BCC MEETING MINUTES

LAKE COUNTY VALUE ADJUSTMENT BOARD MEETING

OCTOBER 1, 1993

The Lake County Value Adjustment Board met on Friday, October 1, 1993, at 9:00 a.m., in the Board of County Commissioner's Meeting Room, Lake County Administration Building, Tavares, Florida. Commissioners present at the meeting were: G. Richard Swartz, Jr., Chairman; Rhonda Gerber; and Welton Cadwell. School Board members present: Judy Pearson. School Board members not present: Sandra Green. Others present were: Ed Havill, Lake County Property Appraiser; Robbie Ross, Tangible Personal Property Supervisor; Frank Royce, Senior Appraiser; Mike Bryie, Deputy Appraiser; Annette Star Lustgarten, County Attorney; Barbara Lehman, Chief Deputy, Finance and Audit Department; and Toni M. Riggs, Deputy Clerk.

ASSESSMENTS

PETITION 1993-12 Robert A. Erickson

Mr. Frank Royce, Senior Appraiser, informed the VAB that the petitioner is appealing his assessment in the amount of $47,458.00. Mr. Royce described the property and stated that the land has been assessed at $8,078.00, and the improvements at $39,380.00, for a total assessment of $47,458.00. At this time, he presented comparables to the property.

It was noted that no one was present to discuss the appeal.

On a motion by Commr. Cadwell, seconded by Commr. Gerber and carried unanimously, the VAB upheld the recommendation of the Property Appraiser and approved the assessment in the amount of $47,458.00, for Robert A. Erickson.

PETITION 1993-20 Betty S. Commander

Mr. Frank Royce, Senior Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $48,012.00. Mr. Royce described the property and stated that the land is assessed at $11,107.00; the improvements at $36,905.00; for a total assessment of $48,012.00. At this time, Mr. Royce presented comparables to the property.

Ms. Betty S. Commander appeared before the VAB and stated that she has 936 feet of living area, and the air conditioner is ten years old and not working. The lot is 128 feet, with 79 feet on the road, and was built in the 1940s. Ms. Commander stated that she purchased the house in 1977, and in 1991, her taxes went up $964.00, which was a 3% increase; in 1992, her taxes went up $1,183.00, which was a 3% increase; and in 1993, her taxes went up $13,721.00, which is a 40% increase. She further stated that her house needs painted, and she does not consider a 50 year old house worth $40.00 per square foot.

Mr. Royce explained that the Property Appraiser's Office is assessing the property at $29.15 per square foot, and the property is zoned commercial.

Ms. Commander stated that her property is zoned residential commercial, and she considers her house being worth $25.00 per square foot.

Mr. Royce explained the formula used by the Property Appraiser's Office in determining the cost per square foot. He stated that, after hearing the information provided by Ms. Commander, the Property Appraiser's Office would not be aversed to assessing this particular home by using the 1,350 square feet and multiplying it by $25.00 a square foot, to bring the home assessment to $33,750.00, for a total assessment of $44,857.00.

On a motion by Commr. Cadwell, seconded by Commr. Gerber and carried unanimously, the VAB upheld the recommendation of the Property Appraiser and approved the adjusted assessment in the amount of $44,851.00, for Betty S. Commander.

PETITION 1993-22 Michael Rutherford

Mr. Ed Havill, Property Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $117,137.00. Mr. Havill described the property, which is located on five acres, and has 2,528 square feet of living area; 816 square feet of garage; 244 square feet of porch area; and insurance on the structure in the amount of $120,000.00. Mr. Havill stated that the petitioner built the house himself, and his labor needs to be taken into consideration. At this time, Mr. Havill presented three comparables to the property, and stated that he feels the assessment is fair. It was noted that the land is assessed at $25,020.00; the improvements at $91,620.00; and the miscellaneous at $497.00; for a total of $117,137.00.

Mr. Michael Rutherford appeared before the VAB and presented pictures taken of his home, which showed the road that the house is located on. He stated that he could not sell his house for the amount of the appraisal, and he has the amount of insurance, due to the catastrophes that have occurred in south Florida. He indicated that he has receipts for the materials spent on the home, and that his labor does need to be taken into consideration.

Mr. Havill stated that his office has assessed the house at $25.00 per square foot for the improvements, and you cannot build a house for that price.

Mr. Rutherford argued that the Property Appraiser's Office has the house assessed at a value for a house on a paved road, and his road is actually clay and is not County maintained. He stated that it is difficult to receive County services, because of the road.

Mr. Havill discussed the price on acreage in this area, and stated that the lots are definitely over $5,000.00 an acre for five acre tracts.

