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3. Developer and County acknowledge that County currently possesses righ -of-way <br />which is approximately thirty (30) feet wide along the 53`d Street extension described herein. <br />Developer and County further acknowledge that, in accordance with the Indian River County <br />Code of Ordinances, the Developer is not entitled to compensation for dedication of right-of-way <br />necessary to provide the County with a total of sixty (60) feet of right-of-way along 53'd Street. <br />However, the Developer and County also acknowledge that the Developer is entitled to <br />compensation for any right-of-way dedicated to the County in excess of that which is necessary <br />to provide the County with a sixty (60) foot wide right-of-way. The dedication dese ibed on <br />Exhibit "C" hereto consists of 3.57 acres. County agrees and acknowledges that Developer is <br />entitled to compensation for 2.68 acres of the total dedication, and that the Developer may elect <br />as compensation either traffic impact fee credits, or residential density credits, but not both. <br />4. The County hereby acknowledges and agrees that at the time the Develo er elects <br />to develop the property described on Exhibit "B" hereto, the Developer shall have the option of <br />accepting the compensation described herein by electing one of the following two options: <br />a. Density Credit: If the Developer elects to develop the subject pro <br />Planned Development, residential density shall be computed usir <br />of the property (acreage) prior to the dedication of right-of-wa <br />for the required thirty (30) feet described above). To clarify the i <br />the Developer shall receive density credit for 3.57 acres at thee <br />acre, notwithstanding the fact that the property will have alre <br />dedicated, pursuant to this Agreement. <br />b. Transportation Impact Fee Credits: In lieu of the density credits <br />above, Developer may elect to receive impact fee credits in the <br />Twenty Five Thousand Dollars ($25,000.00) per acre, for 3 <br />whether the property is developed as a Planned Developme <br />County and Developer agree that this price represents the pr <br />Developer paid for the property, and which is the fair market v, <br />property prior to the dedication. <br />5. At the time Developer elects to develop the property described on Ex] <br />hereto, Developer agrees to incorporate sufficient capacity in its project to provide stt <br />storage for the impervious area of 53`d Street lying west of 58th Avenue along the proji <br />Street frontage, and shall dedicate an appropriate utility tract for such purpose an( <br />conveyance of 53`d Street stormwater runoff to the receiving waters. The capacity <br />sufficient to accommodate six lanes. The Developer shall have no responsibility t1 <br />install, or to pay any costs toward any drainage improvements required to direct the <br />from 53`d Street into the stormwater management system provided by the Developer, e <br />the following construction: A drainage structure for future connection by the County <br />required drainage pipe to a receiving pond or lake. Prior to Developer's developme <br />Exhibit `B" property, drainage for 53`d Street will be accommodated by roadside swat <br />the right-of-way. <br />JABruc6clientsTrovidence Pointe- Barile\Agreement for Dedication of Right -of -Way clean 10.28.14.docx <br />2 <br />:rty as a <br />the size <br />(except <br />-egoing, <br />nits per <br />ly been <br />escribed <br />nount of <br />7 acres, <br />or not. <br />e which <br />ie of the <br />:ct's 53`d <br />for the <br />shall be <br />design, <br />drainage <br />kept for <br />and the <br />it of the <br />;s within <br />74 <br />