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ATRUE COPY
<br />CERTIFICATION ON LAST PAGE
<br />J.R. SMITH, CLERK
<br />SETTLEMENT AGREEMENT
<br />This Settlement Agreement ("Agreement") is entered into this day of
<br />, 2021 (the "Effective Date"), by and between Indian River County, a
<br />political subdivision of the State of Florida, whose principal address is 1801 27th Street, Vero
<br />Beach, Florida, 32960 (the "County"), Joseph H. Graves, whose address is 3885 20th Street, Vero
<br />Beach, Florida, 32960, Jimmy Graves Foundation,. Inc., a Florida not for profit entity, whose
<br />principal address is 1900 16th Street, Vero Beach Florida, 32960, and Jimmy Graves Sports
<br />Complex, LLC, a Florida limited liability company, whose principal address is 3885 20th Street,
<br />Vero Beach, Florida, 32960 (collectively referred to as the "Property Owners"), and the School
<br />Board of Indian River County, whose principal address is 6500 57th Street, Vero Beach, Florida,
<br />32967 (the "School Board").
<br />RECITALS:
<br />WHEREAS, on March 14, 2017, Joseph H. Graves advised the Indian River County Board
<br />of County Commissioners that he wanted to purchase from the County what is known as the 16`h
<br />Street Balyiields (the "Field") and dedicate the Field as an asset for the young people of the
<br />community; and
<br />WHEREAS, at that meeting, Joseph H. Graves affirmed that the Field would never be used
<br />for anything other than recreational, non-profit, or charitable uses; and
<br />WHEREAS, the County voted to: (1) approve the terms of the proposed purchase of the
<br />Field by the Jimmy Graves Foundation, Inc. at a price of $250,000, and authorize the Chairman to
<br />execute the letter and all other documents necessary to effectuate the sale; and (2) direct staff to
<br />negotiate the final terms of the Purchase Agreement between the County and the Jimmy Graves
<br />Foundation, Inc. and to cooperate with the Jimmy Graves Foundation, Inc. during the due diligence
<br />period; and
<br />WHEREAS, the County and Jimmy Graves Foundation, Inc. entered into a purchase and
<br />sale agreement for the Field, which stated that the "Purchaser agrees that there shall be a deed
<br />restriction on the property limiting the primary use of the property to recreational activities, youth
<br />related activities or otherwise charitable activities"; and
<br />WHEREAS, the deed to the Field was recorded without a deed restriction; and
<br />WHEREAS, in August 2019, the Jimmy Graves Foundation. Inc. transferred ownership of
<br />the Field to the Jimmy Graves Sports Complex, Inc.; and
<br />WHEREAS, the School Board subsequently expressed interest in acquiring the Field; and
<br />WHEREAS, the Property Owners decided to donate the Field to the School Board; and
<br />WHEREAS, the School Board agreed that a restrictive covenant will be recorded with
<br />regard to the Field which will include language "limiting the primary use of the property to
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