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RESOLUTION NO. 86- 47 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, PROVIDING FOR CERTAIN PAVING AND DRAINAGE IMPROVEMENT TO IST LANE BETWEEN 27TH AND 32ND AVEVUES; PROVIDING THE TOTAL ESTIMATED COST, METHOD OF PAYMENT OF ASSESSMENTS, NUMBER OF ANNUAL INSTALLMENTS, AND IEGAL 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 the area to be specially benefited, requesting paving and drainage improvements to 1st Lane between 27th and 32nd Avenues; and WHEREAS, the petition has been verified and meets the requirements of Section 11-23, Indian River County Code of Laws and Ordinances, and design work including cost estimates has been ca pleted by the Public Works Division; and WHEREAS, the total estimated cost of the proposed im- provements is $39,032.95; 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 seventy-five percent (75%) 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 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 Section 11-34, Indian River County Code of Laws and Ordinances; and WHEREAS, Indian River County shall pay the remaining twenty-five percent(258) of the total cost of the project; and AhiEREAS, 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 Ccmnissioners at the time of prepar- ation 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 mature and anticipated usage of the proposed improvements, the Board of County Corrmissioners has determined that the following described properties shall receive a direct and special benefit from these improvements, to wit: