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DEVELOPER'S AGREEMENT BETWEEN INDIAN RIVER COUNTY, FLORIDA AND POINTE WEST OF VERO BEACH, LTD THIS AGREEMENT, entered this 24th day of Apri 1 , 2008, by and between INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida, 1801 27 h Street, Vero Beach, Florida 32960, hereafter called COUNTY, and POINTE WEST OF VERO BEACH, LTD., 1999 Pointe West Drive, Vero Beach, Florida 32966, hereafter referred to as DEVELOPER. WITNESSETH WHEREAS, the DEVELOPER has applied to develop a commercial development to be known as Pointe West Town Center, consisting of 85,866 square feet of mixed use commercial space (the "Project") to be built at the intersection of 16th Street and Pointe West Drive in Indian River County, Project Number 99070081-60722, the legal description is attached as Exhibit A and incorporated herein by reference, and; WHEREAS, the COUNTY and DEVELOPER share mutual concerns with respect to improvements at the intersection of State Road 60 and 58th Avenue and, WHEREAS, the COUNTY is planning to construct roadway improvements at the intersection of State Road 60 and 58`' Avenue and; WHEREAS, both the COUNTY and DEVELOPER can mutually benefit each other through a joint effort that will share the cost of the proposed State Road 60 and 58`' Avenue intersection improvements. NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, covenants and premises hereinafter, the COUNTY and DEVELOPER agree as follows: The above recitals are affirmed as being true and correct and are thereby incorporated herein. Off -Site Intersection and Roadway Improvements: To accommodate increased traffic generated by the Project, the COUNTY would be required to make improvements to the intersection of State Road 60 and 58th Avenue in the amount of $13,500,000 of which the DEVELOPER'S fair share cost is 2.05% or $276,804. The DEVELOPER shall pay to the COUNTY the sum of $276,804 prior to the issuance of building permits for the project. This amount is based on the Project impact on the intersection of State Road 60 and 58th Avenue, as shown in Exhibit `B" (attached). No impact fee credit shall be given to the DEVELOPER as a result of the payment.