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do 40 1 VP:\Public Works\Capital Projects\KingsPh2\agr-contracts\Peldmannev.agr DEVELOPER'S AGREEMENT BETWEEN INDIAN RIVER COUNTY, FLORIDA AND DAVID AND ELAN FELDMAN 2001 The AGREEMENT, entered into this 23rd day of January , )?JOJQJO by and between INDIAN RIVER COUNTY, FLORIDA a political subdivision of the State of Florida, 1840 25'' Street, Vero Beach, Florida 32960, hereinafter called "COUNTY" and DAVID AND ELAN FELDMAN, 407 Lincoln Road, Miami Beach, Florida 33139, hereinafter referred to a "DEVELOPER". WITNESS TO WHEREAS, DEVELOPER own a 37.37± acre parcel of land along the west side of Kings Highway between I` Street SW and 0 Street, identified as County Tax Parcels 17-33-39-00001- 0090-00002.0 and 17-33-39-00001-0160-00002.0 which is shown on Exhibit "G" attached hereto and incorporated herein by reference, and WHEREAS, DEVELOPER's original parent tract prior to dedication of 56 feet of right-of- way in August 1994 was 39.14 acres, and WHEREAS, the COUNTY and DEVELOPER share mutual concerns with respect to road and drainage facilities for Kings Highway (581' Avenue) and development of DEVELOPER's property located adjacent to kings Highway and WHEREAS, both the COUNTY and DEVELOPER can assist each other through a joint effort that will facilitate widening the road and providing stormwater treatment. NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, covenants, and premises hereinafter, the COUNTY and DEVELOPER agree as follows: 1. The above recitals are affirmed as being true and correct and are thereby incorporated herein. 2. Within 30 days of execution of this AGREEMENT by both parties, DEVELOPER shall convey by quit -claim deed, 20 feet by approximately 1371 feet of right-of-way to the COUNTY for construction of Kings Highway (legal description attached as Exhibits "A" and "B") and a 1.29 acre parcel of land in the northwest section of the parent tract. (Legal description to be attached as Exhibit "C") 3. The COUNTY shall construct, at COUNTY's sole cost and expense a drainage ditch along the DEVELOPER's north property line for the purpose of conveying stormwater to and from the retention pond. DEVELOPER shall retain ownership of ditch but grant COUNTY a drainage easement (Exhibit "E") to discharge runoff from Kings Highway into said ditch and access easement (Exhibit "F") for maintenance access to ditch and retention pond.. 4. In lieu of cash compensation for said parcels; the DEVELOPER shall take density credit through the planned development process pursuant to Section 952.08 (1)(b). Density shall be based on the original parent tract acreage of 39.14 acres for an allowable residential density of 39 dwelling units, which includes the density credit. S. The COUNTY shall construct a 6 inch connection to the force main and 6 inch diameter service line under Kings High-av to DEVELOPER's property line. Line shall be extended to immediately beyond right-of-way for future connection. Impact