Mr. Rutherford stated that he paid $4,000.00 per acre in 1988, and that he feels he is being taxed as if he lived in town on a paved road.

Mr. Mike Bryie, Deputy Appraiser, discussed the comparables presented, and stated that the one on the unmaintained road is assessed at $25,725.00 for 6.1 acres, and the house was built in 1980 and has approximately the same square footage.

Discussion occurred regarding the Property Appraiser's Office following the market for assessing property, and the mortgage that Mr. Rutherford obtained on the lot and the land.

Mr. Rutherford stated that he does not agree with the assessment, and that he could not sell the house for this amount.

On a motion by Commr. Cadwell, seconded by School Board Member Pearson and carried unanimously, the VAB upheld the recommendation of the Property Appraiser and approved the assessment in the amount of $117,137.00, for Michael Rutherford.

PETITION 1993-24 Doris M. Nagy

Mr. Ed Havill, Property Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $25,948.00. Mr. Havill described the property and stated that the land has been assessed at $7,803.00; the improvements at $18,145.00; for a total assessment of $25,948.00. At this time, Mr. Havill presented three comparables to the property, and stated that the assessment is fair.

It was noted that no one was present to discuss the appeal.

On a motion by Commr. Gerber, seconded by School Board Member Pearson and carried unanimously, the VAB upheld the recommendation of the Property Appraiser and approved the assessment in the amount of $25,948.00, for Doris M. Nagy.

PETITION 1993-28 Reginald R. Tietjen

Mr. Ed Havill, Property Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $72,600.00. Mr. Havill stated that the property is a cleared old grove, which the petitioner states has no legal access. He stated that his office has corrected the value of the land to reflect this information. The property has been assessed at $2,200.00 per acre, or $44,000.00. The original assessment was $72,600.00. He discussed the arms length transaction, and stated that the land in this area is selling for $5,000.00 per acre, but this has been adjusted because of no legal access. At this time, Mr. Havill presented three comparables to the property, which all have legal access, and stated that the assessment is more than fair.

Mr. Reginald R. Tietjen appeared before the VAB and stated that he purchased the property knowing that there was no access to the property. He feels the property is only worth $20,000.00, because it is a dead grapefruit grove.

Discussion occurred regarding the assessments on the property for the past years, with Mr. Tietjen indicating that he was aware of the assessment amounts.

Commr. Cadwell suggested that Mr. Tietjen might consider getting access to the property, and applying for the agricultural exemption, in order to get some relief, but the VAB needs to base the assessment on the surrounding property presented by Mr. Havill.

Mr. Tietjen discussed the vacation of the road in this area, which he understood was done by the County.

PETITION 1993-126 Kenneth R. Bowen

Mr. Ed Havill, Property Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $168,466.00. It was noted that the assessment last year was in the amount of $146,969.00. Mr. Havill stated that the property involves Lots 18 and 19, which are located in Picciola Island on Lake Griffin. He described the property and stated that Mr. Bowen bought the property in 1987 for $125,000.00, and has since added a detached garage, a pool, screening and deck, and has stuccoed and air conditioned the home in 1988-89. At this time, Mr. Havill presented three comparables to the property, and stated that the assessment is fair and just.

Mr. Kenneth R. Bowen appeared before the VAB and stated that the subdivision was started in 1957. At this time, Mr. Bowen discussed comparables, which he presented to the Property Appraiser in a timely manner, and stated that they are all on the lake. He further stated that the property is eight miles from Herlong Park in Leesburg. He discussed the 1992 assessment on his property, and the improvements that have been made.

Mr. Frank Royce, Senior Appraiser, explained that the increase in the petitioner's assessment is due to the increase in land value along the lake. He stated that every lot along the lake in this subdivision got the same increase per front foot. Mr. Royce pointed out that the property that was discussed by Mr. Bowen, that was sold to the university, was a piece of property that was inherited, and this would not be an arms length transaction.

Mr. Peter Peebles, Deputy Appraiser, addressed the VAB and discussed the increase in the improvements made to Mr. Bowen's property, in the amount of $11,000.00, which was the addition to the garage.

Discussion occurred regarding the comparable sales presented for consideration, with Mr. Havill clarifying that he has to follow the market when appraising property.

RECESS & REASSEMBLY

At 10:20 a.m., the Chairman announced that the VAB would take a short recess.

PETITION 1993-133 Lake Frances Estates, Inc.

