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project: Millstone Landing Phases 4-6 PD -04-04-08 AGREEMENT CONCERNING OFFSITE 23RD STREET SW ROADWAY IMPROVEMENTS (RE: RIGHT-OF-WAY PERMIT NO. 2016010115) THIS AGREEMENT, made and entered into this -t day of September, 2016 by and between SLV MILLSTONE, L.L.C., a Delaware limited liability company, having a mailing address of 591 W. Putnam Avenue, Greenwich, CT 06830, hereinafter referred to as "Developer,' and INDIAN RIVER COUNTY, a political subdivision of the State of Florida, by and through its Board of County Commissioners, hereinafter referred to as "County". WITNESSETH: WHEREAS, Developer, as a condition of project approval, is required to construct certain off-site improvements within the County right-of-way; and WHEREAS, pursuant to Indian River County Code Section 312.11, and as a condition of County right-of-way permit #2016010115, Developer is required to post acceptable security in either the form of cash or a letter of credit from an acceptable lending institution, in the amount of 115% of the estimated costs of the proposed improvements, submitted by an engineer registered in the State of Florida to practice professional engineering, and approved by County, to guaranty installation and completion of the required improvements to the satisfaction of County; and WHEREAS, Developer is in the process of working out the language with County with regard to a Developer's Agreement which would include the timing and construction of the 23rd Street SW roadway improvements under right-of-way permit #2016010115; and WHEREAS, Developer is desirous of moving forward with its project and receiving final plat approval in advance of the Developer's Agreement being finalized; and WHEREAS, as an inducement for the project to receive final plat approval, Developer has heretofore posted acceptable security in the form of a letter of credit, expiring 15 months from the date of issuance, in the amount of $295,307.58, which is 115% of the estimated cost of construction of the required 231d Street SW roadway improvements, a copy of the approved cost estimate is attached hereto as Exhibit "A"; and WHEREAS, once the Developer's Agreement has been finalized and executed, with the timing and construction of the required 23nd Street SW roadway improvements having been addressed in said Developer's Agreement, the Developer's Agreement will control, and the security posted under this Agreement will be released, NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES HEREIN CONTAINED, the parties agree as follows: ATTACHMENT 5 142