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AGREEMENT TO PURCHASE AND SELL REAL ESTATE <br /> BETWEEN INDIAN RIVER COUNTY <br /> AND <br /> SCHACHT & COMPANY, INC. <br /> THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ("Agreement") is <br /> made and entered into as of the day of , 2013, by and between <br /> Indian River County, a political subdivision of the State of Florida ("the County"), whose <br /> address is 1801 27th Street, Vero Beach, FL 32966 and Schacht & Company, Inc, a <br /> Florida Corporation,("Seller")whose address is 6100 12th Street,Vero Beach, Florida who <br /> agree as follows: <br /> WHEREAS, Schacht & Company, Inc. owns property located at 4th Street, Vero <br /> Beach, Florida. Legal descriptions of the properties are attached to this agreement as <br /> Exhibit "A" incorporated by reference herein; and <br /> WHEREAS, the County, purchased 2.8 acres of property from Seller in 2009 in <br /> order to construct a stormwater pond for 66th Avenue Project in its expanded condition. A <br /> copy of a sketch and legal description of the property purchased is attached as Exhibit"B" <br /> incorporated by reference herein; and <br /> WHEREAS, Seller was a willing seller, cooperating with the County in the purchase <br /> and sale of the property in this arm's length transaction; and <br /> WHEREAS, entire parcel before extracting the pond site was 3.30 acres in size, <br /> zoned A-1, Agricultural, up to 1 unit per 5 acres. Even though the parcel was less than <br /> 200,000 square feet in size, a single family residence would have been permitted on the <br /> original parcel; and <br /> WHEREAS, after extracting the pond parcel, Seller is left with a remainder parcel of <br /> approximately 0.50 acres or 21,780 square feet. As the remainder parcel was created in <br /> 2009 after zoning laws came into effect, the remainder parcel is unbuildable in its current <br /> state. Also, the current configuration of the pond parcel and remainder parcel causes the <br /> remainder parcel to be landlocked with no legal ingress or egress; and <br /> WHEREAS, Seller has contacted the County and has offered to sell the remainder <br /> parcel of approximately 0.50 acres of property to be used in the future for possible pond <br /> expansion; and <br /> NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, <br /> covenants and premises hereinafter, the COUNTY and SELLER agree as follows: <br /> 1. Recitals. The above recitals are affirmed as being true and correct and are <br /> incorporated herein <br /> 1 <br /> 142 <br />