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, <br /> 3. Developer and County acknowledge that County currently possesses right-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 described 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 Developer 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 property as a <br /> Planned Development, residential density shall be computed using the size <br /> of the property (acreage) prior to the dedication of right-of-way (except <br /> for the required thirty (30) feet described above). To clarify the foregoing, <br /> the Developer shall receive density credit for 3.57 acres at thee units per <br /> acre, notwithstanding the fact that the property will have already been <br /> dedicated, pursuant to this Agreement. <br /> b. Transportation Impact Fee Credits: In lieu of the density credits described <br /> above, Developer may elect to receive impact fee credits in the amount of <br /> Twenty Five Thousand Dollars ($25,000.00) per acre, for 3.57 acres, <br /> whether the property is developed as a Planned Development or not. <br /> County and Developer agree that this price represents the price which <br /> Developer paid for the property, and which is the fair market value of the <br /> property prior to the dedication. <br /> 5. At the time Developer elects to develop the property described on Exhibit "B" <br /> hereto, Developer agrees to incorporate sufficient capacity in its project to provide stormwater <br /> storage for the impervious area of 53`d Street lying west of 58th Avenue along the project's 53rd <br /> Street frontage, and shall dedicate an appropriate utility tract for such purpose and for the <br /> conveyance of 53`d Street stormwater runoff to the receiving waters. The capacity shall be <br /> sufficient to accommodate six lanes. The Developer shall have no responsibility to design, <br /> install, or to pay any costs toward any drainage improvements required to direct the drainage <br /> from 53`d Street into the stormwater management system provided by the Developer, except for <br /> the following construction: A drainage structure for future connection by the County, and the <br /> required drainage pipe to a receiving pond or lake. Prior to Developer's development of the <br /> Exhibit "B" property, drainage for 53`d Street will be accommodated by roadside swales within <br /> the right-of-way. <br /> J-\Bruce\clients\Providence Pointe-Barile\Agreement for Dedication of Right-of-Way clean 10.28.14.docx <br /> 2 <br />