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Management and Budget Director Jason Brown confirmed for Chairman Flescher that he <br />had reviewed the financials. <br />Chairman Flescher invited public comments. <br />Keith Kite, Realtor, principal in the Springhill Suites Marriott, Board Member of the <br />Tourism Development Council of Indian River County, and member of the Treasure Coast <br />Sports Commission, highlighted the vision and value of the Vero Beach Sports Village to the <br />community, and recapped an article from FloridaTaxWatch.org titled "Investing in Tourism." <br />He urged the Board to continue negotiations for a revised lease agreement with Verotown, LLC. <br />Joseph Paladin, Black Swan Consulting, believed that Verotown, LLC is an asset to the <br />community that offers little risk and a huge reward. He spoke about Peter O'Malley's <br />generosity, and asked the Board to move forward with negotiations. <br />Assistant County Administrator Michael Zito explained how the four-month written <br />notice of termination would work in lieu of $200,000 liquidated damages. <br />A lengthy discussion ensued between the Commissioners and staff regarding the <br />negotiation process; staff's options and recommendations; Mr. O'Malley's commitment to the <br />County -owned Vero Beach Sports Village; the five-year cost table provided on page 76 of the <br />Agenda Packet that shows the estimated annual cost of the renewal term; and the County's <br />obligation to pay for the property and casualty insurance while the partnership contributes to the <br />Capital Reserve Account Funding. <br />April 9, 2013 <br />MOTION WAS MADE by Vice Chairman Davis, <br />SECONDED by Chairman Flescher to approve staff s <br />recommendation. <br />10 <br />X143 PG 706 <br />