Mr. Ed Havill, Property Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $392,700.00. Mr. Frank Royce, Senior Appraiser, stated that Lake Frances Estates, Inc. is appealing the assessment on 44 vacant lots in the subdivision. The land is currently being assessed at $8,925.00 per lot, which amounts to $392,700.00. The recorded sales range from $10,900.00 to $11,000.00, with most of the sales in the subdivision including the mobile home. Mr. Royce presented two comparable sales to the property.

Mr. Jim Key, owner of Lake Frances Estates, Inc., appeared before the VAB and discussed the sale of lots for $10,900.00 to $11,000.00, which includes a $1,700.00 water tap fee, with the lots being cleared and ready for the homes to go on it. Mr. Key stated that the lots that were assessed at $9,300.00 to $9,600.00 are the ones that he will have to pay the $1,700.00 water tap on fee, and he will have to clear to get ready for sale. He discussed six lots that are assessed at this price, which need three feet of fill and a sewer put in. Nine of the lots have the sewer, but need additional fill. It was noted that none of these lots are lake front lots. Mr. Key stated that the assessed value was increased from 1991 to 1992, in the amount of $200,000.00. In 1993, the assessed value increased by $150,000.00, and Mr. Key stated that the Property Appraiser has assessed the lots above the retail value price, and he did not take into consideration that he has to spend $3,000.00 to $4,000.00 on nine of the lots, in order to bring them to the retail price, and that there are 11 lots, two of which will probably not be used, and nine lots that he will have to reduce the price on to sell them.

Mr. Havill explained that his office has an average across the board for the lots in the amount of $8,900.00 per lot, and Mr. Key is estimating $5,600.00 per lot. It was noted that there are 35 lots ready for sale, for $10,900.00, which includes the $1,700.00 for the water tap on fee.

Consideration was given to the purchase contract, which was submitted by Mr. Key, and Mr. Key presented an explanation of the break down in costs, which totals the sale price.

Discussion occurred regarding any comparables of lots sold that were not in Lake Frances, with Mr. Royce explaining that he did not look at those, because he had two sales in Lake Frances, and because every lot in Lake Frances is assessed on the same front foot basis times the depth factor.

Mr. Key stated that the VAB needs to look at the 44 lots, and the fact that over one-half of them are substandard lots, and one-third of them need a lot of money spent on them, in order to bring them up to standard for sale, and they should be appraised as such. Mr. Key stated that, with the increases over the last two years, the assessment this year is way out of line, because the assessments are greater than what he is selling the lots for.

Mr. Havill stated that his office would need to see all of the transactions on the lots, in order to get a complete understanding of the sales, and he recommended that a number be selected arbitrarily, such as $300,000.00, with Mr. Key agreeing to supply his office with all of his records for all of the sales, in order to determine the market in Lake Frances Estates, Inc. Commr. Swartz stated that he needed the rationale for the $300,000.00, in order to have a comfort level.

Mr. Royce explained that there are 20 lots in question, and therefore, he has taken the 24 good lots and assessed them at $8,925.00 per lot, which amounts to $214,200.00. Taking the other 20 lots, he reduced them by approximately 60%, to $4,930.00 per lot, for a total of $9,806.00; for an overall total of $312,800.00. Mr. Royce stated that the Property Appraiser's Office is willing to reduce the assessment to $312,800.00.

Discussion occurred regarding the explanation that Mr. Key presented regarding the reductions that he will have to make, in order to sell certain lots.

Mr. Havill suggested that the VAB uphold the recommendation in the amount of $392,700.00, with his office reviewing the lots in question, through further documentation, with the VAB reconvening to reconsider any adjustments that he might propose.

On a motion by Commr. Cadwell, seconded by Gerber and carried unanimously, the VAB upheld the recommendation of the Property Appraiser and approved the assessment in the amount of $392,700.00, for Lake Frances Estates, Inc, with the Property Appraiser's Office reviewing the lots in question, through further documentation, and with the VAB reconvening to reconsider possible adjustments that might be proposed on a couple of the lots.

PETITION 1993-138 William A. Robison

Mr. Ed Havill, Property Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $57,809.00. Mr. Havill described the property at Blue Creek Point, which is canal front, and in close proximity of the St. Johns River, and the lot is vacant. He stated that the property was bought in 1992, for $60,000.00, with the property being assessed at $53,580.00 this year. At this time, Mr. Havill presented three comparables to the property. It was noted that the land is assessed at $53,580.00, and the sea wall and deck are being assessed at $4,229.00, for a total assessment in the amount of $57,809.00.

Mr. Guy White, Property Appraiser's Office, appeared before the Board and stated that the third comparable does not have a sea wall, or a deck.

Mr. William A. Robison appeared before the Board and stated that the water frontage is 100 feet, not 141 feet.

