Laserfiche WebLink
MOTION WAS MADE by Commissioner Wheeler, <br />SECONDED by Vice Chairman Davis, for discussion, to <br />approve staff's recommendation. <br />Commissioner O'Bryan observed that there was a variance in the amount that the <br />Hall's had paid for the property, and posed questions to Mr. Morgenstern. <br />Lloyd J.Morgenstern, CPA, Morgenstern, Phifer & Messina, P.A., 101 East <br />Kennedy Blvd., Tampa, responded to Commissioner O'Bryan's questions, providing details and <br />the rationale behind the profit and loss statements he had compiled in his Preliminary Business <br />Damage Assessment Report. He acknowledged that the statements were based on four years of <br />tax returns, from 2002 through 2005, and explained why the tax returns for 2006 and 2007 had <br />not yet been finished. He provided handouts (copies on file) to the Commissioners displaying <br />the typical selling prices of businesses similar to Mark's Mobil, and explained the methodology <br />he had used to calculate the value of Mark's Mobil, which had been purchased in 1991 for <br />$150,000. <br />Assistant County Administrator Michael Zito interjected that the backup <br />information indicated that the purchase price for Mark's Mobil had been $250,000 in 2001. <br />Mickey Barkett, Esquire, 201 East Pine Street, Orlando, and representing the <br />Hall's, confirmed that there was an error in the figures previously presented and that the actual <br />cost was $150,000. <br />Mr. Morgenstern continued his presentation, discussing his methodology for <br />calculating the business damages which the Hall's would experience. <br />Commissioner O'Bryan revealed that the Hall's were being required to replace <br />their underground tanks by December 2009, at a cost of over $400,000, and based upon the <br />Hall's' estimated annual cash flow of $53,000, he did not perceive that happening. He was <br />39 <br />September 16, 2008 <br />