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A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA, PROVIDING FOR <br />CERTAIN PAVING AND DRAINAGE IMPROVEMENTS TO 87TH <br />STREET FROM 102ND AVENUE TO C.R. 510 IN VERO LAKES <br />ESTATES, PROVIDING THE TOTAL ESTIMATED COST, <br />METHOD OF PAYMENT OF ASSESSMENTS, NUMBER OF <br />ANNUAL INSTALLMENTS, AND LEGAL DESCRIPTION OF THE <br />AREA SPECIFICALLY BENEFITTED. <br />WHEREAS, the County Public Works Department has <br />initiated a public improvement assessment for Road Paving and <br />Drainage Improvement for 87th St. from 102nd Ave. to C.R. 510 in <br />Vero Lakes Estates, in cooperation with the Vero Lakes Estates <br />Property Owners Association Road and Drainage Committee. <br />WHEREAS, the construction of paving and drainage <br />improvements by special assessment funding is authorized by <br />Section 11-21, 11-22, and 11-41, Indian River County Code of Laws <br />and Ordinances; and cost estimates and preliminary assessment <br />rolls have been completed by the Public Works Department; and the <br />total estimated cost of the proposed paving and drainage <br />improvements is ONE HUNDRED SIXTY THOUSAND, SIX HUNDRED AND TWO <br />DOLLARS and SIXTY CENTS ($160,602.60); and <br />WHEREAS, the special assessment provided hereunder <br />shall, for any given record owner of property within the area <br />specially benefited, be in an amount equal to that proportion of <br />seventeen percent (17%) of the total cost of the project <br />($26,822.60) which the number of lineal feet of road frontage <br />owned by the given owner bears to the total number of lineal feet <br />of road frontage within the areas specially benefited and <br />eighty-three (83%) of the total cost of the project ($133,780.00) <br />will come from other revenue sources; and <br />WHEREAS, the special assessment shall become due and <br />payable at the Office of the Tax Collector of Indian River County <br />ninety (90) days after the final determination of the special <br />assessment pursuant to Section 11-47, Indian River County Code of <br />Laws and Ordinances; and <br />WHEREAS, any special assessment not paid within said <br />ninety (90) day period shall bear interest beyond the due date at <br />a rate established by the Board of County Commissioners at the <br />time of preparation of the final assessment roll, and shall be <br />payable in two (2) equal installments, the first to be made <br />twelve (12) months from the due date and subsequent payments to <br />be due yearly; and <br />