The two parcels are currently in the current use (forest) tax program, but their total assessed value is ~$400,000 for all ~35 acres (Island County Assessors database). Generally, in these situations there are negotiations and it can get pretty complex since the seller can potentially treat below market value sale as  a tax deductible donation.
As for restrictions on county owned/managed property, as far as I'm aware only Rhododendron Park has a campground.  There are county managed sites that are open to biking, but I don't know if there are any on the north end.
Of course, its most likely (my opinion) that this particular property will end up being owned and managed by (in order of likelihood) WCLT or SWP&RD, then SWSD or IC.