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BOOK J08 PAGE 7 <br />B.C. COMMISSIONER GINN - TOWN OF INDIAN RIVER <br />SHORES REQUEST TO PLACE A MORATORIUM ON LAAC <br />PURCHASES <br />The Board reviewed a Letter of December 22, 1998: <br />�OAYOR <br />BARBANA , -%X-%W'4 <br />VICE MAYOR <br />. OLI5 c SUCK <br />ZOUNCIL <br />ROBERT J IESM£ <br />WILLIAM A MCNAMEE <br />CNARLES C WURMSTEOT <br />TOWN MANAGER: <br />VIRG~ - GILBERT <br />TOWN OF INDIAN RIVER SHORES <br />6001 NORTH A -1-A, INDIAN RIVER SHORES. FLORIDA 32963 <br />(561) 231-1771 FAX (561) 231-4348 <br />Mr. John W. Tippin <br />Chairman of the County Commission <br />Indian River County Administration Building <br />1840 251' Street <br />December 22, 1998 <br />Post -it• Fax Note 7671 <br />oats <br />0o► <br />TO".WWO 6(N em C&Uxla- <br />F`a't-C.CU;0uNs 6rAM; <br />C0A)evt Ico. <br />ARG <br />Pt,a,e "ql T - Oce <br />P' ".5-4 J - FOX eY-96 <br />Fax w .F 7 9- 4L7 CfQ <br />Fax K <br />Vero Beach, FL 32960 Fnzb�e <br />0 M <br />Dear Chairman Tippin: Ern ^f aw. _ <br />:.•. as • <br />The Town Council of the Town of Indian River Shores is committed to exploring ev <br />reasonable avenue that may lead to having the Lost Tree Village islands purchased and <br />placed in the public domain. Many of us participated in the bond referendum with the <br />expectation the islands would be purchased from bond proceeds. <br />We believe negotiations for the islands purchase failed in large part due to the appraised <br />value placed on those islands. The appraisals were based on the densities of one (1) unit <br />per five (5) acres with no vehicular access, due to the bridgehead ordinance of the City of <br />Vero Beach. Lost Tree Village Corporation, the City of Vero Beach and the Town of <br />Indian River Shores have all agreed on a settlement of pending litigation to our <br />comprehensive plans subject only to approval by the DCA. Essentially, the islands will <br />be permitted to be developed at one (1) unit per two (2) acres and the bridgehead <br />ordinance of the City of Vero Beach will be eliminated These are substantial changes to <br />the existing comprehensive plans of both the City and the Town, upon which earlier <br />appraisals were based.,. <br />The purpose of this letter is to request a reappraisal of the islands at the earliest <br />appropriate time, which would probably be upon approval of a settlement by DCA. We <br />would anticipate the reappraisal effort would be coordinated through and with the <br />cooperation of Florida Communities Trust (FCT), in order to receive matching funds. I <br />feel certain the Town would contribute a fair share, together with the City of Vero Beach <br />and the County, toward new appraisal expenses if that would help the situation. <br />We would also express our concern about statements recently made by a County <br />representative that bond funds willcontinue to be expended before the island issues are <br />JANUARY 12, 1999 <br />24 <br />