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Record and Return To: <br />Logan F. Wellmeier, Esq. <br />Dean, Mead, Minton & Moore <br />1903 S 25th Street, Suite 200 <br />Fort Pierce, Florida 34947 <br />(772) 464-7700 <br />3120250055476 <br />RECORDED IN THE PUBLIC RECORDS OF <br />RYAN L. BUTLER, CLERK OF COURT <br />INDIAN RIVER COUNTY FL <br />BK: 3817 PG 920 Page 1 of 20 11/7/2025 3 10 PM <br />[blank space above line reserved for recording data] <br />DEVELOPMENT AGREEMENT <br />THIS DEVELOPMENT AGREEMENT (this "Agreement") is entered into by and <br />between INDIAN RIVER COUNTY, a political subdivision of the State of Florida (the <br />"County") and PULTE HOME COMPANY, LLC, a Michigan limited liability company <br />(hereinafter referred to as "Developer"). <br />RECITALS <br />WHEREAS, the Developer owns and intends to develop certain real property located at <br />the southwest corner of 43rd Avenue Southwest and 13th Street Southwest in the unincorporated <br />area of Indian River County, Florida, as more particularly described in Exhibit "A", attached <br />hereto and incorporated herein by reference (the "Property"); and <br />WHEREAS, the County intends to provide certain assurances to the Developer with <br />respect to the development of the Property, in accordance with the applicable provisions of the <br />Florida Statutes, the Indian River County Comprehensive Plan, and the Indian River County Land <br />Development Regulations (the "LDRs"); and <br />WHEREAS, the LDRs specifically empower the County to enter into development <br />agreements with developers to facilitate the orderly development of real property in Indian River <br />County; and <br />WHEREAS, on November 15, 2022, the Board of County Commissioners (the "BCC") <br />granted special exception and conceptual PD plan approval for the Red Tree Cove PD. <br />Subsequently, through coordination with County staff, elements of the Red Tree Cove PD were <br />modified through the BCC's approval of a modified conceptual PD plan and special exception to <br />include 171 detached single-family homes, open space, drainage and facilities renamed as <br />"Emerson Oaks PD" (the "Project"); and <br />WHEREAS, the Project was approved for certain PD design guidelines with minimum lot <br />size, minimum building setbacks, and maximum building coverage, in return for road right-of-way <br />("ROW") dedications, off-site improvements (road paving, traffic improvements, and upsizing of <br />utility lines), and other public benefits, as further specified in Exhibit "C" attached hereto and <br />incorporated herein by reference (the "Design Standards"); and <br />WHEREAS, 71.93 acres of the Property are located inside the urban services boundary <br />(the "USB") and 4.80 acres are located outside of the USB; and <br />5950481.vl <br />