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E71 RESOLUTION NO. 85- 7 ® A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, PROVIDING FOR CERTAIN PAVING AND DRAINAGE IMPROVEMENT TO 3RD STREET: ® BETWEEN 18TH AVENUE AND 20TH AVENUE; PROVIDING THE TOTAL ESTIMATED COST, METHOD OF PAYMENT OF ASSESSMENTS, NUMBER OF ANNUAL INSTAt,U4WM, AND LEGAI, DESCRIPTION OF THE AREA SPECIALLY BENEFITED. wHEFsAS, the County Public Works Department has received • O a public improvement petition, signed by more than 2/3 of the owners of property in the area to be specially benefited, requesting paving and drainage improvements to 3rd Street between 18th and 20th Avenues; and WHEREAS, the petition has been verified and meets the requirements of Ordinance 81-27, and design work including cost esti- mates has been completed by the Public WorYs Division; and WHEREAS, the total estimated cost of the proposed im- provements is $14,273.00; and WHEREAS, the special assessment provided hereunder shall, for any given record owner of property within the area specially bene- fited, be in an amunt equal to that proportion of seventy-five percent(75%) of the total cost of the project which the number of lineal feet of road frontage awned by the given owner bears to the total number of lineal feet of road frontage within the area specially benefited, and 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 Ordinance 81-27; 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 Comnissioners at the time of preparation of the final assessment roll and, except for those parcels specifically described in the next "WHEREAS" clause, 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, to reduce the financial impact attributable to the simultaneous improvements by the County of both 19th Avenue and 3rd Street, which intersect resulting in double assessment to the four lots fronting on both projects, the special assessment against Lot 8, Block A, Lot 1, Block B, Lot 1, Block C, and Lot 8, Block D, all in Indian River Heights, Unit I Subdivision, shall be payable in three equal installments, the first to be made on or before 12 months from the due date, the second on or before 24 months, and the third on or before 36 months from the due date; and