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_, <br /> FCT Contract Number Ofd CT- y Gy - .4/ <br /> FLORIDA COMMUNITIES TRUST <br /> 04 -025 -FF4 <br /> ST . SEBASTIAN RIVER BUFFER — ANSIN TRACT <br /> CSFA # 52002 <br /> GRANT CONTRACT <br /> THIS AGREEMENT is entered into by and between the FLORIDA COMMUNITIES TRUST <br /> ("FCT") , a non-regulatory agency within the State of Florida Department of Community Affairs , <br /> and INDIAN RIVER COUNTY, a local government of the State of Florida ("Recipient") . <br /> THIS AGREEMENT IS ENTERED INTO BASED ON THE FOLLOWING FACTS : <br /> WHEREAS , the intent of this Agreement is to impose terms and conditions on the use of <br /> the proceeds of certain bonds , hereinafter described , and the lands acquired with such proceeds <br /> ("Project Site ") , that are necessary to ensure compliance with applicable Florida law and federal <br /> income tax law and to otherwise implement the provisions of Sections 259 . 105 , 259 . 1051 and <br /> Chapter 380 , Part III , Florida Statutes ; <br /> WHEREAS , Chapter 380 , Part III , Fla . Stat . , the Florida Communities Trust Act, creates <br /> a non-regulatory agency within the Department of Community Affairs ("Department") which <br /> will assist local governments in bringing into compliance and implementing the conservation, <br /> recreation and open space , and coastal elements of their comprehensive plans or in conserving <br /> natural resources and resolving land use conflicts by providing financial assistance to local <br /> governments and nonprofit environmental organizations to carry out projects and activities <br /> authorized by the Florida Communities Trust Act ; <br /> WHEREAS , FCT is funded through either Section 259 . 105 (3 ) (c) , Fla . Stat . of the Florida <br /> Forever Act, which provides for the distribution of twenty -two percent (22 %) , less certain <br /> reductions , of the net Florida Forever Revenue Bond proceeds to the Department, or any other <br /> revenue source designated by the Florida Legislature to provide land acquisition grants to local <br /> governments and nonprofit environmental organizations for the acquisition of community-based <br /> projects , urban open spaces , parks and greenways to implement local comprehensive plans ; <br /> WHEREAS , the Florida Forever Revenue Bonds are issued as tax- exempt bonds , <br /> meaning the interest on the bonds is excluded from the gross income of bondholders for federal <br /> income tax purposes ; <br /> WHEREAS , Rule Chapter 9K- 7 , Florida Administrative Code ("F . A . C . ") sets forth the <br /> procedures for the evaluation and selection of lands proposed for acquisition and Rule Chapter <br /> 9K- 8 , F .A . C . sets forth the acquisition procedures ; <br /> WHEREAS , on September 1 , 2004 the FCT Governing Board scored , ranked and <br /> selected projects to receive approval for funding ; <br /> 04-025-FF4 <br /> November 24, 2004 <br /> Reimbursement - 1 - <br />