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RESOLUTION NO. 2007- 025 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AUTHORIZING THE CHAIRMAN TO EXECUTE JOINT PARTICIPATION AGREEMENTS WITH THE FLORIDA DEPARTMENT OF TRANSPORTATION TO ADVANCE CONSTRUCTION OF SEGMENTS OF STATE ROAD 60 WHEREAS, the anticipated transportation demands on State Road 60 from 66th Avenue to 82nd Avenue and from 82nd Avenue to I-95 (the Segments) will exceed the level of service established in the Comprehensive Plan; and WHEREAS, if improvements are not made to the Segments, and traffic exceeds the level of service, applications for New Development would be denied as they would not meet the requirements of the Concurrency Management System; and WHEREAS, improvement to the Segments will eliminate existing deficiencies and create new capacity on the Segments; and WHEREAS, in order for the Segments to meet the requirements of the Concurrency Management System, the improvements must appear in the first three years of the Florida Department of Transportation's work plan; and WHEREAS, in order for the improvements to the Segments to appear in the first three years of the FDOT work plan, the County must supply the funding to FDOT; and WHEREAS, the County, by resolution, has determined to agree with the Florida Department of Transportation to enter into Advance Construction Agreements providing for the advance construction of the Segment Improvements conditioned upon the advancement of their cost of construction by the County; and WHEREAS, the Advance Construction Agreements will provide for reimbursement to the County from available State and Federal Funds of the principal amount advanced but do not provide or allow for any reimbursement to the County for the Interest Component; and WHEREAS, the County and FDOT have agreed to enter into a Joint Participation Agreement for advancing construction of SR 60, whereby construction funding of approximately $38 Million will be advanced by Indian River County in 2007/08, and an additional $30 million will be advanced by Indian River County in 2008/09;