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PROPORTIONATE SHARE AGREEMENT BETWEEN <br /> INDIAN RIVER COUNTY, FLORIDA <br /> AND <br /> OSLO 27, LLC <br /> THIS AGREEMENT, entered this 12thday of December 2006 by INDIAN RIVER <br /> COUNTY, FLORIDA a political subdivision of the State of Florida, 1840 25th Street, Vero Beach, Florida, <br /> 32960 hereafter called COUNTY and OSLO 27, LLC c/o P&S Properties of Indian River, Inc . , 3001 Ocean <br /> Drive, Suite 202 , Vero Beach, FL 32963 , hereafter referred to as the DEVELOPER. <br /> WITNESSETH <br /> WHEREAS, the DEVELOPER has applied to develop a commercial development to be known as <br /> Southern Oaks Center on a 12 . 5 acre parcel of land along the south side of Oslo Road, west of 27th Avenue, <br /> (Indian River County Project Number SP-MA-06- 10-56/2005120295), which is legally described on Exhibit <br /> "A" attached and incorporated herein by reference, and; <br /> WHEREAS, OSLO 27 , LLC is a Florida Limited Liability Corporation authorized to conduct <br /> business in the State of Florida; and is currently the owner of this property; and <br /> WHEREAS, John Swanson and Donald Proctor have the authority to act on behalf of OSLO 27, LLC <br /> and enter into this agreement binding the parties; and <br /> WHEREAS, as part of the development process, DEVELOPER has submitted a traffic study signed <br /> and sealed by a Florida licensed professional traffic engineer. Pursuant to Indian River Code §952 , the traffic <br /> study identifies the roads impacted by DEVELOPER' S proposed project; and <br /> WHEREAS, the traffic study shows DEVELOPER' S proposed project will impact the roadway link <br /> on 27th Avenue S .W. from 13th Street S . W. to 17th Street S .W. which is over the capacity as established by <br /> the County ' s Comprehensive Plan; and <br /> WHEREAS, the traffic study shows DEVELOPER' S proposed project will impact the roadway link <br /> on 27th Avenue S .W. from 4th Street to 8th Street which is over the capacity as established by the County' s <br /> Comprehensive Plan ; and <br /> WHEREAS, the traffic study shows DEVELOPER' S proposed project will impact the roadway link <br /> on 27th Avenue S .W. from Oslo Road to 4th Street which is over the capacity as established by the County' s <br /> Comprehensive Plan; and <br /> WHEREAS, the County is currently planning to make improvements to 27th Avenue S.W. from 13th <br /> 1 <br /> F:\Attomey\Bill\Agreements\Proportionate Share\Exhibit D oslo proportionate share agree clean 12 7 06.dm <br />