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F, EO'0V, � tAGE U m�3 lawsuit, since they would not be challenging the public purpose and had agreed to a price of $11,000,000. Vice Chairman Macht called it a sham to save Lost Tree Village income tax. County Attorney Vitunac suggested that the attorney from Lost Tree Village answer questions from their side and explain why they wanted the condemnation resolution and agreement. Ernie Cox, Gunster, Yoakley, Valdes, Fauli & Stewart, P.A., attorney for Lost Tree Village, advised that late Friday afternoon, he discussed some changes with County Attorney Vitunac to the FARBAR contract, which continued yesterday (Monday), and Lost Tree has agreed that the "reverter clause" in the FARBAR contract would be removed and the same language from the FCT option put in its place. Mr. Cox stated that the Lost Tree Village Corporation was selling the islands far below their current market value. In return, they wanted to make sure that the islands were preserved in conservation for the future and wanted the right to be heard should the islands be proposed for sale in the future. He stipulated that all of the deeds that would be issued would be statutory warranty deeds instead of special warranty deeds. He explained that the condemnation resolution is a standard resolution used by counties and does not require that property be condemned, but authorizes the negotiation or, if necessary, condemnation. The Condemnation Agreement is drafted in the manner requested by County Attorney Vitunac. The first approach will be to attempt to utilize the FCT process, failing that they will go forward on the backup (FARBAR) contract at a lower price. If either of those do not result in a closing of the transaction, the County would have an option to seek condemnation of the property, file the condemnation case, enter a final judgment and order of taking, and the property would then be conveyed to the County. He stated that the condemnation process is common in land acquisition transactions and cited many reasons why Lost Tree Village should receive the additional compensation that the condemnation process would achieve. Mr. Cox also advised that if the four documents being presented are approved, the litigation with Indian River Shores and City of Vero Beach will be placed on hold and Lost Tree Village will not proceed with the hearing scheduled for June 1, 1998. Commissioner Adams asked Mr. Cox what value Lost Tree Village placed on the condemnation resolution, and Mr. Cox believed that the property had already been inversely May 26, 1998 36 40 0