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At RESOLUTION NO. 85- 26 40 A RESOLUTION OF THE HOARD OF COUNTY COMMSSIONERS OF INDIAN RIVER COUNTY, FLORIDA, PROVIDING FOR CERTAIN PAVING MID DRAINAGE IMPROVEMENT TO 16TH STREET BETWEEN KINGS HIGHWAY (58TH AVENUE) AND 51ST COURT; PROVIDING THE TOTAL ESTIMATED COST, Mb-rHOD OF PAYMENT OF ASSESSMENTS, NL]MBER OF ANNUAL, INSTALL- MENTS, AND LEGAL DESCRIPTION OF THE AREA SPECIALLY BENEFITED. • WHEREAS, the County Public Works Department has received a public improvement petition, signed by the owners of more than 2/3 of the property in the area to be specially benefited, requesting paving and drainage iniprovements to 16th Street between Kings Highway (58th Ave.) and 51st Court; and WHEREAS, the petition has been verified and meets the I requirements of Ordinance 81-27, and desig., work including cost esti- mates has been canpleted by the Public Works Division; and WHEREAS, the total estimated cost of the proposed im- provements is $121,997.96; and WHEREAS, the special assessment provided hereunder shall, for any given record owner of property within the area specially bene- fited, be in an amount equal to that proportion of tiii.rty percent (30%) of the total cost of the project which the number of acres of land in the benefited area owned by the given owner bears to the total number of acres within the area specially benefited, and shall became 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 seventy percent (70%) 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 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 fran the due date and the second to be made twenty-four(24) months frau the due date; 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 frau these improvements, to wit: All land lying East of the East right-of- way line of Kings (58th Avenue); South of the South right-of-way line of the Indian River Farms Water. Control District's Main Canal; and North of the North right-of-way