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Indian River County, Florida Department of Utility Services Board Memorandum Date: May 12, 2021 To: Jason E. Brown, County Administrator From: Vincent Burke, PE, Director of Utility Services Prepared By: John Boyer, PE, Utility Engineer Subject: Shadow Brook Subdivision Water Assessment Project Resolution IV: Final Assessment Roll Background On October 20, 2020, the Indian River County Board of County Commissioners (BCC) approved the adoption of Resolution 1 (2020-091) and Resolution II (2020-092) for a special assessment in connection with a water main extension from 58th Avenue to 34th Street, including 58th Court and 34th Lane within Shadow Brook Subdivision and certain properties abutting 34th Street, 58th Court and 34th Lane, located within unincorporated Indian River County. Subsequently, on December 8, 2020 the BCC adopted Resolution III (2020-111) for Shadow Brook Subdivision. The project was approved with a budget of $126,000.00, and: a. A total of fifteen (15) benefitting parcels as part of the special assessment lien; b. An assessment cost per parcel of $8,400.00; and C. Allowed owners of benefitting properties to finance the assessment cost of $8,400.00 through the County for up to 10 years, payable in ten equal yearly installments at an annual interest rate set by the BCC when improvements are completed. Analysis Construction of the project is now complete and the new water system has been placed into service. The actual project cost is summarized below: Item Description Estimated Cost at Actual Project Cost Resolution III (Final) Shadow Brook Water Assessment $126,000.00 $119,950.85* *The Actual Project Cost includes construction, surveying, permitting, IRC staff time and administrative fees. The resulting cost savings will reduce the per -parcel cost for benefitting properties. There are 15 benefitting properties in the project. Thus, the Final Per -Parcel Cost will be: $ 119,950.85 / 15 = $7,996.72 124