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Sean Sexton gave a PowerPoint presentation (copy on file) reflecting the history of <br />the Sexton Family at the Treasure Hammock Ranch. <br />Bill Becker, Chairman of the Finance Committee for the City of Vero Beach, did <br />not like the idea of using the funds (which were set aside for purchasing agricultural and <br />conservation land) for the purchase of the Sexton property. He pointed out that land values had <br />dropped and thought the money should be used to "buy" the land, not lease it. He felt that the Bond <br />Referendum intent was the "option" to buy development rights, not the "requirement" to buy them. <br />There was a brief discussion regarding the qualifications of matching funds and the <br />possibility of purchasing the property then leasing it back to the Sextons. <br />Marian Fell, Assistant County Attorney, said that the Bond Council informed her <br />that purchasing the property, then leasing it back to them so they could continue ranching to obtain <br />the profits, would jeopardize the tax-exempt status of the bonds. She related that there could not <br />be a transfer of development rights with bond proceeds and that there could not be a purchase and <br />fee simple of this land, to be leased back to the Sextons, in order for them to make a living. <br />Mary Clark remarked that the property was an endangered ranch that needed <br />immediate protection. <br />Jens Tripson, 2525 14th Street, thought this was a win-win situation and urged the <br />Board to vote for it. <br />George Blythe, 825 90th Avenue, member of the LAAC, wanted to see the Sexton <br />property in conservation easement but suggested implementing a life estate for four generations, <br />then after that time it would be returned to the County. <br />February 20, 2007 24 <br />