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1 11 This Addendum extends the FCT grant award expiration date for the Lost Tree Islands project to March 31, 2000. The document formalizes the FCT Governing Body's approval of county staffs request for an extension, which approval occurred at the FCT Governing Body's meeting on November 30, 1999. Acquisition Status Litigation is still unresolved between Lost Tree Village Corporation (LTVC) and the Department of Community Affaus (DCA), City of Vero Beach, and Town of Indian River Shores regarding land use of the islands. Also, LTVC has filed a "quiet title" suit against the State to assert LTVC's claim that it owns the submerged bottondands between the bamer island and the "inner islands" near by to Silver Shores. It is unlmown how long it will take for that suit to run its course, although it is possible that a determination will be trade prior to March. 2000. The County and the FCT have a standing offer to LTVC of $5.7 trillion for the islands. The ultimate outcome of the land use issues and quiet tide suit will affect the islands' value, and could therefore justify reappraisals and renewal of negotiations for public purchase of all or some of the islands. The three-month extension, already agreed to by the FCT, will allow an opportunity for possible reappraisals and renewal of negotiations if land use or title issues are resolve before March. FCT normally grants six month extensions. However, in this case a three-month extension was granted, so that if there is no progress in negotiations with LTVC. the FCT can release its allocated Lost Tree project funds for other projects on a waiting list this funding cycle. The FCT has made it clear that no more extensions will be granted, unless a purchase agreement is reached by March and closing is imminent at that time. Staff recommends that the Board of County Commissioners authorize the Board Chairman to execute the attached agreement addendum. and authorize staff to coordinate with the Town of Indian River Shores and the City of veto Beach for approval of the addendum by those municipalities. ON MOTION by Commissioner Ginn, SECONDED by Commissioner Stanbridge, the Board unanimously authorized the Chairman to execute the agreement addendum and authorized staff to coordinate with the Town of Indian River Shores and the City of Vero Beach for approval of the addendum by those municipalities, as recommended by staff. ADDENDUM XI IS ON FILE IN THE OFFICE OF THE CLERK TO THE BOARD JANUARY 4, 2000