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• O � oBo � <br /> DEVELOPER' S AGREEMENT BETWEEN °Za c 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 /> 2 . 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 /> 1 <br />