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RESOLUTION 2010- 037 Intersection Improvements 19. No building permits for Waterway Village DRI shall be issued after January 1, 2011 until either: 1) contracts have been let for the intersection improvements identified below; or 2) a local government developer's agreement has been executed and attached as an exhibit to the DO. Surety shall be provided to the satisfaction of Indian River County or the Florida Department of Transportation that sufficient funds will be available to complete the following intersection improvements, including signalization modifications as warranted by County or State criteria. • 53rd Street and 58th Avenue: Signalize intersection and add left turn lanes on the north, south, and east approaches. • 53rd Street/Project entrance (51st Court): Install flasher convertible signal and provide a generator for testing if power is not available by January 1, 2011. • 49th Street/Project Entrance (51St Court): Install flasher convertible signal. 20. No building permits for Waterway Village DRI shall be issued for more than 337 dwelling units or after December 31, 2005, whichever occurs later, until either: 1) a contract has been let for the intersection improvement identified below; or 2) the improvement identified below has been included within the first two years of either the Indian River County adopted Road Building Program, or the Florida Department of Transportation adopted Five Year Work Program; or 3) a local government developer's agreement has been executed and attached as an exhibit to the DO. Surety shall be provided to the satisfaction of Indian River County or the Florida Department of Transportation that sufficient funds will be available to complete the following roadway and intersection improvement, including signalization modifications as warranted by County or State criteria. • 53rd Street from 58t11 Avenue to the project entrance (51st Court) as a two lane roadway. 20a. No later than six months after such time as the traffic modeling done in conjunction with the Annual Report determines that the traffic volumes on 58t1i Avenue between 49th Street and 53rd Street exceed the adopted level of service or by January 1, 2015, whichever occurs first, the four-laning of 58th Avenue between 49111 Street and 53rd Street shall be commenced and shall be completed within twelve months after commencement. In the event the developer fails to commence construction within six months of the date the traffic modeling is submitted or by January 1, 2015, whichever occurs first or fails to complete construction within twelve months after commencement, the County shall cease issuing building permits unless and until the developer commences construction or completes construction, respectively. The following intersection improvement shall be completed as part of the four-laning of that segment: • 49t1 Street and 58th Avenue: Signalize intersection and add left turn lanes on all approaches 20b. The County shall notify the developer after the County acquires all necessary rights-of-way and completes the design for the following project. Within six (6) months from the date of F:\Community Development\Users\CurDev\RESOLUTION\2010 Resohrtions\Waterway Village.DOC 6