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o;/I.2 / a 17: 2- /..1? /..1? _ / 7D INTERLOCAL AGREEMENT DAVIS STREET SEWER MAIN AND LIFT STATION THIS INTERLOCAL AGREEMENT entered into on this 2nd day of f rt-nher , 2012 between Indian River County, a political subdivision of the State of Florida, whose address is 1801 27th Street, Vero Beach, Florida 32960 ("County"), and the City of Sebastian, a municipal corporation, whose address is 1225 Main Street, Sebastian, Florida 32958 ("City") do hereby agree as follows: WITNESSETH: WHEREAS, the County is the water and wastewater provider to homes and businesses within the city limits of the City of Sebastian; and WHEREAS, the County with the City's consent, expands its water and wastewater services in order to serve more residents and businesses within the city limits; and WHEREAS, the County and City jointly agree that expansion of infrastructure is a form of economic development because private costs to develop infrastructure can be lowered, thereby leading to potential new business investment; and WHEREAS, in order to lower the public cost of providing economic development incentives, the County and City will partner in order to expand infrastructure on Davis Street, which is located in the Riverfront Business District of Sebastian, Florida; and WHEREAS, the County will extend a wastewater gravity sewer main along Davis Street between U.S. Highway 1 and Indian River Drive; and WHEREAS, the County will also construct a wastewater lift station at the northwest corner of Davis Street and Indian River Drive; and WHEREAS, the parties recognize the mutual benefits that will be provided to each other pursuant to this agreement. NOW, THEREFORE, in consideration of the mutual undertakings herein and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 1. RECITALS. The above recitals are true and correct and are incorporated herein. 1 144