§ 214.03. Findings.

The board hereby finds and determines:

(a)

The anticipated transportation demands on State Road 60 will exceed the level of service established in the comprehensive plan and thus applications for new development are anticipated to fail to meet the requirements of the concurrency management system in accommodating new trips within the State Road 60 Radius of Influence.

(b)

While the segment improvements will eliminate existing deficiencies and create new trip capacity within the State Road 60 Radius of Influence consistent with the transportation projections contained and the level of services established in the Comprehensive Plan, the State Road 60 Interest Share Fee constitutes a reasonable estimation of the interest component to be incurred to provide new trip capacity.

(c)

Projected allocation of available federal and state funds in the five-year transportation improvement program adopted by the Indian River County Metropolitan Planning Organization are insufficient to fund the segment improvements on a basis concurrent with the projected demands for transportation capacity needed by new development within the State Road 60 Radius of Influence in a manner consistent with the comprehensive plan.

(d)

The county by resolution has determined to agree with the Florida Department of Transportation to enter into advance construction agreements providing for the advance construction of the segment improvements conditioned upon the advancement of their cost of construction by the county.

(e)

The advance construction agreements will provide for reimbursement to the county from available state and federal funds of the principal amount advanced but do not provide or allow for any reimbursement to the county for the interest component.

(f)

The new trip capacity of State Road 60 generated by the segment improvements provides a direct nexus to new development occurring within the State Road 60 radius of influence under the assumptions contained in the Comprehensive Plan and benefit such new development in achieving compliance with the requirements of the concurrency management system.

(g)

It is fair, equitable and appropriate to place the burden of that portion of the interest component for the segment improvements attributable to the provision of new trips capacity on new development occurring within the State Road 60 Radius of Influence rather than absorb the loss of such interest earnings or borrowing costs which would otherwise be available to provide other essential services and infrastructure.

(h)

The portions of the technical memorandum entitled "Summary of Reimbursement Costs," "Trip Cost Allocation" and "State Road 60 Interest Share Fee Calculation," including the utilization of a two (2) percent allocation adjustment increase in the interest component in the State Road 60 Interest Share Fee calculation to accommodate costs of collection, are hereby ratified and approved.

(i)

The data set forth in the technical memorandum, which were employed in the calculation of the State Road 60 Interest Share Fee to be imposed in conformance with this chapter, are the most recent and localized data available.

(Ord. No. 2007-011, § 1, 3-13-07)