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DEVELOPER'S AGREEMENT BETWEEN
<br /> INDIAN RIVER COUNTY, FLORIDA
<br /> AND
<br /> STONEYBROOK FARM GROUP, LLC
<br /> FOR STONEYBROOK FARM RESIDENTIAL SUBDIVISIO
<br /> THIS AGREEMENT,entered this 7th day of June _,2005, i y and between
<br /> INDIAN RIVER COUNTY,FLORIDA,a political subdivision of the State of Florida, 1840 25`h
<br /> Street, Vero Beach, Florida, 32960, hereafter called COUNTY, and STONEYBROOK FARM
<br /> GROUP, LLC, P.O. Box 1779, Vero Beach, Florida 32961, telephone number ( 72) 567-9255,
<br /> hereafter referred to as the DEVELOPER.
<br /> WITNESSETH
<br /> WHEREAS,the DEVELOPER has applied to build a residential subdivision to be known as
<br /> STONEYBROOK FARM RESIDENTIAL SUBDIVISION on approximately 75 acr of land on the
<br /> west side of 82nd Avenue,between 8`h Street and 4th Street in Indian River County,Project Number
<br /> SD-04-05-17(2003110240-44726),the legal description is attached as Exhibit"A"ar d incorporated
<br /> herein by reference, and;
<br /> WHEREAS, the COUNTY and DEVELOPER share mutual concerns with respect to
<br /> improvements at the intersections of State Road 60 & 58th Avenue, and State Road 60 & 43`d
<br /> Avenue, and;
<br /> WHEREAS,the COUNTY is planning to make improvements to the interse tions of State
<br /> Road 60& 58`h Avenue, and State Road 60 &43`d Avenue, and;
<br /> WHEREAS,both the COUNTY and DEVELOPER can mutually benefit each other through
<br /> a joint effort that will share the cost of the proposed SR 60/58'h Avenue and SR 60 43`d Avenue
<br /> intersection improvements.
<br /> NOW THEREFORE,in consideration of the mutual terms,conditions,promi es,covenants
<br /> and premises hereinafter, the COUNTY and DEVELOPER agree as follows:
<br /> 1. The above recitals are affirmed as true and correct and are thereby incorporated herein.
<br /> 2. To accommodate increased traffic generated by the Stoneybrook Farm residtential
<br /> subdivision, the COUNTY would be required to make improvements to the t tersection
<br /> of SR 60 and 58th Avenue in the amount of$4,000,000, of which the DEVELOPER'S
<br /> fair share of cost is 1.4634%or$58,536. The COUNTY would also be requ• ed to make
<br /> improvements to the intersection of SR 60 and 43`d Avenue in the amount of$7,000,000,
<br /> of which the DEVELOPER'S fair share of cost is 1.3998% or$97,986. The
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<br /> SnwdSoR Reprint Date:Wednesday,Jury 20,2016-14:16:23-OfficialDocvments:3618,Attachment Id 1,Page I
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