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DEVELOPER AGREEMENT BETWEEN INDIAN RIVER COUNTY AND <br />FELLSMERE 392 LLC TO CONVEY RIGHT-OF-WAY <br />AND <br />JOINT AGREEMENT TO CONSTRUCT IMPROVEMENTS <br />ON INDIAN RIVER COUNTY ROAD 512 <br />This agreement is made and entered into this 12th day of August , 2008 <br />by and between Fellsmere 392, LLC, a Florida limited liability company, 6401 SW 87th Avenue, <br />Miami, FL 33173 (hereinafter referred to as Fellsmere 392) and Indian River County, a political <br />subdivision of the state of Florida, 1801 27th Street, Vero Beach FL 32960 (hereinafter referred <br />to as County), <br />WHEREAS, the County has jurisdiction over Indian River County Road 512 (CR -512) <br />and has current plans to widen the roadway from 2 to 4 lanes and make drainage improvements <br />thereto; and <br />WHEREAS, Fellsmere 392 is the owner of 392 acres of property (the Property) located <br />along the northern boundary of CR -512 at its intersection with Interstate 95 (1-95), a sketch and <br />legal description of which is attached as Exhibit A and incorporated by reference herein; and <br />WHEREAS, Fellsmere 392 is planning to develop the Property as a commercial and <br />residential development to be known as the Preserve at Fellsmere; and <br />WHEREAS, the City of Fellsmere, as a condition of annexation into the City of <br />Fellsmere required Fellsmere 392 to dedicate needed right-of-way to the County in order for the <br />County to complete its plans for construction of CR -512; and <br />WHEREAS, Indian River County and Fellsmere 392 can mutually benefit from an <br />agreement whereby Fellsmere 392 dedicates right of way to the County and contributes to the <br />cost of certain roadway improvements on CR -512 required as a result of their development and <br />the County constructs certain intersection, turn lane and edge of right of way improvements on <br />CR -512; and <br />Page 1 of 10 <br />