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WHEREAS, the Project is located along the east side of U . S . Highway One, north <br /> and south of County Road 510 in Indian River County and known as Project Number SP- <br /> MA- 04- 06- 25 , and; <br /> WHEREAS , the COUNTY, DEVELOPER and OWNER share mutual concerns <br /> with respect to right- of-way dedication and roadway improvements necessary at the <br /> intersection of County Road 510 and U . S . Highway One and the expansion of County <br /> Road 510 by adding two lanes from 85th Place to west of the Wabasso Bridge in order to <br /> accommodate current and projected traffic volumes , and; <br /> WHEREAS , DEVELOPER and OWNER agree that the addition of the two <br /> additional lanes on County Road 510 fronting their property and improvements to the <br /> USI /CR 510 intersection are required by their development and as such, it is not eligible <br /> for traffic impact fees ; and <br /> WHEREAS , the parties agree that this agreement is contingent upon <br /> DEVELOPER receiving final site plan approval and if final site plan approval is not <br /> obtained, this agreement shall become null and void; and <br /> WHEREAS , both the COUNTY and DEVELOPER can assist each other through <br /> a joint effort that will share the cost of the proposed improvements . <br /> NOW, THEREFORE , in consideration of the mutual terms , conditions , <br /> promises , covenants and premises hereafter, the COUNTY, DEVELOPER and OWNER <br /> agree as follows : <br /> 1 . The above recitals are affirmed as being true and correct and are thereby <br /> incorporated herein . <br /> 6/ 15 /2005 - 10 : 45 AM 2 <br />