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10. EXTENSION OF 10 LOCAL OPTION SALES TAX FY 2004/05 THROUGH FY 2019/20 The Board reviewed a Memorandum of May 15, 2002: To: Through: From. Members of the Board of County Commissioners James E.Chandler County Admimstra Joseph A. Baird Assistant County As . • u 'strato Jason E. Brown Budget Manager Date: May 15, 2002 Subject: Extension of Local Option Sales Tax FY 2004/05 through FY 2019/20 Description: Chapter 212 of the Florida Statutes permits County residents to vote upon, and impose additional taxes upon themselves in order to raise monies for any number of purposes, as predefined by law. For several years now, Indian River County has had such a `discretionary surtax' in place. Commonly known as the "Local Option Sales Tax' or, more formally, the `Local Government Infrastructure Surtax," this one cent sales tax was first approved by the voters in 1989 for funding certain critical capital projects at that time. For example, county roads were upgraded to come into compliance with the Comprehensive Plan. The new Courthouse, the Indian River County Jail and the new Health Department building were all constructed using Optional Sales Tax funds. The tax was approved for a term of fifteen years During this time, the Optional Sales Tax has made possible such current projects as building expansions at both the Main and North County Libraries; and continued improvement and upgrading of the County's road system through paving, bridge repair and construction of new sidewalks and bike paths Major road projects have also been made possible by this tax. Currently, 58th Avenue, a mayor north -south conduit, is being widened to four lanes from Route 60 to Oslo Road, to better accommodate the markedly increased traffic caused by a population increase in the County. Old bridges leading to this road are also being replaced in an effort to enhance traffic flow coming from mayor streets leading to 58`h Avenue. MAY 21, 2002 -45- _a