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`990 <br />�_ w3 BOO O 9 P',GE ! J <br />Although the Economic Development Committee accepted Hough's <br />proposal, the Financial Advisory Committee asked Doug Scurlock, <br />Commissioner, Charles Vitunac, County Attorney, James Chandler, <br />County Administrator and I as Budget Director to further review their <br />presentation. We have no difficulty with the basic proposal; <br />however, I take exception to Hough's request for a waiver of both the <br />application and administrative fees and the reasoning is two fold: <br />1. The Industrial Revenue Bond program was developed to <br />enable private entities to utilize government tax <br />exempt status as a means of stimulating development <br />and growth in a region. The county's fee of $1,000 <br />plus .5% of the fact value of the bonds is a small <br />price to pay for the tax advantage incurred. <br />2. Hough argues in their letter that waiver of these fees will <br />produce a more cost efficient program resulting in a lower <br />interest cost to the homebuyers in Indian River County. If <br />that is the case, why not reduce these costs further by <br />having Hough waive their underwriter's fee entirely? It <br />would be, after all, for the good of the community. <br />CONIlYIENDATION <br />aff recommends that the Board of County Commissioners approve <br />ugh's presentation but deny their request for a waiver of the <br />application and administrative fees associated with the bond issue. <br />Please note that an Inducement Resolution will need to be done <br />whatever the decision of the Board. Appropriate documentation for ' <br />`._" this resolution will be presented at the next commission meeting. <br />OMB Director Joe Baird advised that we have not received the <br />latest version because they will be changing it based on the <br />meeting today, but staff's recommendation is that we not waive <br />the application fee or the administrative fee. We have reviewed <br />the inter -county agreement, but we have not received the other <br />information that Commissioner Scurlock had requested about how <br />many banks were interested and the amounts. He called them this <br />morning and they are still working on that, but they said that <br />Citizens Federal and another bank are interested. It is hard to <br />tell because they deal with the First Union or the Barnett Bank <br />and as we approve it, they increase their allotment. <br />67 <br />® M <br />