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6-10-87(PP6)PWD(SPBrt) RESOLUTION NO. 87-61 A RESOLUTION OF THE BOARD OF COUNTY ® COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, PROVIDING FOR CERTAIN PAVING AND DRAINAGE IMPROVEMENTS TO FLORIDA RIDGE SUBDIVISION; PROVIDING THE TOTAL ESTIMATED COST, METHOD OF PAYMENT OF ASSESSMENTS, NUMBER OF ANNUAL INSTALL- MENTS, AND LEGAL DESCRIPTION OF THE AREA SPECIALLY BENEFITED. WHEREAS, the County Public Works Department has received public improvement petitions, signed by more than one-half of the owners of property for FLORIDA RIDGE SUBDIVISION, to be specially benefited, requesting paving and drainage improvements; and WHEREAS, the petitions have been verified and meet the require- ments of Section 11-23, Indian River County Code of Laws and Ordinances; and cost estimates have been ccu pleted by the Public Works Division; and WHEREAS, the total estimated cost of the proposed improvements is TIMM HUNDRED EIGHT THOUSAND, TWO HUNDRED FIFTY DOLLARS ($308,250.00); and WHEREAS, the special assessments 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; the potential number of buildable lots which are (owned by the given owners) in relation to the total number of parcels 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, Indian River County Cade of Laws and Ordinances; and WHEREAS, Indian River County shall pay the remaining twenty-five percent(25%) of the total 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 Cc missioners at the time of preparation of the final assessment roll, and shall be payable in five (5) equal installments, the first to be made twelve (12) months from the due date and the subsequent payments to be due yearly; and WHEREAS, after examination of the nature and anticipated usage of the proposed improvements, the Board of County Commissioners has determined that the following described properties shall receive a direct and special benefit from these improvements, to wit: The Southwest one-quarter of Southeast one-quarter and all that part of the Southeast one-quarter of Southeast one-quarter lying West of Florida East Coast Railway, Section 31, Township 33 South, Range 40 East, Indian River County, Florida. Beginning at point on South line of North one-half of North one-half of Northeast one-quarter and intersecting with West right-of-way line of Turnpike Feeder Road, thence northly along right-of-way 150 feet, thence West 150 feet, thence 31