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ti DEVELOPER' S AGREEMENT BETWEEN INDIAN RIVER FEDERAL CREDIT UNION AND ELWILLASSOCIATES, INC. AND INDIAN RIVER COUNTY, FLORIDA THIS AGREEMENT, entered this day of 0 c I o b C v , 2008 , by and between, and INDIAN RIVER FEDERAL CREDIT UNION, a not-for-profit financial cooperative, 2800 20' Street, Vero Beach, FL 32960 hereafter referred to as Credit Union; and ELWILL ASSOCIATES, INC., a Florida corporation, 319 Monroe Drive, West Palm Beach, FL 33405 , hereafter referred to as Elwill; and INDIAN RIVER COUNTY, FLORIDA, a political subdivision of the State of Florida, 1801 270' Street, Vero Beach, Florida, 32960, hereafter referred to as COUNTY. WITNESSETH WHEREAS, the Credit Union has applied to develop a financial building to be known as the Indian River Federal Credit Union, consisting of,�square feet (the "Project') Indiank.40 �� River County Project No. 200604025 , to be built on the north side of Oslo Road west of 270` Avenue, Indian River County; and WHEREAS, in the same application Elwill has applied to develop a retail project Ib bofl consisting of square feet on a parcel of property directly to the north of the Credit Union property, and WHEREAS, the County is under contract to purchase a parcel of property north of the Elwill and Credit Union properties that will serve as a stormwater retention pond for the planned improvements and widening of Oslo Road. This Agreement will be an exhibit to the Contract for Sale and Purchase. A sketch and legal description of the properties is attached to this agreement as Exhibit A; and WHEREAS, the County, the Credit Union and Elwill (collectively, the Parties) share mutual concerns with respect to improvements to Oslo Road; and WHEREAS, in order to have the stormwater runoff from Oslo Road to reach the retention pond, the County needs a drainage easement across the Credit Union and Elwill parcels; and 1