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IF <br /> DEVELOPER' S AGREEMENT BETWEEN <br /> INDIAN RIVER COUNTY, FLORIDA <br /> AND <br /> ODYSSEY (II) DP V LLC <br /> 7 <br /> THIS AGREEMENT, entered this 9th day of January 2006, by and between <br /> INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida, 1840 25°i <br /> Street, Vero Beach, Florida, 32960, hereafter called COUNTY, and Odyssey (II) DP V 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 SUNRISE PLAZA, consisting of 16,380 square feet of retail (the "Project") to be built on the east <br /> side of 58°i Avenue, south of State Road 60 in Indian River County, Project Number SP-MA-05 -05- <br /> 19/2004100222, <br /> P-MA-05 -05- <br /> 19/2004100222, the legal description is attached as Exhibit A and incorporated herein by reference, <br /> and; <br /> WHEREAS, the COUNTY and DEVELOPER share mutual concerns with respect to <br /> improvements at the intersection of State Road 60 & 58'h Avenue, and; <br /> WHEREAS, the COUNTY is planning to construct roadway improvements at the <br /> intersection of State Road 60 & 58th 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 / 58th Avenue intersection <br /> 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 . To accommodate increased traffic generated by the Sunrise Plaza commercial <br /> development, the COUNTY would be required to make improvements to the intersection <br /> of State Road 60 and 58th Avenue in the amount of $ 13 ,500,000, of which the <br /> DEVELOPER' S fair share of cost is 1 . 52% or $205 ,200 . The DEVELOPER shall pay to <br /> the COUNTY the sum of $205 ,200 prior to issuance of a land development permit, as a <br /> contribution toward construction of the intersection improvements at State Road 60 and <br /> 58th Avenue. In the event that the COUNTY does not construct the State Road 60/58`h <br /> 1 <br />