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40 <br />r <br />f INTERLOCAL AGREEMENT 0,0 Id O q <br />BETWEEN <br />INDIAN RIVER COUNTY, FLORIDA <br />AND <br />CITY OF SEBASTIAN, FLORIDA <br />THIS INTERLOCAL AGREEMENT, entered into this 18th day <br />April , 2000, by and between INDIAN RIVER COUNTY, FLORIDA, a <br />political subdivision of the state of Florida, hereinafter referred to as COUNTY, and the <br />CITY OF SEBASTIAN, FLORIDA, a municipal corporation of the State of Florida, <br />hereinafter referred to as CITY, for the purpose of road improvements to Barber Street, <br />provides: <br />WITNESSETH. - <br />WHEREAS, the COUNTY and CITY agree that Traffic Impact. Fees collected by <br />the COUNTY are for the purposes of capacity improvements to CITY and COUNTY <br />streets; and <br />WHEREAS, the CITY and COUNTY acknowledges that Barber Street is <br />operating at a failing level of service that requires improvements, and <br />WHEREAS, the CITY and COUNTY acknowledges that through Concurrency <br />Management and Comprehensive Plans that no further impacts can be permitted without <br />capacity improvement; and <br />WHEREAS, the CITY and COUNTY jointly agrees that a moratorium against <br />development in the CITY or COUNTY which impact this area is not desirable. <br />NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, <br />covenants and premises hereinafter set forth and pursuant to the statutory authority <br />contained in F.S. Chapter 163, the COUNTY and CITY agree as follows: <br />1, The COUNTY authorizes the expenditure of $200,000 of Traffic Impact Fee funding <br />to the CITY for capacity improvement on Barber Street, as described in the attached <br />"EXHIBIT A" — BARBER STREET ROAD IMPROVEMENTS." <br />1 The COUNTY agrees to provide technical oversight and construction inspection of <br />the utility relocation aspects of the Project. <br />3. Tile duration of this Agreement is five (5) years from tine effective date, which is date <br />the executed agreement is filed with the Office of the Clerk of the Courl of Indian <br />River County, renewable for five (5) additional years if approved by the COUNTY. <br />4. 'Tile CITY shall provide the remainder of the funding from gas tax revenue, sales tax <br />revenue, or other general revenues of the CITY. <br />5. The CITY shall enter into construction contracts to complete tine Barber Street Road <br />Improvements and provide oversight of the Project. <br />h. All surplus funds shall be returned to the CITY and COUNTY in proportion to the <br />contributions made by tine CITY and COUNTY. <br />