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MAR 13 1935 BOOK 60 FnE 141 T. M. Boyd of St. Petersburg, Florida, objected to the proposed ordinance in behalf of himself, his wife, and other owners of approximately 100 acres located in the area affected by the moratorium. Mr. Boyd explained that when the property was purchased in 1953, the owners felt the grapefruit groves would produce a reasonable return on their investment, and that if they did not, they had the option of selling the property to a developer. However, that alternative is now in jeopardy due to the moratorium. He noted that they have already experienced severe cutbacks in zoning on this property by having the densities lowered from 12 units per acre to 6 -units per acre. The owners feel that their ability to receive a fair price for this property will be impaired if the densities are further reduced. They feel that the vast amount of undeveloped property left on the barrier island will go residential and urged the Commission to determine a plan that would distribute equally all residential units to all property owners in this area. Director Keating believed that some of the property was already zoned 3 units per acre and that some of it even might be in the Town of Orchid, which has a limit of one unit per acre. Commissioner Bird expressed some surprise that these owners were concerned about the moratorium, because without _. it, all the available trips could be used up by the time - they are ready to develop the property. Mr. Boyd felt that the property in question already has been affected to some extent. Commissioner Wodtke felt that there was concern that if higher densities were allowed after the traffic analysis is completed, the resulting impact fees for improvements would make it economically impossible to build. Ed Schlitt, 4745 Pebble Way Circle, representing a coalition of 100 property owners on the barrier island 18