Christopher Mitchell

 FOR IMMEDIATE RELEASE

Are Expensive Appraisals Really Needed to Save Cone Ranch?

Tampa, FL - December 17, 2009

The most important point raised in the Board of County Commissioners meeting on Cone Ranch yesterday was raised by Kent Bailey:

"Appraisals are not required by the Bond convents. Section 11.07 of Resolution R03-211 (the bond covenants) related to sale of the system assets says:

Section 11.07 (1)

The Issuer will not mortgage, pledge or otherwise encumber the System. The Issuer will not sell or otherwise dispose of any property of the System if the fair market value of the property in question as determined by the Qualified Independent Consultant:

(b)

exceeds $500,000, unless (i) the Director of the Water Department first finds in writing that such property is no longer necessary, useful or profitable in the operations of the System, (ii) next the Qualified Independent Consultant finds in writing that it is in the best interest of the Issuer that such property be sold of disposed of, and (iii) then the Governing Body, by resolution, concurs in the finding of the Director of the Water Department and the Qualified Independent Consultant, and authorizes the sale or other disposition of such property.

The requirements of the appraisal and sale at "highest and best use" simply are not there."

We agree with Commissioner Beckner that the decision to move forward with an appraisal that can cost tax payers $200k- $250k is unwarranted without first fully understanding the options available to transfer Cone Ranch to the Environmental Lands Acquisition and Protection Program (ELAPP). In our conversation with attorney and Cone Ranch Advisory Panel member, Pamela Jo Hatley, she informed us that neither Mike Merril nor his bond council could explain where the "highest and best use" language is in the bond covenant. This supports the assertion of Kent Bailey that we should be able to transfer the property as outlined in Section 11.07 (1) (b) without having to spend more than the value presently on the books for Cone Ranch.

It should surprise no one that the Water Department and their bond council have the position that the Water Department should receive the highest amount for Cone Ranch that it can. It is widely expected that the appraisal of Cone Ranch will come in much higher than the $12 million value that is now on the books. Every million spent by ELAPP above that is a million that will not be available for other vital conservation projects. The process stipulated in Section 11.07 (1) (b) should be examined carefully as an opportunity to Save Cone Ranch for little more than the cost already on the Water Department books.

Saving Cone Ranch has implications that reach beyond our county. When Hillsborough County draws water from the aquifer, it draws from water that Floridians outside the county also depend on. As we look at how to proceed with our stewardship over Cone Ranch, we must be mindful that this decision is so important it also affects the entire region and therefore our state. Sometimes an agency directly responsible for a particular issue overlooks the best solution. It then becomes the responsibility of those who are aware of more cost effective solutions to speak up.

Statement from Christopher Mitchell:
"It's important that we make efficient and effective use of the monies entrusted to government by the tax payers. If there is a way to Save Cone Ranch without needlessly reducing limited taxpayer dollars allocated to conservation or without expensive appraisals, then we should examine those options first."

Contact:
Campaign For Christopher Mitchell
State Representative, District 47
Email: Contact@ChrisMitchell2010.com
Phone: 813.398.9804
Website: ChrisMitchell2010.com