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IBJ . <br /> DEVELOPER' S AGREEMENT BETWEEN ' <br /> INDIAN RIVER COUNTY, FLORIDA <br /> AND <br /> LENNAR HOMES , INC . <br /> THIS AGREEMENT , entered this 6th day of September , 2005 , by and between <br /> INDIAN RIVER COUNTY, FLORIDA a political subdivision of the State of Florida, 1840 25 " <br /> Street, Vero Beach, Florida, 32960 hereafter called COUNTY and Lennar Homes, Inc . , 1015 North <br /> State Road 7, Suite C , Royal Palm Beach, Florida 33411 , hereafter referred to as the DEVELOPER. <br /> WITNESSETH <br /> WHEREAS , the DEVELOPER has applied to develop a residential community to be known <br /> as Verona Trace Subdivision and Villas at Verona Trace, consisting of 447 homes on approximately 105 <br /> acres of land on the west side of 98 "' Avenue, between 81h Street and 12 Street in Indian River County, <br /> Project Number SD- 04-09 -39/SP -MA-04- 10- 94/2003070038 , the legal description is attached as <br /> Exhibit A and incorporated herein by reference, and ; <br /> WHEREAS , the COUNTY and DEVELOPER share mutual concerns with respect to <br /> improvements at the intersections of State Road 60 & 58th Avenue and State Road 60 & 43rd Avenue, <br /> and; <br /> WHEREAS , the COUNTY is planning to construct roadway improvements at the <br /> intersections of State Road 60 & 58th Avenue and State Road 60 & 43rd Avenue ("Roadway <br /> Improvements") , and ; <br /> WHEREAS , both the COUNTY and DEVELOPER can mutually benefit each other through <br /> a joint effort that will share the costs of the proposed SR 60 / 58th Avenue and SR 60 / 43rd Avenue <br /> intersection improvements . <br /> NOW, THEREFORE , in consideration of the mutual terms, conditions, promises, covenants <br /> and premises hereinafter, the COUNTY and DEVELOPER agree as follows : <br /> 1 . The above recitals are affirmed as being true and correct and are thereby incorporated <br /> herein . <br /> 2 . To accommodate increased traffic generated by the Verona Trace Subdivision and Villas at <br /> Verona Trace residential development, the COUNTY would be required to make <br /> improvements to the intersection of SR 60 and 58th Avenue in the amount of $4, 000, 000, <br /> of which the DEVELOPER ' S fair share of cost is 2 . 9064 % or $ 116 ,257 . The COUNTY <br /> would also be required to make improvements to the intersection of SR 60 and 43rd <br /> 1 <br />