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F, <br />islands were being given, she would be delighted to have them name the islands. <br />Mr. Cox further stated reasons why Lost Tree Village felt the property was being <br />offered for sale to the County at a price lower than its real value. <br />Commissioner Ginn read some of the names that were in the contract for the benefit <br />of the public and felt that some of the names would be agreeable to her. <br />Commissioner Adams believed the name should be the County's choice, not theirs. <br />Chairman Tippin opened the public discussion and requested speakers limit their <br />remarks to new information and keep them brief so everyone would have an opportunity to <br />speak. <br />Ken Higgins, a resident of Cache Cay, advised that he had spoken with Chuck Bayer <br />recently with respect to development costs. He gave his own biographical information and <br />made a comprehensive presentation illustrating the costs of developing the islands versus <br />the profit that would be achieved when the lots are sold using different density scenarios. <br />His conclusion was that Lost Tree Islands, if developed, and it may take 10 years, would be <br />a "cash cow". He stated that Chuck Bayer told him that after today there would be no more <br />negotiations, that the County was "getting a bargain". Mr. Higgins did not want to see <br />Indian River County turned into another South Florida and emphasized that one vote means <br />a lot. (Mr. Higgins' written information is on file with the backup.) <br />Jack Grossett, City of Vero Beach Councilman, urged the Board to approve the <br />purchase of Lost Tree Islands. <br />County Attorney Vitunac reminded everyone that options to purchase the islands were <br />on the agenda, not the purchase. There will be a public hearing in 30 days if the options are <br />approved at this meeting. <br />Tom Trolle, 4903 Sunset Drive, spoke about the negative impact on the tax base if <br />there is no development on Lost Tree Island and the legal fees that will be incurred by Indian <br />River Shores and City of Vero Beach in defending against the lawsuits brought by Lost Tree <br />Village. He urged the Board to move forward with the purchase of the islands. (Mr. Trolle's <br />memo is on file with the backup.) <br />George Foote, 119 Cache Cay Drive, presented election statistics from the 1992 bond <br />referendum from which he concluded that mainland property owners were in favor of the <br />referendum. He credited the negotiating team with having done a good job and <br />May 26, 1998 <br />38 <br />