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Lost Tree Islands <br />The LAAC in a separate but related action at its July 25 meeting, voted to recommend that the Board agree <br />to reserve $8 million of the second bond senes for the Lost Tree Islands project, contingent upon a purchase <br />agreement being reached between the County and the Lost Tree Village Corporation (LTVC) within 90 days <br />(i.e.. by October 25. 2001). This recommendation was based on a new acquisition proposal reported to the <br />Committee at the July 25 meeting (see attached unapproved LAAC meeting minutes). <br />At the LAAC meeting. Committee members discussed whether or not the County should hold off on issuance <br />of the full $11 million of the second bond series pending the outcome of the Lost Tree Islands purchase <br />agreement. After discussion, however, the Committee voted to recommend that the County proceed with <br />issuance of the $11 million, irrespective of whether or not the Lost Tree purchase agreement materializes. <br />RECOMMENDATION <br />Staff recommends that the Board of County Commissioners authorize county staff to proceed with issuance <br />of the $11 million second series of environmental land acquisition bonds. <br />ATTACHMENT <br />• Excerpt of unapproved minutes of the 7/25/01 LAAC meeting <br />Commissioner Macht commented that Items 9.B.3. and 9.B 4 are connected. <br />Environmental Chief Roland DeBlois noted that over 100 people had attended the <br />workshops on this issue and the majority were for the issuance of the second bond series of <br />$11,000,000. The Land Acquisition Advisory Committee recently re -ranked their listings <br />and there are currently 15 projects on the list which would benefit from the bond issue. The <br />Committee supports the concept of reserving $8,000,000 for the Lost Tree Island property <br />for 90 days pending a contract. <br />ON MOTION by Commissioner Macht, <br />SECONDED by Commissioner Stanbridge, the <br />Board, by a 4-0 vote (Commissioner Adams absent) <br />unanimously authorized county staff to proceed with <br />issuance of the $11,000,000 second series of <br />environmental land acquisition bonds, as <br />recommended by staff <br />AUGUST 7, 2001 <br />BK € 1 J i�.J 373 <br />-59- <br />