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Attorney Vitunac advised that the law states that for the <br />Board to base a negative vote, the Board must find by competent, <br />substantial evidence in the record that the applicant failed to <br />prove one of the elements necessary for the special exception. <br />In response to Chairman Eggert's question about an <br />acceleration lane onto Indian River Boulevard, Public Works <br />Director Jim Davis explained that the DOT and the County are shying <br />away from acceleration lanes going onto fast moving highways <br />because it is safer to access a road when you have to stop and wait <br />for a break. <br />Commissioner Adams recalled that at last year's Value <br />Adjustment Board hearings Indian River Apartments and Sandy Pines <br />challenged their assessments because the developments were federal <br />housing projects that limited rents to the same rent for 15 years. <br />They based their appeals on the fact that they could not raise <br />their rents. The Value Adjustment Board upheld the assessments, <br />however, and she understood there is a suit pending. Commissioner <br />Adams was concerned that if this development is approved, the <br />developer might come back and say that they don't want to pay any <br />taxes. <br />Deputy County Attorney Will Collins explained that the <br />developers of those affordable housing projects were saying that <br />their income stream had been frozen or fixed and that the valuation <br />of the property should be based on the valuation of that income <br />stream. The Property Appraiser contended that they should be <br />assessed based on all the value of the property which includes the <br />fair market value and the value of the tax credits to the <br />investors. He imposed a fair market value based on comparable <br />units in other areas, not limiting it to the income approach. <br />Attorney Collins understood that two suits have been filed by two <br />of these affordable housing developers and the matter is not yet <br />resolved. <br />Director Keating advised that a number of affordable housing <br />developments are in the application process this year and are <br />competing at the same state level. Some won't get funded because <br />it is a competitive process. He believed there are 7 developments <br />in the unincorporated area of the county who have applied along <br />with one in the City of Vero Beach and one in the City of <br />Sebastian. <br />Commissioner Adams understood that if the applicant cannot get <br />the federal grant, they cannot get the tax credit. <br />JANUARY 289 1997 Bou <br />32 <br />M <br />