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BOARD OF COUNTY COMMISSIONERS 1840 25th Street, Veru Beach, Florida 31960 Telephone: (407) 567-8000 February 7, 1997 Anne Peery, Executive Director Florida Communities Trust 2555 Shumard Oak Blvd. Tallahassee, FL 32399-2100 Re: Lost Tree Islands FCT Project #93-001-P3A; Request for Reappraisal Based on Anticipated Change in Circumstances Dear Ms. Peery: As you know, two appraisals for the Lost Tree Islands FCT project were obtained in April, 1995. For several years prior to that date, and continuing to the present, the local communities of Vero Beach and Indian River Shores, where the property is located, have been involved in some controversy over two development restrictions: an ordinance prohibiting bridges from local streets to the islands, and a density restriction of 1 unit per 5 acres. Without getting into the details of this ongoing discussion, let me say that it has led to legal challenges by the principal landowner, Lost Tree Village Corporation, which has questioned whether the restrictions could be sustained in court. The County has taken no position on these issues. The County has, however, actively sought public acquisition of the Lost Tree Islands through the FCT process. The City of Vero Beach and the Town of Indian River Shores have recently taken steps toward resolving the long-standing controversy surrounding the subject development restrictions. The City and Town have approved in concept an increase in density to 1 unit per 2 acres, and the City has approved in concept a repeal of the bridgehead prohibition. The landowner would waive and release any and all rights to suit or damages against the two local governments, the County and the State of Florida. Corresponding zoning and density changes would require an ordinance adoption through local public hearings, and comprehensive plan amendments subject to approval by the Department of Community Affairs. Thus, some time would be required before these changes could actually take effect. As an acquiring agency, the County recognizes the anticipated settlement of existing legal challenges and removal of the threat of future suits as significant circumstances which would justify reappraisal of the FCT project property. A settlement entered into by the local governments would be considered a resolution by those governments, taking all positions into consideration, of a reasonable accommodation of development within those communities. As such, the settlement of legal challenges and potential suits reduces the uncertainty surrounding the potential uses of the property, and therefore its value. On February 4, 1997, the Board of County Commissioners considered this matter and asked me to convey to you its position that the anticipated land use restriction amendments and legal settlement will result in sufficiently changed circumstances to warrant a reappraisal of the property. However, the Board's support of a reappraisal is with two conditions: 1) that written evidence be provided that the landowner will be legally bound at the appropriate time to waive any rights to suit or damages in regard to these issues, and 2) that the landowner pay any additional cost of appraisals. The landowner's representative, Mr. Charles Bayer, indicated agreement to both conditions. The County has funds available and interest in acquiring the islands in partnership with the FCT, and stands ready to do whatever it can to assist in this process. Thank you for your cooperation and assistance. Sincerely, Carolyn . Eggert, airman Indian River County Board of County Commissioners cc: County Commissioners Charles Hardee James Chandler Roland DeBlois Robert Keating Charles Bayer Terry O'Brien Ernie Cox Sherman Smith 55 _ 'ROOK PAGcc�p.�e� February 4, 1997 L