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r- OCT -51993 BOOK 90 Fa:cr- 689 -7 RESOLUTION NO. 93-173 WHEREAS, existing structures are grandfathered into the Bill but will ultimately be denied insurance after two claims totaling 50 per cent within ten years; and WHEREAS, this Bill would prohibit federally backed mortgage financing institutions from financing structures within flood prone areas unless such structures were insured under the National Flood Insurance program; and WHEREAS, this Bill would therefore greatly diminish the value of property within virtually every coastal community in the nation because owners could not insure the structures on their property or sell to buyers having to finance the purchase of such property; and WHEREAS, the Property Appraiser of Indian River County has determined that the coastal properties of said county generate over 48 million dollars in tax revenue and this amount is 43 per cent of the entire Indian River County budget and has concluded that this Bill would drastically reduce the tax base of Indian River County; and WHEREAS, this Bill would impose no similar prohibitions on the insurability of structures within other areas of the nation which are chronically and predictably flood prone, such as the riverine areas, even though statistics show that number and value of flood insurance claims from riverine areas have exceeded those from coastal areas; and WHEREAS, the severe economic impact of the Bill on coastal tax bases has not been considered and this impact far exceeds the intent of the Bill; and WHEREAS, the Senate should not enact this Bill in' its current form due to this inequity and fundamental unfairness to coastal property owners; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, that: 1. The Board urges the Senate to reject Senate Bill 1450 in its current form due to its devastating impact on the tax base and fundamental unfairness to the nation's coastal property owners, and in particular, those in Florida who make up more than 43.per cent of all - National Flood Insurance program policy holders. 2. The Board strongly recommends that the actuarial soundness of the National Flood Insurance Program be significantly increased by enforcing regulations to mandate that the other 8.5 million uninsured structures in federally designated flood areas be brought into compliance. 3. The Board further recommends that the controversial and scientifically unreliable mapping to create 30 and 60 year coastal zones of erosion be deleted until the chronic and repetitive riverine losses are addressed. The resolution was moved for adoption by Commissioner Eggert, and the motion was seconded by Commissioner Tippin, and, upon being put to a vote, the vote was as follows: Chairman Richard N. Bird Aye Vice Chairman John W. Tippin Aye Commissioner Carolyn K. Eggert Aye Commissioner Fran B. Adams Aye Commissioner Kenneth R. Macht Aye The Chairman thereupon declared the resolution duly passed and adopted this 5 day of October, 1993. Attest: Jefey K. Ba ton, CCerk BOARD OF COUNTY COMMISSIONERS INDIAN RIVER COUNTY, FLORIDA Byi Rchard �NBi�rd� Chairman 20