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HE HAS HEARD TODAY WERE VERY FAMILIAR TO HIM. HE CONTINUED THAT HE <br />DID NOT FEEL THE BOARD SHOULD REGARD THIS.ISSUE IDLY. HE WAS CONFIDENT <br />THAT IF THIS WERE APPROVED AND MR. PADGETT'S DEVELOPMENT CONSTRUCTED, <br />THAT WITHIN THE NEXT TWO OR THREE YEARS SOMEONE ELSE WOULD COME BEFORE <br />THE BOARD REQUESTING TO BE ALLOWED TO DO THE SAME THING, AND IT WILL GO <br />ON AND ON. HE STATED IT IS THIS DOMINO EFFECT THAT GRABS HOLD OF A <br />COMMUNITY AND CREATES THE LEGAL•BASIS FOR PEOPLE WITHOUT THE VESTED <br />INTEREST THAT MR. PADGETT HAS TO COME IN AND GO TO COURT. MR. PUTNAM <br />FURTHER NOTED THAT THERE IS NO GUARANTEE THAT THE QUALITY OF DEVELOPMENT <br />WILL BE AS DISCUSSED AT.THIS MOMENT, AND SPOKE OF INSTANCES THAT HAPPEN <br />WHERE PROPERTY GOES FROM ONE DEVELOPER TO ANOTHER, HE SPOKE OF THE <br />INFLUENCE OF THE MARKET PLACE AND NOTED NOW THERE IS A DEMAND FOR MULTI- <br />FAMILY, BUT IN THE PAST, IT HAS HAPPENED THESE PROJECTS HAVE BEEN <br />ABANDONED AND LEFT TO SIT AS HULKS. MR. PUTNAM'S FINAL POINT WAS THAT <br />THERE ARE ALTERNATIVE AREAS IN THE COMMUNITY ALREADY EARMARKED ON THE <br />MASTER PLAN WHERE MULTI -FAMILY DEVELOPMENT CAN OCCUR SO THERE IS NO <br />NEED, FROM THE STANDPOINT OF GOOD LAND USE PLANNING, TO INCLUDE MULTI- <br />FAMILY DEVELOPMENT IN THE SOUTH BEACH AREA. YOU HAVE A BALANCED <br />COMMUNITY AND PLENTY OF OPPORTUNITY FOR PEOPLE WHO WANT MULTI -FAMILY <br />USES. THEY DON'T HAVE TO BE IN THE SOUTH BEACH AREA. MR. PUTNAM <br />CALCULATED THERE ARE ROUGHLY 400 ACRES IEFT IN SOUTH BEACH THAT CAN <br />BE DEVELOPED FOR MULTI -FAMILY AND, IF THE DOMINO EFFECT TAKES HOLD, <br />CALCULATED YOU COULD HAVE 4,800 UNITS IN THE SOUTH BEACH AREA.. HE <br />STATED HE ATTEMPTED TO DEAL WITH MARKET CONDITIONS IN THE SOUTH BEACH <br />AREA AND RELATE THEM TO ALTERNATIVES THAT ARE AVAILABLE TO DEVELOPING <br />THE SITE IN QUESTION, AND HIS CONCLUSION IS THE SITE CAN BE -DEVELOPED <br />WITH SINGLE FAMILY HOMES AND THE RETURN TO THE PROPERTY OWNER WOULD BE <br />SUFFICIENT AND IN LINE WITH THE RETURNS OF OTHER PROPERTY OWNERS, <br />MR. PUTNAM STATED THAT IF MR. PADGETT IS ALLOWED TO DEVELOP WITH <br />COMMERCIAL AND MULTI -FAMILY USES, HE FELT MR. PADGETT WOULD HAVE VIRTUALLY <br />A MONOPOLISTIC SITUATION IN THE SOUTH BEACH AREA AND WOULD SIGNIFICANTLY <br />INCREASE HIS RETURN ON THE PROPERTY. HE REITERATED THAT THE BOARD SHOULD <br />NOT LOOK AT THIS AS A SMALL CHANGE - THE DANGER IS THE PRECEDENT THAT IS <br />5 <br />BEING SET. <br />13 <br />