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ORDINANCE NO. 2008- 013 <br />AN ORDINANCE OF THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA, AMENDING THE CODE OF INDIAN RIVER <br />COUNTY SECTIONS 214.02, 214.05 AND 214.06, STATE <br />ROAD 60 INTEREST SHARE FEE; TO PROVIDE FOR <br />APPROVAL OF CHANGES TO THE TECHNICAL <br />MEMORANDUM; PROVIDING FOR CODIFICATION; <br />PROVIDING FOR SEVERABILITY; AND PROVIDING FOR <br />AN EFFECTIVE DATE. <br />WHEREAS, Indian River County Code Chapter 214 is known as the "State Road <br />60 Interest Share Fee Ordinance"; and <br />WHEREAS, the Florida Department of Transportation (FDOT) is planning to <br />expand State Road 60 from four to six lanes between 66th Avenue and 1-95; and <br />WHEREAS, the County by resolution has agreed to enter into an Advance <br />Construction Agreement with FDOT to provide for the advance construction of State <br />Road 60 expansion, conditioned upon the advancement of their cost of construction by <br />the County; and <br />WHEREAS, the purpose and intent of this ordinance is to provide a method for <br />the County to recapture the amount of interest lost when the County advances funds to <br />FDOT to move the expansion of State Road 60 forward on the FDOT's five year <br />Transportation Improvement Program and <br />WHEREAS, the County estimated the cost of construction of the State Road 60 <br />segment from 66th Avenue to 82nd Avenue to be $38,000,000 but more recent <br />estimates now project the cost of construction to be $23,833,362.00; and <br />WHEREAS, the County estimated the cost of construction of the State Road 60 <br />segment from 82nd Avenue to 1-95 to be $30,000,000 but more recent estimates now <br />project the cost of construction to be $15,400,000 and <br />WHEREAS, due to the change in construction cost estimates, the Technical <br />Memorandum incorporated by reference into the State Road 60 Interest Share Fee <br />Ordinance must be changed to reflect the modified cost and interest projections; <br />NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that <br />SECTION 1. AMENDMENT. <br />1 <br />F:\Attorney\Bill\Ordinance Amendments\State Road 60\amended ordinance.doc <br />