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REAL ESTATE EXCHANGE AGREEMENT <br />Between <br />INDIAN RIVER COUNTY AND SEBASTIN RIVER IMPROVEMENT DISTRICT <br />This Real Estate Exchange Agreement (Agreement) entered into this 17th day <br />of Septader , 2025 between Indian River County, a political subdivision of the State of Florida <br />("the County") 1801 27th Street, Vero Beach, Florida 32960; and Sebastian River Improvement <br />District, a special service district whose address is, c/o Special District Services Inc., 2501 a Burns <br />Road, Palm Beach Gardens, FL 33410 ("SRID"). <br />WHEREAS, SRID owns property located on 741h Avenue, Vero Beach, Florida; and <br />WHEREAS, the County owns right-of-way in the form of a paper street (74th Ave) adjacent <br />to the SRID property; and <br />WHEREAS, the current paper road/dirt road has an alignment that is inconsistent with the <br />paved portion of 74th Avenue located south of 26th street; and <br />WHEREAS, the County has future plans to widen and improve 74th Avenue between 26' <br />Street and 33d Street that will require the utilization of part of the SRID property located on 74' <br />Avenue, Vero Beach, Florida; and <br />WHEREAS, in order to correct the alignment for future road expansion, the County has <br />offered to exchange the County right-of-way for a portion of the SRID property; and <br />WHEREAS, the County and SRID hereby agree to an exchange of portions of their <br />respective properties; and <br />WHEREAS, each party is indivisibly seized of their respective parcel of property and shall <br />convey marketable title to their respective parcel by County or Quit Claim Deed free of claims, <br />liens, easements, and encumbrances, but subject to property taxes for the year of closing; and <br />WHEREAS, this Exchange Agreement is subject to final approval by the Indian River <br />County Board of County Commissioners (BCC) through the adoption of a Resolution. Such an <br />exchange is allowed under Section 125.37, Florida Statutes. Notice is required to be published <br />once a week for two weeks before consideration by the BCC. <br />NOW THEREFORE, in consideration of the mutual terms, conditions, promises and <br />covenants hereinafter, SRID and the County agree as follows: <br />1. The above recitals are true and correct and incorporated by reference into this agreement. <br />2. The County hereby agrees to convey by County Deed to SRID the following parcel of <br />property: <br />Page 1 of 5 <br />