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EXTENSION OF BARBER STREET BETWEEN SEBASTIAN <br />HIGHLANDS SUBDIVISION AND US #1 AGREEMENT - CITY OF <br />SEBASTIAN. INDIAN RIVER COUNTY. AND NELSON HYATT <br />(DEVELOPER OF LAKE DOLORES MANUFACTURED HOME PARK <br />A/K/A PARK PLACE) <br />The Board reviewed a Memorandum of January 6, 1997: <br />TO: James E. Chandler, <br />County Administrator <br />FROM: James W. Davis, P.E., <br />Public Works Directo UA�' <br />SUBJECT: Tri -Party Agreement between City of Sebastian, Nelson <br />Hyatt (Developer of Lake Dolores Manufactured Home <br />Park, ak.a. Park Place), and Indian River County for the <br />Extension of Barber Street between Sebastian Highlands <br />Subdivision and US 1 <br />DATE: January 6, 1997 <br />DESCRIPTION AND CONDITIONS <br />In the early 1980's, developer Nelson Hyatt began the development of Lake <br />Dolores Manufactured Home Park (a.k.a. Park Place MHP) located in the City of <br />Sebastian between Sebastian Highlands Subdivision and US 1. At that time, the <br />15,600 lot Sebastian Highlands Subdivision had only one road connection to US <br />1 between CR510 and CR512. The City of Sebastian requested that the developer <br />construct Barber Street Extension through the development, including <br />construction of a Florida East Coast Railroad crossing, and provide an 80' wide <br />right-of-way along the 0.7 mile corridor. The developer performed these tasks, but <br />as of this date has not dedicated the right-of-way nor deeded the road <br />improvement to the City. At this time, the City and the Developer wish to <br />conclude the dedication. The Developer has also requested a Traffic Impact Fee <br />Credit for the value of the right-of-way and improvement, which would be applied <br />to the remaining approximately 250 units to be developed and to the commercial <br />land use along US 1. The value of the improvements and land are as follows: <br />2.0 acres R/W - General Commercial Land Use @ $95,565.76/acre = $ 191,131.50 <br />.99 acres west of FECRR - Light industrial and Limited Commercial @ $33,293/acre = $ 32,960.00 <br />3.52 acres west of FECRR - Mobile Home Use @ $20,056/acre = $ 70.597.00 <br />Subtotal Right -of -Way $ 294,688.50 <br />Improvements $ 254.724.00 <br />TOTAL $ 549,412.50 <br />When the roadway was constructed in 1984, the US 1 connection was built just <br />north of the Gator Lumber Building. Later, Pelican Point development east of US <br />1 was constructed which connected to US 1 north of the Barber Street Extension <br />location. The resulting offsetting intersection has caused traffic safety problems. <br />The County, City, Developer, and DOT are all in agreement to relocate the Barber <br />Street connection so that a proper intersection can exist. The Developer has <br />agreed to provide the needed right -0f --way relocation along the east 600' of the road, <br />and the County Road and Bridge Division can perform the work. Funding can be <br />by District 3 Traffic Impact Fees. The attached agreement provides for the <br />BOOK 1 PACE 4,;30 <br />JANUARY 14, 1997 34 <br />