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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 53rd 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 53rd 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 53rd 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 53r1 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 53rd 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 53rd 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 />74 <br />