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C_ <br />40 <br />C <br />411 1/00(PWDbwd /rt(tob)dev. <br />O U' BUJ <br />DEVELOPERS AGREEMENT FOR CONSTRUCTION <br />OF IMPROVEMENTS TO 5TH STREET SW <br />INDIAN RIVER COUNTY, FLORIDA <br />THIS AGREEMENT for Construction of Improvements to 51h Street SW, <br />between 43`d Avenue, and a point ± 1320 L.F. west of 43rd Avenue, Indian River County, <br />Florida, is made this llthday of April , 2000, between THE ARBOR TRACE <br />DEVELOPMENT, INC., a Florida Corporation, ("DEVELOPER"), and INDIAN RIVER <br />COUNTY, a political subdivision of the State of Florida, ("COUNTY"): <br />RECITALS: <br />A. The DEVELOPER owns and is planning to develop a planned residential <br />development ("Development') located in Indian River County, Florida, along 5`h Street <br />SW. The Development is currently identified as Residential PD —9909-13, Indian River <br />County, Florida. <br />B. The COUNTY and the DEVELOPER acknowledge that 5`h Street SW, <br />between 43`d Avenue and a point ± 1320 L.F. west of 43rd Avenue, is currently <br />unimproved; is designated "Rural Major Collector" on the COUNTY'S future roadway <br />functional classification map in the County's Comprehensive Land Use Plan; and is <br />designated for right-of-way acquisition and improvement in the County's Comprehensive <br />Plan, Transportation Element, Year 2020 Roadway Improvements Plan. <br />C. COUNTY and DEVELOPER desire that acquisition of the right-of-way <br />necessary to construct 5`h Street SW between 43rd Avenue and a point ± 1320 L.F. west of <br />43rd Avenue, and the actual construction of 5`h Street SW, occur in conjunction with the <br />DEVELOPER'S project. <br />AGREEMENT: <br />For and in consideration of the mutual promises contained herein, and other good <br />and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, <br />the parties agree as follows: <br />1. Recitals. The foregoing recitals are hereby incorporated as if fully restated <br />herein. <br />2. Construction of Fifth Street Southwest <br />a. The DEVELOPER is planning a two-phase project. Prior to obtaining <br />a Certificate of Completion for required improvements for Phase 2, the DEVELOPER <br />agrees to construct a two-lane paved roadway, according to COUNTY approved <br />standards, along 5`h Street SW between 43`d Avenue and the western limits of the <br />Development, including a three -lane roadway with left turn lanes at the intersection of 5`h <br />Street SW and the DEVELOPER'S main entrance way, and including, if required tum <br />lanes. DEVELOPER shall prepare design drawings and obtain necessary permits. The <br />DEVELOPER shall obtain at least three competitive bids from qualified licensed insured <br />contractors, with the COUNTY named as an additional insured. Payment and <br />