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Commissioner Bird asked why we are paying the highest <br />appraisal, and if we are agreeing to Roddenberry's request for a <br />well, drainage, etc. <br />Director Davis advised that the proposal before the Board is <br />to authorize the five items listed in the memo, and this was <br />arrived at by negotiation. It was kind of an arm's length <br />transaction. <br />THE CHAIRMAN CALLED FOR THE QUESTION. <br />It was voted on and carried unanimously. <br />AMENDMENT 4 <br />The Board reviewed memo of the Public Works Director: <br />TO:Transportation Planning <br />Committee <br />FROM: <br />DATE: October 5, 1988 <br />SUBJECT: <br />FILE: <br />Amendment #4 — Florida <br />DOT Proposal to raise <br />$500 Million for <br />Statewide Right-of-way <br />Acquisition and Bridge <br />Construction <br />James W. Davis, P.E. REFERENCES: <br />Public Works Director <br />On the November election ballot, there will appear an Amendment <br />#4 which proposes that the State of Florida set aside $50 million <br />per year in existing gas tax revenue to be pledged as annual debt <br />service for a $500 million bond. All proceeds from the bond <br />program will be used for right-of-way acquisition and bridge <br />construction. There will be no tax increase associated with the <br />program. Approximately 4/5G of existing gas tax will be pledged <br />to generate the $50 million per year. <br />Indian River County is in District 4 of the State DOT area, and <br />this district will receive 17.9% of the $500 million, or <br />approximately $89.5 million. Proceeds will be distributed to the <br />counties based upon a formula which is developed using population <br />and gas tax receipts. <br />The Technical Complement recommends local support for the <br />program. <br />N 5 V 11988 <br />ih.____ <br />70 <br />BOOK 75 FAGE 70 <br />