Discussion occurred regarding the legal description of the property, and the footage being assessed. Mr. Havill suggested that staff review this issue, by checking the records in his office, and requested that this case be postponed, in order to obtain further information.

PETITION 1993-139 Rick and Jan Deardorff

Mr. Ed Havill, Property Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $69,975.00. Mr. Havill stated that the property is a lake front lot in Lake Crescant Hills. He described the property, and stated that the last sale was in December, 1991, for $76,000.00. At this time, he presented comparables to the property, and stated that the assessment is more than fair.

Mr. Rick Deardorff appeared before the VAB and questioned the formula being used by the Property Appraiser in determining the assessment value on his lot, and requested an explanation of this value in comparison to the value placed on the lots across the lake, which are in a more exclusive area.

Mr. Royce presented the sale prices on the surrounding lots, and stated that he feels the Property Appraiser has set a good market value for the lots in the subdivision.

COMMISSIONERS

At 11:23 a.m., Commr. Swartz turned the chairmanship over to Commr. Gerber.

PETITION 1993-144 FFCA - c/o Jeff Bouldin

Mr. Ed Havill, Property Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $403,853.00. Mr. Havill stated that the petitioner owns some property in Leesburg that has a restaurant on it, and it fronts on Highway 441, and it is being assessed at $43.54 per square foot, which is the same as similar properties in the County. He further stated that the last sale occurred in 1989 for $650,000.00, and he has it assessed it at $403,853.00. He then presented two comparables to the property, which have restaurants. Mr. Havill stated that the assessment is too low, but he recommended approval.

It was noted that no one present wished to discuss the appeal.

On a motion by Commr. Cadwell, seconded by School Board Member Pearson and carried, the VAB upheld the recommendation of the Property Appraiser and approved the assessment in the amount of $403,853.00, for FFCA.

The motion was carried by a 3-0 vote, with Commr. Swartz not being present for the discussion, or the vote.

PETITION 1993-155 Richard E. and Janis R. Conrad

Mr. Ed Havill, Property Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $152,573.00.

Mr. Frank Royce, Senior Appraiser, stated that Mr. Conrad delivered information, including photographs, to the Property Appraiser's Office yesterday, which cannot be used in the hearing process, due to the time limit established by the Property Appraiser.

Mr. Havill described the property and stated that the last sale on the house was in 1983, for $82,000.00. The improvements were previously assessed at $46,106.00, but upon a 1992 inspection, the improvement value increased to $74,802.00. At this time, Mr. Havill presented three comparables to the property, and discussed the amount of insurance the petitioner carries on the property. He stated that the improvements this year have been assessed at approximately $86,000.00.

Mr. Richard E. Conrad appeared before the VAB and questioned why he could not use the evidence, which he supplied to the Property Appraiser yesterday, and stated that according to the Florida Statute, it does not establish a specific time to produce the evidence.

Mr. Havill discussed the requirements of the Property Appraiser, pursuant to Florida Statute 194.034 (1)(d), which would allow his office time to verify the information provided by the petitioner. Mr. Conrad argued the five day requirement established by the Property Appraiser.

Mr. Conrad discussed the condition of the property when he bought it in 1983 for $82,000.00, and stated that his plans are to restore it to what its true value should be.

RECESS & REASSEMBLY

At 11:33 a.m., Commr. Gerber stated that the Board would recess, in order that Mr. Tim Hoban, Assistant County Attorney, review the Florida Statute in question, and provide a legal opinion to the VAB.

PETITION 1993-155 Richard E. and Janis R. Conrad (Continued)

Mr. Tim Hoban, Assistant County Attorney, advised the VAB that it is the County Attorney's position that the information must be provided five days prior to the hearing, and it is a waiver of the information.

Mr. Conrad stated that he objects to the ruling, and questioned the information that he can provide for consideration.

Discussion occurred regarding the price of lake front property, as compared to canal front property. Mr. Conrad discussed the lots in North Lakewood Park, and stated that his lot is one-half lake front and one-half canal front, and he has the highest land assessment in the area.

Mr. Havill discussed the comparable lots on Lake Eustis, and stated that one of them sold in October, 1991, for $220,000.00.

Mr. Conrad stated that repairs are needed to his property, in order to put it into marketable condition, and that it would take approximately $37,000.00 to improve the structures, which cannot be seen from the outside of the property. Last year the assessment was $124,000.00, and Mr. Conrad stated that the total assessment this year is too high, which has been verified by comparable land assessments in the area. Mr. Conrad stated that he came to the Property Appraiser's Office in 1989, with the same information that is being discussed today, and was told that no change would be made, and therefore, he would have to appeal before the VAB. He stated that he did appear before the VAB and received some relief.

