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DEVELOPER'S AGREEMENT BETWEEN <br /> INDIAN RIVER COUNTY, FLORIDA <br /> AND <br /> POINTE WEST OF VERO BEACH, LTD <br /> THIS AGREEMENT, entered this 24th day of Apri 1 2008, by and <br /> between INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of <br /> Florida, 1801 27 h Street, Vero Beach, Florida 32960, hereafter called COUNTY, and <br /> POINTE WEST OF VERO BEACH, LTD. , 1999 Pointe West Drive, Vero Beach, <br /> Florida 32966, hereafter referred to as DEVELOPER. <br /> WITNESSETH <br /> WHEREAS, the DEVELOPER has applied to develop a commercial development to be <br /> known as Pointe West Town Center, consisting of 85 ,866 square feet of mixed use <br /> commercial space (the "Project") to be built at the intersection of 16th Street and Pointe <br /> West Drive in Indian River County, Project Number 99070081 -60722 , the legal <br /> description is attached as Exhibit A and incorporated herein by reference, and; <br /> WHEREAS, the COUNTY and DEVELOPER share mutual concerns with respect to <br /> improvements at the intersection of State Road 60 and 58th Avenue and, <br /> WHEREAS, the COUNTY is planning to construct roadway improvements at the <br /> intersection of State Road 60 and 58`h Avenue and; <br /> WHEREAS, both the COUNTY and DEVELOPER can mutually benefit each other <br /> through a joint effort that will share the cost of the proposed State Road 60 and 58` ' <br /> Avenue intersection improvements . <br /> NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, <br /> covenants and premises hereinafter, the COUNTY and DEVELOPER agree as follows: <br /> 1 . The above recitals are affirmed as being true and correct and are thereby <br /> incorporated herein. <br /> 2 . Off- Site Intersection and Roadway Improvements : <br /> To accommodate increased traffic generated by the Project, the COUNTY <br /> would be required to make improvements to the intersection of State Road 60 <br /> and 58th Avenue in the amount of $ 13 ,500,000 of which the DEVELOPER' S <br /> fair share cost is 2. 05% or $276, 804. The DEVELOPER shall pay to the <br /> COUNTY the sum of $276, 804 prior to the issuance of building permits for <br /> the project. This amount is based on the Project impact on the intersection of <br /> State Road 60 and 58th Avenue, as shown in Exhibit `B" (attached) . No <br /> impact fee credit shall be given to the DEVELOPER as a result of the <br /> payment. <br /> 1 <br />