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to the applicant that although the County had a limited amount of this type of funding available, they had received no other applications for these funds and, therefore, would recommend approval of the application. If there had been a competing situation, however, they probably would not have made that recommendation. The Chairman further noted that OMB Director Baird has looked at their financial statements, and they are very sound. David Evans, Senior Vice President of Florida Convalescent Centers, came before the Board and advised that his company has submitted a request for 4.8 million in industrial revenue bonds. Mr. Evans reported that the state has indicated there is a need for 91 skilled nursing beds in Indian River County; they want to fill that need; they are authorized by the state to fill that need and are requesting they be allowed to participate in the tax exempt bonding. This would allow about 4 percentage points reduction in their interest rate, which would be a saving to them and, in turn, to the citizens of Florida through the Medicaid Program. He expected it would save approximately $100,000 a year. Mr. Evans continued that they have the land under option, architectural plans approved by the state, the construction contract awarded, and he believed they can turn the 4.8 million back into the County"economy very quickly through construction employment, benefit to the tax rolls, and about 100 jobs in the center which would have an annual payroll of approximately one million dollars. Commissioner Lyons wished to be sure that their site doesn't straddle the right-of-way we want for Indian River Boulevard, and this was confirmed. Chairman Scurlock noted that he had discussed this. application with Commissioner Wodtke who chairs the Economic Development Council. Commissioner Wodtke advised that he would like to ask the 13 JUN. 18 1986 BOOK 707