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RESOLUTION NO. 87- 27 j A RESOLUTION OF THE BOARD OF COUNTY f, ® COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, PROVIDING FOR CERTAIN PAVING AND DRAINAGE IMPROVEMENTS TO 98TH AVENUE ® SOUTH OF S.R. 60; PROVIDING THE TOTAL ESTIMATED COST, METHOD OF PAYMENT OF ASSESSMENTS, NUMBER OF ANNUAL INSTALLMENTS AND LEGAL DESCRIPTION OF THE AREA SPECIALLY BENEFITED. WHEREAS, the County Public Works Department has received a public improvement petition, signed by more than 2/3 of the owners of property in a portion of the area to be specially benefited, requesting paving and drainage improvements to 98th Avenue South of S.R. 60; and WHEREAS, the petition has been verified and meets the requirements of Section 11-23, and design work including cost estimates have been completed by the Public Works Department; and WHEREAS, the total estimated cost of the proposed improvements is $42,309.13; and WHEREAS, the special assessment provided hereunder shall, for any given record owner of property within the area specially benefited, be in an amount equal to that proportion of seventy-five percent (758) of the total cost of the project which the number of lineal feet of road frontage owned by the given owner bears to the total number of lineal feet of road frontage within the area specially benefited; and WHEREAS, the special assessment shall become due and payable at the Office of the Tax Collector of Indian River County ninety (90) days after the final determination of the special assessment pursuant to Section 11-34; and WHEREAS, Indian River County Shall pay the remaining twenty-five percent (258)of the toal cost of the project; and WHEREAS, any special assessment not paid within said ninety (90) day period shall bear interest beyond the due date at a rate established by the Board of County Commissioners at the time of preparation of the final assessment roll, and shall be payable in two (2) equal installments, the first to be made twelve (12) months from the due date and the second to be made twenty-four (24) months from the due date; and WHEREAS, after examination of the nature and anticipated usage of the proposed improvements, the Board of County Commi.sioners has determined that the following described properties shall receive a direct and special benefit from these improvements, to wit: All Tract 16, Section 4-33-38 and the S 625 ft. of E 515 ft, of Tract 9, Section 4-33-38, Indian River Farms Co. Subdivison PBS 2-25. 77