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partnership. One partnership area is in funding, which would enable them to increase their activities and aid in revitalizing the area. Mr. Wachtel advised that in order to do this, they plan to raise $35,000 per year from the private sector. They already have pledges for $10,000 per year. The City of Vero Beach has already committed to $20,000 per year for 5 years. They are asking Indian River County to commit to $15,000 per year for 5 years. They feel it is a good investment for the County for several reasons including increased property tax, sales tax, and tourist tax revenues. Less quantifiable, but a very beneficial result, is the improvement in quality of life. Mr. Wachtel stated they also want Vero Beach to become part of a network of Main Street cities and receive official designation from the State of Florida, with associated benefits. Therefore, in addition to their request for funding in the amount of $15,000 for 5 years, they also would like the Board to adopt a resolution supporting their application to the State of Florida for official Main Street designation. Mr. Wachtel advised that Nancy Hemphill, the former Main Street Manager for the City of Stuart, was present to give them information about the tax base impacts on Martin County and Stuart. She can answer any other questions they may have. County Administrator James E. Chandler wished to point out that this funding request, from staff s perspective, should be considered at next week's budget workshop. He stated that the first-time requests for funding for next year totaled $166,000, this being one of the non-profit requests. ON MOTION by Commissioner Macht, SECONDED BY Commissioner Tippin, the Board unanimously agreed to take this up at next week's budget workshop. Nancy Hemphill recounted how she had helped to start the Main Street program in Stuart in 1987 and was the Manager there for 4 years. She is now a private consultant. Stuart has gone through many changes and will go through more because of the Main Street program. She stated that in 1987, a 2 -block area of downtown had a 20% occupancy rate and average rentals were $4 per square foot. A 3,000+ square foot space could not be rented for $1.25 per square foot. Today, the same downtown area has 100% occupancy and the average rent is $18 per square foot. Commercial property values increased 60% early this year. Three years prior, there was a 37% increase. The city has realized that downtown has become a very valuable profit center for them and the county. In addition, the millage is being rolled back. 23 JULY 811997 8QGK 102 PAGE 29