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5. An appraisal of the present value of the 1.1 <br />acre shall be prepared by the MAI firm of Armfield-Wagner, <br />Inc. at River Harbor, Inc.'s expense to determine present <br />value at the time of conveyance. <br />6. If Indian River County does not commence <br />construction of a fire /EMS station within 3 years of the <br />time of conveyance and if River Harbor, Inc. or its <br />successor(s) in title pay to the County the value of the <br />property as established by the appraisal mentioned in the <br />paragraph above, Indian River County shall execute a special <br />warranty deed conveying the 1.1 -acre parcel back to River <br />Harbor, Inc., or such other entity as River Harbor, Inc. <br />shall designate. <br />7. In addition to the property dedicated pursuant <br />to paragraph 2 above, River Harbor, Inc. agrees to make a <br />cash contribution of $90,000.00 in lieu of construction of <br />shelter space required by paragraph 43 of the Development <br />Order (Resolution No. 85-128). <br />8. The first installment shall be of $50,000.00 <br />and payable before Indian River County shall issue <br />Certificate of Occupancy No. 301 to the Grand Harbor <br />development. <br />9. Except as provided in paragraph 10 below, the <br />balance of $40,000.00 shall be paid to Indian River County <br />before the issuance of the Certificate of Occupancy number <br />1,201 to the Grand Harbor development. <br />10. Indian River County shall utilize the cash <br />contribution for improving current shelter sites to <br />accommodate Grand Harbor residents. Upon a date which is <br />two (2) years following the date of the contribution <br />referred to in paragraph 8 above, the Director of Emergency <br />Services shall determine whether the capacity of the shelter <br />being retrofitted via cash contribution to Indian River <br />County is sufficient to shelter 19% of the then existing <br />Grand Harbor population based on a formula defining adequate <br />capacity as 40 square feet per person. In the event there <br />is not sufficient capacity to shelter 19% of the then <br />existing Grand Harbor population, the contribution referred <br />to in paragraph 9 above shall be due and payable to Indian <br />River County within sixty (60) days' written notice to River <br />Harbor, Inc. from the Director of Emergency Services stating <br />that shelter capacity is insufficient. If the capacity of <br />such shelter is sufficient to shelter 19% of the then <br />existing Grand Harbor population at that time, paragraph 9 <br />above shall apply to the payment due date of installment <br />number 2. <br />In consideration of the mutual promises and <br />covenants listed above, the parties to this agreement hereby <br />set their hand and seal this 9th day of Jula_______, <br />1991. <br />Indian Rive Co <br />Approved <br />Oath <br />Admin. <br />q C <br />-z- q i <br />Legal <br />%.„ <br />Fs "It <br />Budget <br />O <br />Z'' .?/ <br />r <br />Dept. ,(L <br />P;L <br />�i <br />' 3 IlL <br />Risk Mgr. <br />N 1 <br />ww <br />BOARD OF COUNTY COMMISSIONERS <br />INDIAN RIVER COUNTY, FLORIDA <br />Richard N. Birt, Chairman <br />