Laserfiche WebLink
COUNTY and DEVELOPER. <br /> D. Escrow Agent shall and hereby agrees to render a written accounting of its handling <br /> of the Escrow Funds to DEVELOPER during the term of this Agreement on a monthly <br /> basis, which shall include the monthly account statement issued by the depository institution, <br /> and all activity within the account applicable to the reporting period. <br /> 8. Intentionally Deleted <br /> 9. Reimbursements to Developer: <br /> A. COUNTY acknowledges that DEVELOPER' S execution of this Agreement and <br /> performance of the roadway improvement project shall result in expenditures of funds by <br /> DEVELOPER exponentially higher and in excess of its otherwise applicable <br /> proportionate share of project costs. As such, COUNTY agrees to cooperate with <br /> DEVELOPER in the future to permit DEVELOPER to procure reimbursement of said <br /> expenditures from future proportionate share payments, as said proportionate share <br /> payments are paid by other prospective developers of projects which impact the indicated <br /> roadway segment. For a period of 10 years from the Effective Date of this Agreement, <br /> proportionate share payments paid by developers relating to projects impacting the <br /> indicated roadway segment shall be paid and released to DEVELOPER by COUNTY to <br /> reimburse DEVELOPER for its expenditures . Said payments shall be paid to <br /> DEVELOPER and applied against DEVELOPER' S final project expenses, to and until <br /> DEVELOPER is fully reimbursed for all project costs, less and excepting its own project <br /> transportation impact fees as referred to in Exhibit "C" . <br /> B. Reimbursement payments to DEVELOPER shall derive from Proportionate <br /> Share Agreements from each future project that will impact 27 ° Avenue S .W. from 13'" <br /> Street S .W . to 17`h Street S .W. Each prospective developer shall be required to submit a <br /> traffic study pursuant to Indian River Code § 952, and execute a Proportionate Share <br /> Agreement if his traffic study shows the proposed project will impact the roadway link on <br /> 27'h Avenue S .W . from 13 " Street S .W. to 17`h Street S .W. Attached to this Agreement <br /> as Exhibit "E" is an approved form of Proportionate Share Agreement, identified by this <br /> reference as a "Proportionate Share Agreement Between Indian River County, Florida <br /> and 27h Avenue Developer." Participating developers will be required to pay their <br /> proportionate share (based on the formula in Exhibit "E") for each trip associated with <br /> the proposed project, as adjusted to final project costs. <br /> C . Proportionate share contributions shall be collected by the COUNTY upon Board <br /> of County Commission approval of each Proportionate Share Agreement. The amounts <br /> shall be refunded to DEVELOPER either: (a) in the form of installments during the actual <br /> performance of the roadway improvements project at the time DEVELOPER has <br /> submitted pay requests for work completed and approved; or (b) after the roadway <br /> improvements are completed and accepted by the COUNTY, within ten (10) days of <br /> receipt by COUNTY. <br /> 10 . Insurance: DEVELOPER and DEVELOPER' S contractors and subcontractors will <br /> maintain the following minimum limits of insurance during the term of this agreement <br /> and shall provide evidence of said coverage being in effect by providing the County with <br /> a Certificate of Insurance listing Indian River County as an additional insured: <br /> 7 <br />