Mr. Havill stated that, based on the information being presented, the assessment appears to be correct. He stated that, no matter how the VAB votes, his office is going to go out and take another look at his house, and make a correction on his tax bill later on in the year, if it is warranted.

The motion was carried by a 3-0 vote, with Commr. Swartz not being present for the discussion or the vote.

PETITION 1993-138 William A. Robison (Continued)

Mr. Frank Royce, Senior Appraiser, discussed the 30 foot strip of property in question, and stated that this involves an adjusted figure that has been adjusted according to the schedule the Property Appraiser uses on every piece of odd shaped property in the County. It was noted that the assessed value is $57,809.00, which includes a deck and a sea wall, and sold in May, 1992, for $60,000.00.

Mr. Robison stated that Blue Creek Point Subdivision has 23 lots, and that over 50% of the lots are up for resale, and have been for sale for 1 1/2 years. He discussed the alligator problem, and stated that, after one month, he put the property back up for sale for the price that he paid for it. Now that it is listed with a realtor, the asking price is a little more than what he paid for it, which is $69,000.00. It was noted that the assessment last year was $35,355.00. Mr. Robison stated that his property has gone up 64% this year, and some of his neighbors' assessments have gone down.

Mr. Guy White, Property Appraiser's Office, discussed the comparables to the property.

Mr. Robison stated that he has tried to sell the property for 16 months for the price that he paid for it.

Mr. Havill requested that the VAB uphold his assessment.

The motion was carried by a 3-0 vote, with Commr. Swartz not being present for the discussion, or the vote.

PETITION 1993-156 Oscar M. Woodall

Mr. Ed Havill, Property Appraiser, informed the VAB that the petitioner is appealing his assessment in the amount of $173,600.00. Mr. Havill stated that the property involves eight lots at $21,700.00 per lot, and that they are the remaining lots on Saw Mill Lake, in Cherith Hill Subdivision. At this time, Mr. Havill presented comparable sales of lots in the same subdivision, and stated that the assessment is correct.

COMMISSIONERS

At 12:05 p.m., Commr. Gerber returned the chairmanship to Commr. Swartz.

PETITION 1993-156 Oscar M. Woodall (Continued)

Mr. Oscar M. Woodall appeared before the VAB and stated that he has not sold any lots in 1 1/2 years.

Mr. Havill stated that the State law requires that he look at the developer's inventory as individual lots. It was noted that Mr. Woodall bought the 13 acres for $103,000.00.

PETITION 1993-159 William K. and D. Lynn Dunwoody

Mr. Frank Royce, Senior Appraiser, addressed the VAB and stated that Mr. Dunwoody is appealing the assessment on his lot at Squirrel Point. Mr. Royce described the property in question, and stated that the last sale was in 1986, on the lot alone, which sold for $30,000.00. The original assessment was in the amount of $261,614.00. Today the land is assessed at $32,204.00. Mr. Royce stated that there has been a change to the assessment on the building, which has been reduced to $216,710.00, for a total assessment of $248,914.00. Mr. Royce explained that Mr. Dunwoody has assisted the Property Appraiser's Office with his knowledge of computers, and an adjustment has been made based on new calculations of the parameters of the house, and based on the comparable properties. Mr. Royce presented comparable information, and stated that the assessment is fair and just.

Mr. William K. Dunwoody appeared before the VAB and discussed the information that he provided to the Property Appraiser in a timely manner. Mr. Dunwoody addressed his comparison made between Lot 60 vs. Lot 27, and explained the method he used in calculating his figures. Mr. Dunwoody stated that he is being assessed $47,221.00 for 687 square feet less than Lot 27. He stated that he has no problem with the assessment on the land, or on the improvements, and is addressing the issue of the assessment on the building only.

Mr. Havill explained that his office cannot lower an assessment based on someone else having a lower assessment. Mr. Havill stated that his office has Mr. Dunwoody's computer analysis.

Mr. Dunwoody stated that, due to the analysis, he has determined that the house is over insured. At this time, Mr. Dunwoody presented an explanation of his 17 property comparisons.

Mr. Royce addressed the property being compared and explained that each one could have been built by a different builder, because there are a variety of structures, and the quality of structure could be different on each one.

Mr. Dunwoody stated that he built his house, and it should be assessed for approximately $210,000.00.

PETITION 1993-16 Mary Alibrandi

Mr. Frank Royce, Senior Appraiser, informed the VAB that another inspection was made on the property owned by the petitioner, and livestock was noted on the entire parcel, and he was recommending that the agricultural classification be granted.

