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DEVELOPER'S AGREEMENT BETWEEN
<br /> INDIAN RIVER COUNTY, FLORIDA
<br /> AND
<br /> NAP INDIAN RIVER II LLC
<br /> THIS AGREEMENT is made and entered into this 200 day of fJlnV 20085
<br /> by and between Indian River County, Florida, a political subdivision of the State of Florida, 1801
<br /> 271b Street, Vero Beach, Florida 32960 ("County"), and NAP Indian River II LLC, a Florida
<br /> limited liability company, 7500 College Parkway, Ft. Myers, FL 33907("Developer").
<br /> WITNESSETH
<br /> WHEREAS, the Developer proposes to develop a commercial shopping center, located on
<br /> the east side of U. S. 1 , north of 53`d Street, in Vero Beach, Florida, to be known as The Landings
<br /> ("Project"); and
<br /> WHEREAS, as proposed, The Landings will be comprised of 7 commercial lots, including
<br /> approximately 19,843 square feet of commercial retail space; an 85 room motel; a gas station with
<br /> 12 fuel stations; 13,000 square feet of restaurant space; 1 ,794 square feet of fast food restaurant
<br /> with drive-thru; 5,000 square feet of bank with drive-in; 5,000 square feet of retail (convenience
<br /> store), together with other amenities, on approximately 15 acres of land. A legal description of the
<br /> property is attached hereto as Exhibit "A"; and
<br /> WHEREAS , the County desires to design and implement improvements to 53rd Street West
<br /> of U.S . 1 and to the intersection of U. S. I and 53 `d Street, and has included such intersection and
<br /> roadway improvements in its funding priorities over the next five years; and
<br /> WHEREAS, the County and the Developer share mutual goals and can assist each other with
<br /> respect to right-of-way acquisition, roadway improvements, and other improvements described
<br /> herein;
<br /> NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, covenants,
<br /> and premises stated herein, and other good and valuable consideration, the receipt and sufficiency
<br /> of which is hereby acknowledged, the County and the Developer agree as follows:
<br /> 1 . Recitals : The foregoing recitals are incorporated as if fully restated herein.
<br /> 2. Intersection and Roadway Design and Permitting: No later than September 30,
<br /> 2008, County will plan, survey, design, and obtain all necessary permits for construction of the
<br /> proposed improvements from the centerline of U. S. 1 at the intersection of 53`d Street and U.S . 1 to
<br /> west right-of-way line of Old Dixie Highway as described in the County Plans, ("Roadway
<br /> Improvements"). Upon completion, said plans, designs, surveys and specifications shall be
<br /> incorporated by reference and made a part of this Agreement.
<br /> 3 . A. Intersection and Roadway Construction: County and Developer acknowledge
<br /> that County intends to design, permit, and construct 53`d Street from Old Dixie Highway west to
<br /> the Lateral H canal, including a bridge across the canal ("County Project"). Developer shall
<br /> substantially complete construction of the Roadway Improvements contemplated in this
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