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As described in the professional services agreement, Phase 1 <br />includes determining the project benefits, identifying possible <br />funding sources and completing an economic analysis. Phase 2 would <br />include the preparation of the final funding formulae and financing <br />plan, and completing all necessary legal and implementation <br />procedures to enact the program. <br />RSCObIId MATMUS AND FUNDING <br />The Beach & Shores Preservation Advisory Committee recommends <br />approval of the Economic Analysis and Cost Allocation Plan (Phase <br />1) and to proceed with Phase 2 to complete the necessary <br />implementation procedures to enact the program. <br />(A) - PRESENTATION OF THE PLAN BYAPPLIED TECHNOL OG Y AND <br />MANAGEMENT, INC <br />Coastal Engineer Jeff Tabar introduced Camille Gianatasio, the Financial Consultant; <br />Karyn Erickson of Applied Technology; Dr. Tom Curtis, Economist; and Attorney George <br />Nickerson of Nabors, Giblin & Nickerson, P.A. <br />Karyn Erickson, Applied Technology and Management, Inc., gave a brief <br />presentation of the Plan and noted that the costs predicted do not include environmental <br />mitigation, while the recreational benefits accrue to the entire community and the storm <br />protection and land loss benefits accrue solely to oceanfront property owners: <br />Indian River County has approximately 22 miles of barrier island beaches from <br />Sebastian Inlet south to Round Island Park. Eight (8) miles are listed as critically <br />ti <br />eroded. While 20 percent of Florida's 1,350 miles represent erosional beach <br />areas, almost 40 percent of Indian River County is critically eroded. The causes <br />of this erosion vary from downdrift impacts of the Sebastian Inlet to localized <br />physical features resulting in chronic erosional trends to large-scale storm events <br />which trigger major losses of sand. <br />Four (4) project areas have been identified for beach nourishment as described <br />in the Indian River County Beach Preservation Plan (BPP). Sector 1 and 2 <br />(Ambersand Beach), Sector 3 (Wabasso Beach), Sector 5 (Vero Beach) and <br />Sector 7 (South County Beach). Highway A1A parallels the entire beach with <br />access to the barrier island via CR 510 as Sector 3 on the north beach and via <br />SR 60 and SR 656 at Sector 5 beach area for the central and south beaches. <br />Figure 1 provides a descriptive map for the eight (8) beach sectors identified in <br />the BPP. <br />JANUARY 19, 1999 <br />-45- BOOK 108 PAGE N <br />