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finds that the improvements are financially feasible. The improvements will add an additional 198 trips to the segment. Thus, the cost per trip of the improvement is approximately S22,000.00 . Furthermore, the COUNTY projects that future developments will contribute to the costs of the improvements; and WHEREAS, DEVELOPER' S traffic study concludes that DEVELOPER ' S project needs _ trips on 27th Avenue S .W. from 13th Street S .W. to 17th Street S .W. WHEREAS, the County finds that all conditions contained in FS 163 . 3180( 16) and Indian River County Code Chapter 910 have been met in order for DEVELOPER and County to enter into this proportionate fair share agreement. NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, covenants and premises hereinafter, the COUNTY and DEVELOPER agree as follows : 1 . The above recitals are affirmed as being true and correct and are incorporated herein. 2 . The roadway improvements contemplated by this agreement are in the best interests of the citizens of Indian River County. The improvements will provide a benefit to the health, safety and welfare of the residents of the County by providing safe roads for the traveling public. 3 . In accordance with Exhibit attached and incorporated by reference herein, the DEVELOPER shall pay to the County the project' s proportionate fair share amount for the to 27th Avenue S .W., 13th Street S .W. to 17th Street S .W. improvement project as determined through the formula in Section 910 . 12(7)(d) of the County ' s Land Development Regulations. The proportionate share amount shall be credited against DEVELOPER' S Traffic Impact Fee liability; however, no proportionate share shall exceed 45% of the total Traffic Impact Fee liability. 4. DEVELOPER shall pay to the County, the proportionate share amount in paragraph 3 above prior to approval of this agreement. Upon receipt of the funds, the funds shall be placed in the appropriate project account for the funding of the scheduled 27th Avenue S .W. from 13th Street S .W. to 17th Street S .W. Should the County fail to approve this agreement, the funds shall be returned to Developer and this agreement shall be considered null and void. 5 . DEVELOPER shall satisfy all applicable concurrency requirements and pay to the County the project' s impact fees assessed pursuant to Title X, Code of Indian River County, less the proportionate share contribution amount referenced in Section 3 which shall be applied as a credit against the Project' s Title X fees, together with all water and sewer capacity charges. DEVELOPER shall pay to the County the water and sewer capacity charges and impact fee amount prior to the approval of this agreement. Should the County fail to approve this agreement, the impact fees shall be returned to Developer, and this agreement shall be considered null and void. 6 . Upon receipt of the payments specified in paragraph 3 and 5 , the County shall schedule this agreement F:\Attorney\BillWgreements\Proportionate Share\Oslo 27 Reimbursemen2to Developer Exhibit E.dce