It was noted that Mrs. Alibrandi was present for the hearing.

On a motion by Commr. Cadwell, seconded by School Board Member Pearson and carried unanimously, the VAB upheld the recommendation of the Property Appraiser and approved the agricultural exemption, for Mary Alibrandi.

PETITION 1993-165 Louis D. McGlothlin

Mr. Frank Royce, Senior Appraiser, informed the VAB that the petitioner is appealing the value that was added to his assessment for his improvements. Mr. Royce explained that the 1993 assessment includes a building permit for a 30x60, 1,800 square foot pole barn. A hot tub and a deck was discovered upon inspection, which was added in 1987, that were never assessed previously. In 1993, the pole barn was added, for a total assessment of $5,451.00, which was calculated at $3.03 per square foot. Also added was one hot tub for an assessed value of $1,751.00; and 310 square feet of decking for $728.00, at $2.35 a square foot. The total assessment for the improvements amounted to $7,930.00. Mr. Royce stated that there was a carport that was unfinished, which was changed to a carport that was finished, which increased the value on the house.

Mr. Louis D. McGlothlin appeared before the VAB and stated that he would not argue the assessment on the utility building, hot tub or deck, but he is questioning the amount established for the pole barn. He discussed the used materials that were recycled into the pole barn, and stated that there is no concrete, electricity, or water in it. He stated that he has put less than $3,000.00 into the pole barn, which he built himself, and the only new materials that he bought were the tin and the nails, and the cost of the permit.

Mr. Royce stated that the Property Appraiser's Office took into consideration the used materials, but the assessment addresses the value that has been added to his property.

Mr. Mike Bryie, Deputy Appraiser, informed the VAB that he reviewed the property, and the $3.03 per square foot is a fair assessment.

PETITION 1993-166 Ivan W. Nelson

Mr. Frank Royce, Senior Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $56,489.00. Mr. Royce presented a description of the property, and stated that the property was sold in May, 1992, for $60,500.00. At this time, Mr. Royce presented three comparables to the property.

It was noted that no one was present to discuss the appeal.

PETITION 1993-168 Geoffrey F. Presson

Mr. Frank Royce, Senior Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $179,071.00. Mr. Royce stated that the property is located in El Cerito, which is located on East Crooked Lake. He described the property, and stated that home was remodeled after it was purchased in November, 1987, for $150,000.00. The current assessment on the land is $108,710.00; the improvements at $66,178.00; miscellaneous at $2,134.00; for a total assessment of $179,071.00. It was noted that the assessment last year was $131,818.00. At this time, Mr. Royce presented three comparables to the property, and stated that the assessment is fair and just.

Mrs. Marie Presson appeared before the VAB and read a letter submitted by her husband, which presented his arguments to the assessment. In the letter he discussed a home that he used as a comparable to his property.

Mr. Royce stated that the Property Appraiser's Office did review the piece of property, which was presented in the letter from Mr. Presson, but did not consider it as a comparable, because it was not a qualified sale at $375,000.00. Mr. Royce presented the breakdown of the assessment for last year, which totaled $131,818.00.

PETITION 1993-71 Eldin H. Irwin

Mr. Frank Royce, Senior Appraiser, informed the VAB that the petitioner is appealing the assessment in the amount of $28,291.00. Mr. Royce described the mobile home and lot, and stated that the last sale occurred in 1991, for the property only, for $13,900.00. The land is currently being assessed at $12,145.00; the improvements at $14,274.00; for a total assessment of $26,419.00. Mr. Royce stated that the assessment was lowered from $28,291.00, because of water damage to the roof and bathroom. At this time, Mr. Royce presented three comparables to the property, and stated that the assessment is fair and just.

Mr. Eldin H. Irwin appeared before the VAB and discussed the sale of Lot 18, for the amount of $14,000.00, which occurred this year. It was noted that only comparables, as of January 1, 1993, would be considered.

Mr. Royce stated that he would agree to adjusting the assessment from two three fixture bathrooms, to a one three fixture bathroom and a one two fixture bathroom, and recommend an assessment in the amount of $26,000.00.

On a motion by Commr. Gerber, seconded by School Board Member Pearson and carried unanimously, the VAB upheld the recommendation of the Property Appraiser and approved the adjusted assessment in the amount of $26,000.00, for Eldin H. Irwin.

RECESS & REASSEMBLY

At 1:20 p.m., the Chairman announced that the VAB would recess for five minutes.

