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A TRUE COPY <br /> :�RTlFICATION ON LAST PAGE <br /> SMITH, CLERK <br /> project: Millstone Landing Phases 4-6 <br /> PD-04-04-08 <br /> AGREEMENT <br /> CONCERNING OFFSITE 23RD STREET SW ROADWAY IMPROVEMENTS <br /> (RE: RIGHT-OF-WAY PERMIT NO. 2016010115) <br /> THIS AGREEMENT, made and entered into this 4,th day of October, 2016 <br /> by and between SLV MILLSTONE, L.L.C., a Delaware limited liability company, having a <br /> mailing address of 591 W. Putnam Avenue, Greenwich, CT 06830, hereinafter referred to as <br /> "Developer,'-and INDIAN RIVER COUNTY, a political subdivision of the State of Florida, by <br /> and through its Board of County Commissioners, hereinafter referred to as "County". <br /> WITNESSETH : <br /> WHEREAS, Developer, as a condition of project approval, is required to <br /> construct certain off-site improvements within the County right-of-way; and <br /> WHEREAS, pursuant to Indian River County Code Section 312.11, and as a <br /> condition of County right-of-way permit #2016010115, Developer is required to post acceptable <br /> security in either the form of cash or a letter of credit from an acceptable lending institution, in <br /> the amount of 115% of the estimated costs of the proposed improvements, submitted by an <br /> engineer registered in the State of Florida to practice professional engineering, and approved <br /> by County, to guaranty installation and completion of the required improvements to the <br /> satisfaction of County; and <br /> WHEREAS, Developer is in the process of working out the language with County <br /> with regard to a Developer's Agreement which would include the timing and construction of the <br /> 231d Street SW roadway improvements under right-of-way permit#2016010115; and <br /> WHEREAS, Developer is desirous of moving forward with its project and <br /> receiving final plat approval in advance of the Developer's Agreement being finalized; and <br /> WHEREAS, as an inducement for the project to receive final plat approval, <br /> Developer has heretofore posted acceptable security in the form of a letter of credit, expiring 15 <br /> months from the date of issuance, in the amount of $295,307.58, which is 115% of the <br /> estimated cost of construction of the required 23rd Street SW roadway improvements, a copy of <br /> the approved cost estimate is attached hereto as Exhibit "A"; and <br /> WHEREAS, once the Developer's Agreement has been finalized and executed, <br /> with the timing and construction of the required 231d Street SW roadway improvements having <br /> been addressed in said Developer's Agreement, the Developer's Agreement will control, and <br /> the security posted under this Agreement will be released, <br /> NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS <br /> AND PROMISES HEREIN CONTAINED, the parties agree as follows: <br /> 1 <br />