4/22/2016 11:33:13 AM
9/30/2015 10:28:26 PM
Official Document Type
Agenda Item Number
Developer's Agreement Century Town Center
offsite intersection improvements
South side of SR 60 and 58th Ave.
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DEVELOPER' S AGREEMENT BETWEEN <br /> INDIAN RIVER COUNTY, FLORIDA <br /> AND <br /> CRF—PANTHER IX, LLC <br /> 07 <br /> THIS AGREEMENT, entered this 9th day of January 20(ffl, by and between <br /> INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida, 1840 25'h <br /> Street, Vero Beach, Florida, 32960, hereafter called COUNTY, and CRF-PANTHER IX, LLC, 500 <br /> South Florida Avenue, Suite 700, Lakeland, Florida 33801 , hereafter referred to as DEVELOPER. <br /> WITNESSETH <br /> WHEREAS, the DEVELOPER has applied to develop a commercial development to be <br /> known as Century Town Center, consisting of 99, 819 square feet of retail (the " Project") to be built <br /> on the south side of State Road 60, west of 58th Avenue in Indian River County, Project Number 06- <br /> 07-31 ,12004060358, <br /> 6- <br /> 07-31 /2004060358, the legal description is attached as Exhibit A and incorporated herein by <br /> reference, and; <br /> WHEREAS , the COUNTY and DEVELOPER share mutual concerns with respect to <br /> improvements at the intersection of State Road 60 and 58rh Avenue, 16`h Street and 58`h Avenue and ; <br /> WHEREAS, the COUNTY is planning to construct roadway improvements at the <br /> intersection of State Road 60 and 58th Avenue, 16th Street and 58'1 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 State Road 60 and 58°i Avenue, 16th Street and <br /> 58th 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 being true and correct and are thereby incorporated <br /> herein . <br /> 2 . Off-Site Intersection and Roadway Improvements : <br /> A. To accommodate increased traffic generated by the Project, the COUNTY would be <br /> required to make improvements to the intersection of State Road 60 and 58th Avenue in <br /> the amount of $ 13 .500.000 of which the DEVELOPER' S fair share of cost is 7.4% or <br /> $999,000 .00 . The DEVELOPER shall pay to the COUNTY the sum of $999,000 .00 <br /> prior to issuance of a land development permit, as a contribution toward construction of <br /> the intersection improvements at State Road 60 and 58'h Avenue. <br /> 1 <br />
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