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(site plan/Thoroughfare Plan Roadways) F (sidewalk) AGREEMENT FOR THE TRANSFER OF RESPONSIBILITY FOR REQUIRED IMPROVEMENTS THIS AGREEMENT, made and entered into this 22— day of ,TAnuri ry , 2007 by and between Vatland Imports , Inc . , a Florida corporation , hereinafter referred to as " Developer ' , and INDIAN RIVER COUNTY, a political subdivision of the State of Florida , hereinafter referred to as "County" . WITNESSETH : 1 . Developer received site plan approval on February 7 , 2005 for the project identified as : Project Title : Vatland Honda Project Number: SP-MI-05- 12-64 Project CD+ Number: 2005090435-50592 Project Site Address : 700 U . S . Highway 1 , Vero Beach , FL 32971 2 . As a condition of site plan approval , Developer is required to construct sidewalks along the project's U . S. 1 and 6`h Avenue frontages . 3 . In accordance with Section 914. 15 (6)( b) 1 . b . ii of the Land Development Regulations , Developer wishes to effectively satisfy and be released from its obligation to construct the required sidewalk segments by providing a cash payment of funds equal to one hundred percent ( 100% ) of the estimated cost to construct the required sidewalk segments . 4 . It is agreed between the parties that in consideration of the sum payment of $20 , 910 . 00 , Developer transfers its responsibility to County, and County releases Developer from all obligations to construct sidewalks along the project's U . S . 1 and 6`h Avenue frontages , and County assumes the obligation of providing the referenced sidewalk improvements at some future date . 5 . Developer shall be responsible for clearing and grading the intended location of the required sidewalk improvements at the time clearing and grading for the development project is performed . The value of such clearing and grading is reflected in the cash payment amount provided by the Developer. The cleared path shall be approved by the Public Works Department and shall be selected so as to maximize tree preservation while maintaining compliance with the sidewalk design specifications listed in Section 914 . 15 (6) (a) of the Land Development Regulations . 6 . Developer may apply in writing to the Public Works Director for a refund of monies paid should County not begin the construction of said required sidewalk improvements by 01 - 22 - 201 1 (six years from the date of cash payment) . If the Developer elects to request such a refund , the County shall repay those monies allocated toward the improvement , and Developer's obligations under paragraph 2 hereto shall be deemed satisfied . Any requests for refunds not made by 1 F:\Attorney\Nancy\DOCS\PLAN\sidetran vatland honda .doc