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fEc � Florida East Coast R A I L W A Y , L . L . C . L Bruce Baker March 21 , 2005 Assistant Director Blanket File : 226- 1 -0 Industrial Development & Real Estate INDIAN RIVER COUNTY PUBLIC WORKS ..,_ . Mr . Jim Davis , Director 1i Indian River County Public Works a t q 1840 25d' Street t 3 f 1 Vero Beach, FL 32960 i F� Dear Mr . Davis : The Indian River County Public Works ("IRCPW") is currently a party to a Blanket License Agreement between the IRCPW and Florida East Coast Railway dated July 7 , 1998 , (the " IRCPW ' s Agreement"), whereby certain portions of Railway ' s right-of--way are licensed to the IRCPW for 6 utility crossings . The IRCPW ' s Agreement requires , among other things , that the IRCPW pay Railway an annual fee for each crossing that includes future increases dictated by market conditions . The purpose of this letter is to notify you that the annual fee for each of the IRCPW ' s utility crossings , based on the 2005 market rate , is $4, 624 . 00 . Enclosed for your files is a copy of the revised Schedule A to the IRCPW ' s Agreement reflecting this annual fee , which is due on the 2005 anniversary date of the IRCPW ' s Agreement . Further, to accommodate budgeting and other needs of city governments , as well as the Railway ' s administrative needs , utility licenses are being revised to provide for longer license terms and to tie future increases to a fixed rate . Accordingly, upon execution of this letter agreement by- the IRCPW , the IRCPW ' s Agreement is amended as follows : 1 . Paragraph 16 of the IRCPW ' s Agreement is hereby deleted in its entirety and replaced with the following : " 16 . Commencing with the initial term of this Agreement, Licensee shall pay in advance unto Railway for each year or fraction thereof, of the life of said crossing or other facilities , the applicable sums as listed on Schedule "A" attached hereto and made a part hereof. The applicable license fees listed on Schedule "A" shall be increased each year on the anniversary date of the Agreement, commencing on the anniversary date of the year 2006 , by the product of the annual fee in effect for the preceding year multiplied by one hundred percent ( 100 %) of the percentage increase in the Consumer Price Index ( CPI) , or 3 % whichever is greater. The base CPI will be the CPI for the month of the year preceding the effective anniversary date by ninety ( 90) days . The " CPI " shall mean the Consumer Price Index ( 1967 = 100) , issued by the Bureau of Labor Statistics of the U . S . Department of Labor . No adjustment will be made for decreases in the CPT . " 2 . Paragraph 23 of the IRCPW ' s Agreement is hereby deleted in it entirety and replaced with the following : "23 . The licenses herein granted are subject to the needs and requirements of the Railway in the operation of its business and Licensee shall , at the sole expense of Licensee , remove and/or relocate any existing crossings , appliances , fixtures or facilities upon sixty ( 60) days prior written notice to Licensee whenever, in the furtherance of its needs and requirements related to transportation, including operation of passenger and freight trains, Railway shall find such action Ph: (904) 826-2269 • Fax: (904) 826-2322 One Malaga Street 9 P. O. Box 1048 • St. Augustine, FL 9 32085- 1048