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f P TRAFFIC IMPACT FEE CREDIT AGREEMENT . BETWEEN INDIAN RIVER COUNTY, FLORIDA AND DODGERTOWN VENTURE, LLLP WHEREAS, on March 23, 2004 the Board of County Commissioners of Indian River County, Florida approved Resolution No. 2004-033 which Resolution approved an exchange of property with Dodgertown Venture, LLLP; and WHEREAS, condition number 3 of the exchange resolution read "Dodgertown Venture will deed to Indian River County 25 feet of additional right- of-way (.1.2064 acres) from 'the western border of its property .in exchange for traffic impact fee credits, with the amount not to exceed $75,000.00;" and WHEREAS, condition number 4 of the exchange resolution provided that "Dodgertown Venture will accept 1.2064-acre feet of stormwater runoff,from 43rd Avenue right-of-way in the southern 30 acres of its residential development area, by means of a drainage/stormwater management easement in favor of Indian River County;" and WHEREAS, said deed and easement to 1 an River County had been executed by Dodgertown Venture,,LLLP this of June, 2004; and WHEREAS, Indian River County Code Section . 953.10(1) allows any person commencing land development activity generating traffic to apply for a credit against any fee owed for any land accepted and received by Indian River County; and WHEREAS, the parties to the exchange have agreed that the market value of the right-of-way and easement is $75,000.00; and WHEREAS, Indian River County Code Section 953.10(4) allows a credit agreement to be approved by the County Administrator after the land dedication is received and the application is fully executed by applicable parties; and WHEREAS, consistent with Indian River County Code Section 953.10(6)(c), the 43rd Avenue widening meets an expansion need on the County's 20-year Transportation Capital Improvements Program, r ; of fi F:\attorney\nancy\DOCS\DOC\TRAFFIC IMPACT FEE CREDIT AGREEMENT DODGERTOWN VENTURES LLLP.doc