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. - 1 o �� <br /> DEVELOPER' S AGREEMENT BETWEEN • P <br /> INDIAN RIVER COUNTY, FLORIDA <br /> AND <br /> 41ST STREET COMMERCIAL PARK, LLC <br /> FOR 41ST STREET COMMERCIAL PARK <br /> THIS AGREEMENT, entered this 17th day of May , 2005 , by and between <br /> INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida, 1840 25th <br /> Street, Vero Beach, Florida, 32960, hereafter called COUNTY, and 41ST STREET <br /> COMMERCIAL PARK, LLC, 5625 41 " Street, Vero Beach, Florida, 32967, telephone number <br /> (772) 569-4199, hereafter referred to as the DEVELOPER. <br /> WITNESSETH <br /> WHEREAS, the DEVELOPER has applied to build a commercial development to be known <br /> as 41 ST STREET COMMERCIAL PARK on approximately 11 acres of land on the south side of <br /> 41St Street, between 58th Avenue and 43 `d Avenue in Indian River County, Project Number SPMA- <br /> 0340-67 (2003040019-36157), the legal description is attached as Exhibit "A" and incorporated <br /> herein by reference, and; <br /> WHEREAS, the COUNTY and DEVELOPER share mutual concerns with respect to <br /> improvements at the intersection of State Road 60 and 43 `d Avenue, and; <br /> WHEREAS, the COUNTY is planning to make improvements to the intersection of State <br /> Road 60 and 43 `d Avenue, and ; <br /> WHEREAS, both the COUNTY and DEVELOPER can mutually benefit each other through <br /> a joint effort that will share the cost of the proposed SR 60 / 43 `d Avenue 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 true and correct and are thereby incorporated herein. <br /> 2 . To accommodate increased traffic generated by 41 " Street Commercial Park, the <br /> COUNTY would be required to make improvements to the intersection of SR 60 / 43 `d <br /> Avenue in the amount of $7,000,000, of which the DEVELOPER' S fair share of cost is <br /> 1 . 7594% or $ 123 , 158 . 00. The DEVELOPER shall pay to the COUNTY the sum of <br /> $ 123 , 158 . 00 prior to issuance of a land development permit, as a contribution for <br /> construction of the intersection improvements at SR 60 / 43 `d Avenue. <br /> 3 . The COUNTY shall be responsible for all construction coordination including <br /> advertisement for bids, contractor selection and construction inspection. <br /> 1 <br /> F :\Traffic\CRM\My Documents\L)evelopment\41 StCommercialPark. 3 .doe <br />