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Administrator Chandler then stated that a draft ofthe Memorandum ofUnderstanding has now been prepared and all the major issues have been addressed. Some of the issues would involve obtaining 64 acres for $10,000,000 funded through a revenue bond issue and leasing the property back to the Dodgers over a 20 -year period, with options for renewal. The County would then become responsible for all property taxes which were $124,000 for this past year. The proposed improvements and development would increase the value of the land so that the ad valorem taxes would be approximately $400,000. Staffhas recommended $7,000,000 to fund the Dodgertown facilities improvements. Staff has also recommended a $2,000,000 reserve for capital improvements. The Dodgers would have the opportunity to draw down on the reserve; however, once the reserve has been depleted, the Dodgers are totally responsible for any improvements for the remaining 20 years of the lease as well as being totally responsible for any daily operating expenses. Should the Dodgers vacate the property for any reason during the 20 year term, they would be responsible for paying off any outstanding bond debt and would then have the option to reacquire the property at the then market value. Craig Callan commented that he had visited several other facilities during the last few years and the Dodgers' accommodations in Vero Beach are smaller than the usual facilities. They also have fewer fields than other facilities. They have put together a "wish" list including adding some fields and some new outdoor batting cages. They also plan to modify and upgrade the existing facilities. They would keep the stadium "as is" because they feel it is a real gem as well as being an historic, traditional structure. They plan to upgrade the maintenance building, the clubhouse, the executive offices and the training rooms. JULY 249 2000 -3- 8K 1 14 PG 309