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November 23, 1973 XXX <br />'Mr. J. T. Fraakenberger <br />Attorney <br />y � <br />` City of Vero Beach <br />1053 20th Place.._ <br />Vero Beach, Florida 32960 <br />In re: Lots 1, 2, 3, and 4. Block 1 <br />Pelican Cove S/D-ii <br />Dear J. T. z <br />Your letter of November 8 to Alma Lee Lop con- <br />cerning above mentioned lots was discussed at our recent County <br />Commission meeting and the Board asked that I relay to you their <br />desires on the purchase of these lots. First, they are still com- <br />mitted to the $200, 000.00 contribution and :feel that $50, 400.00 should< <br />be applied to each lot. Upon the closing of each lot and the forwarding <br />to the Board of a copy of the deed showing a 2/5 undivided interest in <br />Indian River County, the Board will immediately forward to the City <br />of Vero Beach, $50, 000, 00. The 2/5 interest was arrived at by <br />taking a total purchase price of $250, 000.00 for each lot and an <br />1/ 5 of that price as the County's contribution and 1/ 5 for the equal <br />maA :ling funds that would be received based on that contribution. <br />The Board decided that the extent of their commitment would be <br />$200, 000.00 and do not wish to participate in either title insurance, <br />closing costs or any rental agreements the City of Vero Beach might <br />enter into. <br />DE.0 <br />J4 1973 <br />Sincerely, <br />Paul D. Burch <br />County Attorney <br />