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tC'lK � FAGc U i River Shores and the City of Vero Beach to participate in the purchase. Jay Smith, 630 Eugenia Road, reminded the Commissioners that they participated in the Indian River Lagoon plan. The plan estimates the Lagoon is worth $700 million per year to the six participating counties. He thought governments, municipalities, and districts have spent well over $100 million in implementing this plan and it is not even half way through. He estimated the final price tag would run over $500 million to accomplish everything wanted. He asked the Board to save the Lagoon. William Mosely, 4450 27'h Avenue, Gifford, an economist who has worked with the Economic Development Council, felt the development of the islands was not feasible and that the County was being "forced" to buy the property. To him, the escalated value being considered did not seem right nor justified. It seemed to him to be a waste of taxpayer's dollars. Chairman Tippin closed the public discussion. Attorney O'Brien advised that the first thing to be considered was the proposed resolution on page 61A of their agenda packet, the resolution authorizing staff to acquire the islands by donation, purchase, or eminent domain proceedings. Chairman Tippin had a major problem with condemnation of the property. He asked that Attorney O'Brien review the seller's reason for wanting this resolution. Attorney O'Brien explained that the seller had requested this resolution of condemnation from the County so that if the sale is effectuated, they can say they did it under threat of condemnation and under Internal Revenue Service 1033 they have a capital gains deferral for two years in order to reinvest the money on new property. MOTION WAS MADE by Vice Chairman Macht, SECONDED by Commissioner Adams, not to adopt the proposed resolution. Under discussion, Vice Chairman Macht believed that it had not been established that acquisition was in the best interest of the people, as stated in the third "Whereas" of the resolution, and reiterated his opinion on the word "necessary" in the 41 "Whereas" saying it was certainly not necessary. Commissioner Eggert stated her greatest wish was that the islands had been purchased when land values were depressed in 1993, 1994 and even 1995, but that was not May 26, 1998 42