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3/20/03RES0(LEGAQWGC/nhm <br /> RESOLUTION NO . 2005m 005 <br /> A RESOLUTION OF INDIAN RIVER COUNTY, <br /> FLORIDA, APPROVING AN EXCHANGE OF 58TH <br /> AVENUE RIGHT-OF -WAY WITH SEGOVIA <br /> LAKES LLC . <br /> WHEREAS , SEGOVIA LAKES LLC owns 30 acres of property adjacent to 58th <br /> Avenue , lying south of the Main Relief Canal and west of the terminus of 16th Street ; <br /> and <br /> WHEREAS , Segovia Lakes desires to acquire a 0 . 91 acre County owned <br /> stormwater retention pond in exchange for a 1 . 048 acre parcel and a 0 . 497 acre parcel <br /> of property along 58th Avenue to be used as right-of-way for 58th Avenue and to align <br /> Atlantic Boulevard and 16th Street . <br /> WHEREAS , Segovia Lakes will also provide an easement to the County and <br /> necessary piping for routing stormwater runoff from 58th Avenue (expanded to six <br /> lanes) into the Segovia Lakes stormwater retention system . <br /> WHEREAS , Indian River County has agreed to pay additional compensation in <br /> the amount of $40 , 890 . 10 to Segovia Lakes as a part of the exchange ; and <br /> WHEREAS , the exchange of property between Indian River County and <br /> Segovia Lakes is part of a Developer's Agreement negotiated by the parties , and <br /> WHEREAS , the terms and conditions of the proposed exchange have been <br /> noticed in the newspaper once a week for two weeks pursuant to Florida Statute <br /> 125 . 37 , <br /> 1 <br />