PETITION 1993-61 M. Kenneth Boykin

PETITION 1993-62 Marvin Kenneth Boykin

PETITION 1993-63 M. Kenneth Boykin

PETITION 1993-64 M. Kenneth Boykin, et al

Mr. Robbie Ross, Tangible Personal Property Supervisor, informed the VAB that the petitioner failed to file the green card for the agricultural classification in a timely manner. Mr. Ross stated that, upon re-inspection of the property, the exemption should be granted on Petitions 1993-61 through 1993-63, but it should not be granted in Petition 1993-64, because it is a burned out orange grove.

Mr. M. Kenneth Boykin appeared before the VAB and stated that he was in agreement with the recommendations being made by the Property Appraiser's Office.

On a motion by Commr. Gerber, seconded by School Board Member Pearson and carried unanimously, the VAB upheld the recommendation of the Property Appraiser and approved the agricultural classification on Petition 1993-61, M. Kenneth Boykin; Petition 1993-62, Marvin Kenneth Boykin; and Petition 1993-63, M. Kenneth Boykin.

On a motion by School Board Member Pearson, seconded by Commr. Gerber and carried unanimously, the VAB upheld the recommendation of the Property Appraiser and denied the agricultural classification on Petition 1993-64, M. Kenneth Boykin, et al.

PETITION 1993-82 Lucille M. Espey

Mr. Robbie Ross, Tangible Personal Property Supervisor, informed the VAB that the petitioner is appealing the assessment for tangible property, in the amount of $4,920.00. Mr. Ross explained that the assessment was calculated in the same manner as the previous tangible property cases.

It was noted that no one was present to discuss the appeal.

On a motion by School Board Member Pearson, seconded by Commr. Gerber and carried unanimously, the VAB upheld the recommendation of the Property Appraiser and approved the tangible assessment in the amount of $4,920.00, for Lucille M. Espey.

PETITION 1993-84 Nancy Edenfield

Mr. Frank Royce, Senior Appraiser, informed the VAB that the petitioner was appealing the assessment in the amount of $67,927.00. Mr. Royce described the property, and stated that the land has been assessed at $12,718.00; improvements at $55,209.00; for a total assessment of $67,927.00. At this time, Mr. Royce presented comparables to the property.

It was noted that no one present wished to discuss the appeal.

PETITION 1993-169 Lake Medical Imaging

Mr. Frank Royce, Senior Appraiser, noted for the record that the petitioner withdrew the petition for appeal.

There being no further business to be brought to the attention of the VAB, the meeting adjourned at 1:30 p.m.

CATHERINE C. HANSON, CHAIRMAN

ATTEST:

JAMES C. WATKINS, CLERK

TMR\BOARDMIN\10-1-93\10-19-93

A SPECIAL MEETING OF THE BOARD OF COUNTY COMMISSIONERS

OCTOBER 1, 1993

The Lake County Board of County Commissioners met in special session on Friday, October 1, 1993, at 4:00 p.m., in the Board of County Commissioner's Meeting Room, Lake County Administration Building, Tavares, Florida. Commissioners present at the meeting were: G. Richard Swartz, Jr., Chairman; Catherine Hanson, Vice Chairman; Rhonda H. Gerber; Don Bailey (Commr. Bailey was not present due to another commitment); and Welton G. Cadwell. Others present were: Annette Star Lustgarten, County Attorney; Peter F. Wahl, County Manager; James C. Watkins, Clerk; Barbara Lehman, Chief Deputy, Finance and Audit Department; and Marlene S. Foran, Deputy Clerk.

BONDS/RESOLUTIONS/SOLID WASTE

The Chairman, Commr. Swartz, announced that the special meeting on the resolution authorizing the refunding of the Lake County Adjustable Tender Resource Recovery Industrial Development Revenue Bonds Series 1988A, and the Lake County Taxable Mandatory Tender Obligation Resource Recovery Industrial Development Revenue Bonds, Series 1988B would be continued until 4:30 p.m., or as soon thereafter as possible, due to the bond materials not being available at this time.

No one present wished to comment on the continuation of this meeting.

On a motion by Commr. Hanson, seconded by Commr. Gerber and carried unanimously, the Board approved to continue the special meeting on the Series 1988A & Series 1988B Resource Recovery Revenue Bonds until 4:30 p.m., or as soon thereafter as possible.

RECESS & REASSEMBLY

At 4:05 p.m., the Chairman announced that the Board would recess and reconvene at 4:30 p.m., or as soon thereafter as possible, for the special meeting on the Series 1988A & Series 1988B Resource Recovery Revenue Bonds.

BONDS/RESOLUTIONS/SOLID WASTE (CONTINUED)

The Chairman reconvened the special meeting in regard to the resolution authorizing the refunding of the Lake County Series 1988A and 1988B Resource Recovery Revenue Bonds.

