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EC;'jK U i developed without bridges. She cited many other reasons, especially environmental and quality of life, to indicate being in favor of purchasing the islands. Dick Baker, 695 43' Avenue, has served on the LAAC since its beginning. He pointed out that LAAC has never discussed this particular deal and has not met for the last month and he did not know if the committee would ever meet again. He recounted that LAAC has leveraged the $26 million in bond issue money to nearly $50 million with cost share buying. If almost $12 million is paid for this property and not $6 million, the County would be not only overpaying for the property but denying the opportunity for cost sharing at the lower appraisal figure. He questioned the hurry to do this; the County has not had an opportunity to think about this in an educated manner. He was not in favor of the deal as described today. He wondered if there would be any tax resolution if the property were to sell at the prices being discussed, since the property has been assessed at $1.5 million. (Mr. Baker's letter is on file with the backup of the meeting.) George Blythe, 825 90' Avenue, had voted for the referendum. He thought Lost Tree has done an excellent job on the previous developments, but he believed the County should abstain from purchasing the islands. Gene Winne, 2096 Windward Way, Vice President and Board member of the Civic Association, advised that the Civic Association was very much in favor of making every effort to purchase the islands at a reasonable price. He was looking for an explanation on the tax break that Lost Tree Village would receive if the condemnation resolution is passed at this meeting. He felt one of the attorneys should explain Internal Revenue Service Section 1033 and its implications. County Attorney Vitunac believed that under threat of condemnation the property owner does not have to declare a capital gain on the property value. They get two years to roll it over into new property. They will not avoid the capital gain tax they have to pay eventually when selling the replacement property. John Lyons, 724 Shore Drive, cautioned that if we wait another five years, we may have to pay $20 million. Janice Broda, 9335 Frangipani Drive, speaking as President of the Florida Native Plant Society, felt this proposed purchase would set a terrible precedent for Indian River County and for the State. She spoke at length giving many reasons why the County should not purchase the islands at the price being contemplated. She felt it was irresponsible and stated the whole LAAC process had been subverted in this instance. She was not against the May 26, 1998 O