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3120103RESO(LEGAL)WGC/nhm <br />RESOLUTION NO. 2005- 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 />