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BOOK 107 PAGE 490 constructed in other areas of the state, they have the ability to use the sales tax generated at that site which can be used for future improvements to the facility. There is no provision in the law which covers the conditions pertinent to this proposal. Changes in both existing state laws might be obtained through the assistance of our legislative delegation. If changed, the County would have greater flexibility in the funding of the property acquisition. Obviously, there are numerous economic issues that need to be examined and addressed. City and County staff feel that they have the combined ability to pursue negotiations with the Dodgers and the Fox group. A long-term lease arrangement would be most definitely be looked at if the City/County are to pursue the concept with them. Manager Taylor proposed that the City use the City's Asset Management Trust, a fund established many years ago. The proceeds of property the City sold were put into that trust, and when the City purchased property, those funds were used. The trust has nearly sufficient funds to cover the proposal for the City's share of the Dodger property purchase. It presently contains about $1.2 million. Administrator Chandler responded to a comment from Mayor Pease concerning a need for a referendum by assuring everyone that the staff plan on behalf of the County would not impact the local taxpayers inasmuch as the V2 cent sales tax is already an existing revenue source. The major debt service it is funding will be defeased and a new issue put into its place. He assured further that staff had looked at this and has definite limits in mind over which they could not comfortably recommend. It seemed to Vice Chairman Macht that only the word "acquire" separated them from doing this without a burden to the taxpayers and a referendum. He pointed out that this word had been omitted from the State's tourist tax law, which he felt was an oversight and is repairable. If that is possible, then the funding mechanism would be intact and would come from the pockets of our visitors. He felt they should vigorously proceed with getting the law modified to include "acquire". Manager Taylor pointed out that Indian River County presently levies 3 cents tourist development tax, as compared to Brevard and St. Lucie Counties which are at 4 cents. He had spoken with Representative Sembler who has a genuine interest in helping Indian River County retain the Dodgers. There will be a legislative delegation meeting locally on November 23, 1998, and Administrator Chandler pointed out that a letter in the backup had been drafted which could be presented to the delegation at that meeting should the proposal be approved today. November 6, 1998 4