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City of Vero Beach t im - 20th PLACE VERO BEACH, FLORIDA -32960 Tebphow 367-5131 J. T.FRANKENBERGER CITY ATTORNEY November S, 1973 Alma Lee Loy, Chairwoman Indian River County Commission 2036 - 35th Avenue Vero Beach, Florida 32960 Re: Lots 1, 2, 3.and 4, Block 1, Pelican Cove Subdivision II Dear Alma Lee: As I am sure you are aware, the purchase of the four lots described above has become a rather complicated matter. At first it was contemplated that all lots would be purchased at one time, that 50% of the purchase price thereof would be -provided by a Federal grant, that the City of Vero Beach would provide approximately $300,000.00 of the purchase price and Indian River County would provide approximately $200,000.00 of the purchase price. This entire situation has now changed and one lot only will be purchased on or before January 15, 1974, and the remaining three lots will be leased until purchased at a rental of $1,500.00 per lot per month. Due to the change in circumstances, the City Council needs guidance from you and the County Commission on several matters. In the grant application sent to the U. S. Department of Interior, Bureau of Outdoor Recreation, the sum of $125,000.00 was requested, which sum represents one-half of the purchase price of the first lot. In the appli- cation I indicated that if the grant was obtained, the City of Vero Beach and Indian River County would pay the remainder of the purchase price by providing the sums of $75,000.00 and $50,000.00, respectively. If at the closing of the first lot, the circumstances hereinabove set out exist,what percentage of ownership will the County Commission demand in said lot? At the regular Council meeting conducted on November 6, 1973, by unanimous vote, the Council directed that the City Attorney obtain title insurance as to all of the four lots. All lots were included since the cost of the insurance will be substantially less on the lots as a group as opposed to insurance on the lots individually. This insurance will cost approximately $3100.00. What part, if any, will the County Commission pay of the cost of obtaining the title insurance? As indicated above, the remaining three lots will be leased for the sum of $1,500.00 per month per lot. What part, if any, will the Indian River County Commission assume of this rental amount? Attached hereto is "Closing Statement to Buyer" which is self-explanatory. Reflected thereon is the cost of closing on Lot 1 which, including the cost of recording and deed stamps, totals $1,037.00. What part of the closing costs will be assumed by the Indian River County Commission? Finally, please advise when and in what manner the $200,000.00 will be turned over to the City of Vero Beach. I respectfully request your immediate attention to this matter and will be most happy to render any assistance_ requested. Very truly yours, CITY OF VERO BEACH By / fAir LCJJX . Fsankenberger U Attorney JTF:bw - 19 - OV 211973 BOOK,: