for pre-acquired parcel(s) to Division of State Lands:
    1. Appraiser must be on Division of State Lands/Department of Environmental Protection approved appraiser
    2. Two appraisals required if an ownership's value is $1,000,000 or greater
  3. Appraisal reports are sent to contract review appraiser for review
    1. Upon approval, appraisal review memo certifying value(s) and establishing Maximum Approved Purchase Price is sent to Division of State Lands
  4. Appraisal review memo is sent to Recipient and the Division of State Lands negotiation staff with a copy of appraisal report(s)
  5. Management Plan is prepared by Recipient and submitted to Florida Communities Trust for approval during the appraisal review process
  6. Recipient prepares Project Plan (Recipient's request for money) and submits it to Division of State Lands for approval
  7. When the Project Plan and Management Plan are approved the project enters the reimbursement phase
  8. Closing documents, such as the contract, survey, environmental site assessment, recorded deed and title policy are reviewed by Division of State Lands for approval
  9. Recipient reviews, approves and signs the Declaration of Restrictive Covenants and Reconciliation Statement
  10. Warrant for reimbursement to Recipient is ordered
  11. Upon receipt of warrant, reimbursement takes place

Reimbursement Acquisitions (Parcels Purchased by Recipient after Application Deadline)

  1. Florida Communities Trust receives executed Grant Contract and Confidentiality Agreement from Recipient
  2. Recipient sends two sets of appraisals for parcel(s) to be acquired:
    1. Appraiser(s) must be on Division of State Lands/Department of Environmental Protection approved appraiser list.
    2. Two appraisals required if an ownership's value is $1,000,000 or greater
    3. Division of State Lands sends appraisal reports to contract review appraiser for review
    4. Upon approval, appraisal review memo certifying value(s) and establishing Maximum Approved Purchase Price is sent to Division of State Lands
  3. Management Plan is prepared by Recipient and submitted to Florida Communities Trust for approval during the appraisal review process
  4. Appraisal review memo is sent to Recipient and Division of State Lands acquisition staff with copy of appraisal(s)
  5. Division of State Lands acquisition staff assists Recipient in preparation of Project Plan (Recipient's request for money) and submits to Division of State Lands for approval by the Florida Communities Trust
  6. Closing documents are provided to Division of State Lands for review:
    1. Documents are reviewed by Division of State Lands staff to determine if adjustments in purchase price are necessary
    2. Recipient reviews, approves and signs the Declaration of Restrictive Covenants and Reconciliation Statement
  7. Warrant is ordered
  8. Upon receipt of warrant, Recipient is reimbursed

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Last Modified:
April 22, 2020 - 4:12pm

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