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0q�08-0� <br />$-4. <br />DEVELOPER'S AGREEMENT BETWEEN Aoc�9 � yoy <br />INDIAN RIVER COUNTY, FLORIDA <br />AND <br />FELLSMERE INVESTMENTS LLC <br />THIS AGREEMENT, entered this 8th day of Apri 1 2008, by and between <br />INDIAN RIVER COUNTY, FLORIDA, apolitical subdivision of the State of Florida, 180127 th <br />Street, Vero Beach, Florida, 32960, hereafter called COUNTY, and FELLSMERE INVESTMENTS <br />LLC, a Florida Limited Liability Company, 1708 Old Dixie Highway, #101, Vero Beach, Florida 32960, <br />hereafter referred to as DEVELOPER. <br />WITNESSETH <br />WHEREAS, the DEVELOPER has applied to develop a commercial development to be <br />known as ALDER, consisting of a 75 -room hotel, two restaurants, a gas station / convenience store <br />and approximately 21,000 square feet of retail, hereafter referred to as the PROJECT, to be built <br />within the city limits of Fellsmere, on the northwest corner of the intersection of County Road 512 <br />and Interstate 95, at the address of 11050 Fellsmere Road (CR 512), Indian River County; and <br />WHEREAS, the COUNTY and DEVELOPER share mutual concerns with respect to <br />improvements at the intersection of CR 512 and the PROJECT entrance; and <br />WHEREAS, as a result of their development, the DEVELOPER must design, construct and <br />fund an eastbound left turn lane on CR 512 at the PROJECT entrance, a westbound right turn lane on <br />CR 512 at the PROJECT entrance, and a traffic signal on CR 512 at the PROJECT entrance; and <br />WHEREAS, both the COUNTY and DEVELOPER can mutuallybenefit each other through <br />a joint effort in coordinating the installation and maintenance of a traffic signal on CR 512 at the <br />PROJECT entrance. <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 />To accommodate increased traffic generated by the Aldea commercial development, the <br />DEVELOPER would be required to make improvements to the intersection of CR 512 <br />and the PROJECT entrance by installing a traffic signal. The parties agree that the <br />DEVELOPER cost to design and install the traffic signal is $100,000 (one hundred <br />thousand dollars). The DEVELOPER shall pay to the COUNTY the sum of $100,000 <br />(one hundred thousand dollars) prior to issuance of a County right-of-way permit, as a <br />