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10i <br />P U R C H A S E A G R E E M E N T <br />THIS AGREEMENT dated this day of <br />1987, by and between INDIAN RiVMUNTy, apolitical <br />subdivision of the State of Florida, 1840 25th Street, Vero <br />Beach, FL 32960 (COUNTY), and BENT PINE UTILITY CO., 255 S. <br />Orange Avenue, Suite 1444, Orlando, FL 32801 (UTILITY), <br />W I T N E S S E T H: <br />WHEREAS, UTILITY owns and operates a water and <br />sewer system under franchise from the COUNTY for what is <br />!known as the Bent Pine Development; and <br />WHEREAS, UTILITY is interested in selling and <br />(COUNTY is interested in buying UTILITY's entire utility <br />system plus certain land on which the utility system is <br />situated; and <br />WHEREAS, the successful transfer of title from <br />ILiTY to COUNTY would render moot certain litigation and <br />administrative hearings which presently exist between the <br />ILITY and COUNTY; and <br />WHEREAS, the COUNTY finds that the purchase of <br />UTILITY's system Is in the public interest; and <br />WHEREAS, this finding is made after a public <br />Iearing, as required by §125.3401, Florida Statutes, at <br />v�hich all interested parties including the customers of <br />UTILITY were given an opportunity to make public comment; <br />NOW, THEREFORE, FOR AND IN CONSIDERATION of these <br />Premises and other mutual covenants, the UTILITY and COUNTY <br />agree as follows: <br />1. SALE OF UTILITY SYSTEM.• UTILITY shall sell <br />and COUNTY shM--Fuy tentire rater and sewer utility <br />system of UTILITY "as is" and the real property with the <br />legal description shown on Exhibit"A." The utility system <br />includes a system of potable water wells pipes Pumps, and <br />a purtenances; a water treatment plant and distribution <br />s stem; plus a sewer collection system with pumps and <br />a purtenances; and a sewer treatment plant plus effluent <br />disposal method. <br />2. PURCHASE PRICE. COUNTY shall pay to UTILITY <br />the fair market va ue o the raw land described on Exhibit <br />"AII as shown by an appraisal obtained by the COUNTY by a <br />licensed property appraiser familiar with values in Indian <br />R ver County; provided that the UTILITY and COUNTY agree <br />t at the COUNTY shall pay not less than $270,000 and not <br />m re than $300,000 for the property. <br />3. ADDITIONAL PURCHASE PRICE. As further <br />consideration for tsa <br />his le, the___U7W_f7 shall establish <br />appropriate rates, fees, and•char es suchthat <br />tted <br />lots existing within the UTILITY ranchise area atytheadate <br />of sale which have water and sewer lines fronting them at <br />the date of sale, which have not already paid for water and <br />sewer service from the UTILITY, and which subsequently apply <br />for a building permit from the COUNTY shall be required to <br />pa a main extension charge of not less than $1,200 and not <br />more than $1,500 per connection, in addition to the impact <br />fe s, rates, and charges otherwise required by the County <br />Utility System. <br />SEP '01 198T 55 BOOK 69 PAG.E316 <br />