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o, <br /> DEVELOPER' S AGREEMENT BETWEEN <br /> INDIAN RIVER COUNTY, FLORIDA <br /> AND <br /> VERO BEACH INVESTMENTS, LLC FOR <br /> TURTLE RUN RESIDENTIAL DEVELOPMENT <br /> THIS AGREEMENT , entered this 7th day of December , 2004 , by and between <br /> INDIAN RIVER COUNTY, FLORIDA a political subdivision of the State of Florida, 1840 25th <br /> Street, Vero Beach, Florida, 32960 hereafter called COUNTY and Vero Beach Investments, LLC , a <br /> Florida Corporation, 1851 NW 125th Avenue, Suite 300, Pembroke Pines, Florida 33028 — Sandy <br /> Segall, Manager, 954-447 - 7775 , hereafter referred to as the DEVELOPER. <br /> WITNESSETH <br /> WHEREAS , the DEVELOPER has applied to develop a residential development to be <br /> known as Turtle Run on approximately 46 . 55 acres of land along the west side of 82n Avenue north <br /> of 12th Street in Indian River County, Project Number SP-MJ-04-02 -08 , the legal description is <br /> attached as Exhibit "A" and incorporated herein by reference , and ; <br /> WHEREAS , the COUNTY and DEVELOPER share mutual concerns with respect to paving <br /> and drainage improvements to 12th Street to accommodate project traffic volumes, and the general <br /> plans, and; <br /> WHEREAS, the COUNTY is planning to pave 12th Street from 82nd Avenue to 90th Avenue <br /> as a two lane road in the near future along the Turtle Run frontage, and ; <br /> WHEREAS , both the COUNTY and DEVELOPER can mutually benefit each other through <br /> a joint effort that will share the cost of the proposed 12th Street improvements . <br /> NOW, THEREFORE , in consideration of the mutual terms, conditions, promises, covenants <br /> 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 inc rporated <br /> herein. <br /> 2 . The DEVELOPER shall pay to the COUNTY, by December 31 , 2005 or pri r to the <br /> issuance of the first building permit I Phase 2 (multi -family unit) , the sumo $ 34,227 . 75 <br /> (which represents 456 . 37 L . F . of frontage at $ 75 . 00/foot) as the DEVELOP R' s fair- <br /> share cost of paving 12t1i Street along the Turtle Run frontage . The COUNTY shall pave <br /> 12th Street prior to December 31 , 2011 from 82nd Avenue to 90th Avenue as a two-lane <br /> roadway . The payment by DEVELOPER as noted above completes the DE ELOPER' s <br /> responsibility for 12th Street improvements . No Certificates of Occupancy s iall be <br /> F :\Public Works\KimP\Contract & Agr Docs\Developer's Agreements\Turtle Run-Dev Agr.doc <br />