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s! 40 • 6 Tourist Development Taxes (TDT) generate about $1.0 million annually and the County is allowed by statute to expend up to 50 percent of these revenues on beach improvement projects. Based on collections of the tourist development tax in 1998, and assuming no increase in collections over the next 5 years, this revenue source will provide $504,200 annually, or $2,827,650 over the 1999- 2004 project implementation period. The Local Government Infrastructure Surtax, also referred to as the local option sales tax, was evaluated to determine (a) the amount required to fund the remaining balance of the project cost ($6,130,467) and (b) the amount required from special assessments to pay the remaining balance if $1.0 million is dedicated from the local option sales tax. To defray the entire balance of the remaining initial project costs ($6,130,467) using the local option sales tax, the County would be required to allocate an average of $1.25 million annually from these tax collections. These collections mjrrPntly nrnvirla nnnrnvimotcly $Q million 4� the County on an average annual basis and provide a source of revenue available through the 1999-2004 period. Special Assessments are available as a source of revenue to fund a portion of the remaining project costs should the County determine that the required $6.13 million in local option sales tax funds are not available for this purpose. Two requirements exist for the imposition of a special assessment: (1) the property assessed must derive a special benefit from the improvement or service provided and (2) the assessment must be fairly and reasonably apportioned among the properties that receive a special benefit. The storm protection element of the project clearly provides a special benefit to coastal property and the storm protection benefits received by each parcel provide a sound basis for allocating these costs. M/REPORTSM89BOA061 I V99 ES -4 GRv/1999N9.11.98980