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+^iw <br /> S � - off <br /> DEVELOPERS AGREEMENT BETWEEN <br /> INDIAN RIVER COUNTY, FLORIDA <br /> AND <br /> MICHAEL CREEK, LLC <br /> FOR MICHAEL CREEK SUBDIVISION <br /> THIS AGREEMENT, entered this 22nd day of Ma_, by and between INDIAN RIVER <br /> COUNTY, FLORIDA a political subdivision of the State of Florida, 1840 25th Street, Vero <br /> Beach, Florida, 32960 hereafter called COUNTY and MICHAEL CREEK, LLC, 277 <br /> SOUTHEAST FIFTH AVENUE, DELRAY BEACH, FLORIDA, 33483 , telephone number <br /> (561 ) 279-8952, hereafter referred to as the DEVELOPER. <br /> WITNESSETH <br /> WHEREAS, the DEVELOPER has applied to develop a residential subdivision to be <br /> known as MICHAEL CREEK SUBDIVISION on approximately 20 acres of land on the south <br /> side of SR510, east of USI in Indian River County, Project Number SD-05-07-34 <br /> (2004020120-47065 ), and 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 SR510 and US 1 , and; <br /> WHEREAS, the COUNTY is planning to make improvements to the intersection of <br /> SR510 and US 1 , and; <br /> WHEREAS, both the COUNTY and the DEVELOPER can mutually benefit each <br /> other through a joint effort that will share the cost of the proposed SR5IO/USI intersection <br /> improvements. <br /> NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, <br /> covenants 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 MICHAEL CREEK SUBDIVISION, <br /> the COUNTY would be required to make improvements to the intersection of SR 510 <br /> and US 1 in the amount of $5 ,000,000.00, of which the DEVELOPER' S fair share of <br /> cost is 1 .63 % or $81 ,500.00. The DEVELOPER shall pay to the COUNTY the sum of <br /> $81 ,500. 00 prior to issuance of a land development permit as a contribution toward <br /> construction of the intersection improvements at SR 510 and US 1 . No impact fee <br /> credits will be allowed as a result of the DEVELOPER contribution. The <br /> DEVELOPER' S obligation with respect to the intersection of SR 510 and US 1 shall be <br /> deemed satisfied as long as the DEVELOPER is in compliance with this Agreement. <br /> The DEVELOPER shall have no further obligation with respect to the SR 510 / US 1 <br />