Mr. Rick W. Patterson, Managing Consultant, Public Financial Management, Inc., appeared before the Board and introduced Mr. Steve Miller, Nabors, Giblin & Nickerson, P.A.; Mr. Thomas Giblin, Esquire, Nabors, Giblin & Nickerson, P.A.; Mr. Richard Wells, Senior Managing Underwriter, PaineWebber, Inc.; Mr. Scott Richbourg, PaineWebber, Inc.; Mr. Michael D. Williams, Honingman, Miller, Schwartz & Cohn; and Mr. Robert Mellen, III, Akerman, Senterfitt & Eidson, P.A. Mr. Patterson stated that, on behalf of Public Financial Management, Inc., he was pleased to present the Report of the Independent Financial Advisor regarding the Issuance of $69,615,000 Resource Recovery Industrial Development Refunding Revenue Bonds (NRG/Recovery Group Project), Series 1993A; and $7,935,000 Taxable Resource Recovery Industrial Development Refunding Revenue Bonds (NRG/Recovery Group Project), Series 1993B for the purpose of refinancing the outstanding Adjustable Tender Resource Recovery Industrial Development Revenue Bonds, Series 1988A and the Taxable Mandatory Tender Obligation Resource Recovery Industrial Development Revenue Bonds, Series 1988B.

Mr. Patterson reviewed the recommended financing parameters based on Variable-to-Fixed Rate Conversion under current Fixed Interest Rate Market and Historical Weekly Variable Interest Rates and stated that the current projections are as follows:

Tipping Fee Increase

Year 1 $.50

Year 1-5 $.65

True Interest Cost

Combined Series 1993 Bonds 6.004604%

Weighted Average Maturity

Combined Series 1993 Bonds 13.74 Years

Gross Debt Service Savings $16,378,117

Present Value Debt Service Savings $6,609,554

Average Debt Service Savings per Ton $4.03

Mr. Patterson stated that, based upon PFM's experience with other resource recovery financings in Florida and across the country, based on their knowledge of the tax-exempt market, and based upon the review of recent comparable financings in the state and the nation, PFM is of the opinion that the combined true interest cost for the Series 1993 Bonds of 6.005% is fair and equitable, and that the underwriting spread of 0.010426%, or approximately $10.426 per $1,000, is also fair and appropriate for this transaction. Accordingly, PFM recommends that the Board approve the financing, and award the sale of the Series 1993 Bonds to PaineWebber, Inc.

Mr. Tom Giblin appeared before the Board and explained that the action required by the Board was the approval of the Bond Resolution, which was presented to the Board prior to the start of the meeting this date. He explained that the Exhibits attached to said resolution are legal documents relating to the issuance of the bonds, and explained that the Purchase Contracts outline various conditions that must be met by the County prior to the actual delivery of the bonds; the Preliminary Official Statement, dated September 21, 1993, was the offering prospectus for the Series 1993A Bonds and the Series 1993B Bonds; and the Escrow Deposit Agreement was the agreement under which the bond proceeds would be utilized by First Union National Bank of Florida, as the Escrow Agent and Trustee, to pay off the Series 1988A Bond holders.

He noted that the bond closing was scheduled for October 14, 1993.

Commr. Hanson made a motion, which was seconded by Commr. Gerber, to approve and authorize the Chairman to execute Resolution No. 1993-165 authorizing the refunding of the Lake County, Florida Adjustable Tender Resource Recovery Industrial Development Revenue Bonds Series 1988A and Lake County, Florida Taxable Mandatory Tender Obligation Resource Recovery Industrial Development Revenue Bonds, Series 1988B.

Commr. Swartz expressed his appreciation to County staff and the Clerk's Office for their assistance in this activity and stated that the County has received an outstanding rate on the Series 1993A Bonds and has successfully refinanced to a Fixed Rate.

The Chairman called for a vote on the motion, which carried unanimously.

Commr. Bailey was not present for the discussion or vote.

Mr. Richard Wells appeared before the Board and commented that the No-Burn Analysis, the decision to renegotiate with Ogden Martin Systems of Lake, and the Ad-Hoc Financing Advisory Committee combined worked to the County's benefit in terms of the interest rates. He expressed his appreciation, on behalf of PaineWebber, Inc., and all of the underwriters, for allowing them to work with the County and all those involved on the refinancing of the bonds.

There being no further business to be brought to the attention of the Board, the meeting adjourned at 5:05 p.m.

CATHERINE C. HANSON, CHAIRMAN

ATTEST:

JAMES C. WATKINS, CLERK

MSF/10-14-93/10-1-93