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BOOK T'i F-muE V? <br />different facility. In return, the County would eliminate their <br />annual payment of $45,000 and turn over 1/2 of the racetrack <br />revenue, or $223,250, which would have an impact on the County of <br />$268,000 annually. Either of those alternatives would have a <br />significant impact on the County as we have pledged the racetrack <br />funds to the golf course. Depending on the alternative, there <br />would be a deficit of from $268,000 or $491,000 a year. <br />Commissioner Bird inquired how many square feet the School <br />Board occupies, and Administrator Chandler answered that they <br />occupy 20,000 square feet at present. The combined total of the <br />old courthouse, the annex and the State Attorney's building is <br />approximately 52,000 square.feet. <br />Commissioner Bird explained that the racetrack funds were <br />pledged to the golf course in order to obtain the best bond rating <br />but there was never any intention to use any of those funds toward <br />the golf course. <br />Administrator Chandler confirmed that the County does not <br />anticipate using those bond funds but they are encumbered. <br />Director Baird pointed out that the School Board does get <br />credit for the $20,000 they used to receive in racetrack funds. <br />Commissioner Macht felt that because the particular deal is so <br />bad there is no need to consider it. <br />Commissioner Bird agreed that, on the face of it, it does not <br />look as though we are close to making a deal. He believed we need <br />to continue to talk with the School Board because, if it can be <br />worked out, it would be a win-win situation. The School Board has <br />a pretty good deal where they are now and the County needs to <br />utilize those vacant buildings. It was his opinion that the State <br />Attorney's building could be sold and the money used to help <br />renovate the old courthouse building. <br />Commissioner Macht stated that the School Board is not the <br />only potential candidate for those buildings; he has spoken to at <br />least one architect who believed that after renovation it would <br />make very useful office space. <br />Administrator Chandler reminded the Board that this was only <br />the first meeting with the School Board and other alternatives are <br />being considered. He expected to be able to present_a complete <br />overview of several options in 3 to 4 weeks. <br />Anthony Masi of 1700 Ocean Drive, a member of the Indian River <br />Historical Society, expressed his concern over his impression that <br />the Board was being asked to consider some action at this time. He <br />was opposed to the School -Board using the old courthouse building <br />FEBRUARY 27, 1996 28 <br />