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S.M. RIGHT-OF-WAYACOUISITION VEROINVESTMENT 53, LLC, A <br />FLORIDA COMPANY, 5295 OLD DIXIE HIGHWAY, SOUTH OF 53 R1 <br />STREET, VERO BEACH, FLORIDA <br />ON MOTION by Vice Chairman Davis, SECONDED by <br />Commissioner Wheeler, the Board unanimously approved <br />Alternative No. 1, the $1,863,125.00 purchase, and <br />authorized the Chairman to execute the Agreement, as <br />recommended in the memorandum of May 14, 2008. <br />AGREEMENT IS ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD <br />9. CONSTITUTIONAL OFFICERS AND GOVERNMENTAL <br />AGENCIES -NONE <br />10. PUBLIC ITEMS <br />10.A.1. PUBLICHEARING <br />10.A.1. PUBLIC HEARING TO CONSIDER REVENUE DISTRIBUTION FORMULA <br />FOR 60 LOCAL OPTION GAS TAX <br />PROOF OF PUBLICATION OF ADVERTISEMENT FOR HEARING IS ON FILE IN THE <br />OFFICE OF THE CLERK TO THE BOARD <br />Public Works Director Jim Davis recapped his backup memorandum of May 2, <br />2008, to provide background and details of the Revenue Distribution Formula which is used to <br />calculate the 6¢ Local Option Gas Tax, the revenues of which are shared by the County and the <br />five municipalities. He explained that County Code requires the Board to conduct a Public <br />May 20, 2008 13 <br />