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<br />County at this time. They are also proceeding with other development of the site. The total <br />development cost for Phases I and II is $5.6 million. He advised that Ocean Bank has the first <br />nd <br />position loan in the amount of $8 million loan for acquisition and development; the 2 position is <br />a line of credit of which about $3 million would be subordinated for this project; the total is about <br />$11.027 million. The property totals 95 acres or about 69.5 acres after the roads are subtracted. <br />Director Boling advised the per-square-foot-value is about $3.63. <br />th <br />Commissioner Davis wanted to see 26 Street, west from I-95, go across from the new <br />thth <br />98 Avenue to the old 98 Avenue. <br />Director Jim Davis explained how the County tried to get permits to pave and improve it, <br />but due to the wetland areas we have not been able to get DEP permits without extensive <br />thth <br />mitigation. There is a proposed culvert to interconnect the old 98 to the new 98 Avenue but it is <br />th <br />south of 26 Street. <br />Mr. May <br /> advised his client had no dispute with that. <br />Commissioner Bowden asked for clarification, and Assistant County Attorney DeBraal <br />explained how the payback of this loan was structured. There are no County grants involved in <br />this agreement. <br /> <br />The Chairman CALLED THE QUESTION and the <br />motion carried unanimously. The Board approved <br />the incentive agreement for the Indian River Park of <br />Commerce with language changes as advised by the <br />County Attorney’s office and authorized the <br />Chairman to execute all related documents, as <br />recommended in the memorandum of April 25, <br />2006. <br /> <br />11.B. EMERGENCY SERVICES – NONE <br />May 2, 2006 <br />37 <br /> <br />