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HomeMy WebLinkAbout2000-105C_ 40 C 411 1/00(PWDbwd /rt(tob)dev. O U' BUJ DEVELOPERS AGREEMENT FOR CONSTRUCTION OF IMPROVEMENTS TO 5TH STREET SW INDIAN RIVER COUNTY, FLORIDA THIS AGREEMENT for Construction of Improvements to 51h Street SW, between 43`d Avenue, and a point ± 1320 L.F. west of 43rd Avenue, Indian River County, Florida, is made this llthday of April , 2000, between THE ARBOR TRACE DEVELOPMENT, INC., a Florida Corporation, ("DEVELOPER"), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida, ("COUNTY"): RECITALS: A. The DEVELOPER owns and is planning to develop a planned residential development ("Development') located in Indian River County, Florida, along 5`h Street SW. The Development is currently identified as Residential PD —9909-13, Indian River County, Florida. B. The COUNTY and the DEVELOPER acknowledge that 5`h Street SW, between 43`d Avenue and a point ± 1320 L.F. west of 43rd Avenue, is currently unimproved; is designated "Rural Major Collector" on the COUNTY'S future roadway functional classification map in the County's Comprehensive Land Use Plan; and is designated for right-of-way acquisition and improvement in the County's Comprehensive Plan, Transportation Element, Year 2020 Roadway Improvements Plan. C. COUNTY and DEVELOPER desire that acquisition of the right-of-way necessary to construct 5`h Street SW between 43rd Avenue and a point ± 1320 L.F. west of 43rd Avenue, and the actual construction of 5`h Street SW, occur in conjunction with the DEVELOPER'S project. AGREEMENT: For and in consideration of the mutual promises contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Recitals. The foregoing recitals are hereby incorporated as if fully restated herein. 2. Construction of Fifth Street Southwest a. The DEVELOPER is planning a two-phase project. Prior to obtaining a Certificate of Completion for required improvements for Phase 2, the DEVELOPER agrees to construct a two-lane paved roadway, according to COUNTY approved standards, along 5`h Street SW between 43`d Avenue and the western limits of the Development, including a three -lane roadway with left turn lanes at the intersection of 5`h Street SW and the DEVELOPER'S main entrance way, and including, if required tum lanes. DEVELOPER shall prepare design drawings and obtain necessary permits. The DEVELOPER shall obtain at least three competitive bids from qualified licensed insured contractors, with the COUNTY named as an additional insured. Payment and J 40 r-. • performance bonds may be required, if the cost exceeds $50,000. The COUNTY must approve all engineering and costs prior to work being initiated. b. COUNTY shall contact property owners and diligently pursue acquisition of all right-of-way needed for the construction of 5th Street SW as a major rural collector road. c. The DEVELOPER and COUNTY shall each pay 50% of the cost of survey, engineering, permitting, right-of-way acquisition, construction, inspection and related costs for paving and drainage improvements for a two-lane roadway. d. In the event the COUNTY or other DEVELOPER constructs the aforementioned roadway stated in Paragraph "a" above, the DEVELOPER shall pay 50% of the cost of the engineering, right-of-way, paving and drainage improvements, and related costs, required by this Agreement. e. All Payments will be due to the COUNTY prior to the issuance of a Certificate of Completion for Phase 1I of the Arbor Trace planned development. 3. Entire Agreement. This Agreement embodies the entire agreement between the parties relative to the subject matter hereof, and there is no oral or written agreements between the parties, nor any representations made by either party relative to the subject matter hereof, which are not expressly set forth herein. 4. Amendment. Only a written instrument executed by the party or parties to be bound thereby may amend this Agreement. 5. Time of Essence. Time is of the essence of this Agreement; however, if the final date of any period which is set out in any provision of this Agreement falls on a Saturday, Sunday or legal holiday under the laws of the United States or the State of Florida, then, in such event, the time of such period shall be extended to the next day which is not a Saturday, Sunday or legal holiday. 6. Governing L . This Agreement shall be governed by the laws of the State of Florida and the laws of the United States pertaining to transactions in such State. All of the Parties to this agreement have participated freely in the negotiation and preparation hereof; accordingly, this Agreement shall not be more strictly construed against any one of the parties hereto. 7. Successors and Assian_s: Assienment, This Agreement shall bind and inure to the benefit of the parties and their respective successors and assigns. DEVELOPER may assign DEVELOPER'S rights and obligations under this Agreement to an affiliated or associated legal entity in conjunction with development of the planned residential development. 8. Invalid Provision. If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid, or unenforceable provision or by its severance from this Agreement. 4/5/00(PWD)jwd /rt(tob)dcv. 9. Attorneys Fees. In the even it becomes necessary for either party hereto to file suit to enforce this Agreement or any provision contained herein, the party prevailing in such suit shall be entitled to recover, in addition to all other remedies or damages, as provided herein, reasonable attorneys' fees, paralegal fees and cost incurred in such suit at trial, appellate, bankruptcy and/or administrative proceedings. 10. *Multiple Counterparts. This Agreement may be executed in a number of identical counterparts which, taken together, shall constitute collectively one (1) Agreement; but in making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart executed by the party to be charged. 11. Date of this Agreement. This Agreement shall not be effective unless signed by both DEVELOPER and COUNTY. As used in this Agreement, the terms "date of this Agreement" or "date hereof' shall mean and refer to the date of execution of the last of DEVELOPER or COUNTY to execute this Agreement. 12. Exhibits. The following exhibits are attached to this Agreement and are incorporated into this Agreement and made a part here. 13. AuthoriM Each party hereto represents and warrants to the other that the execution of this agreement and any other documents required or necessary to be executed pursuant to the provisions hereof are valid, binding obligations and are enforceable in accordance with their terms. 14. Conditions Precedent. The obligations of both parties to this Agreement are expressly conditioned upon the DEVELOPER'S decision, at DEVELOPER'S sole discretion, to proceed with the Development. IN WITNESS WHEREOF, the parties have set their hands and seals the day and year first above written. Signed, sealed and delivered Int c f. By (!IlW'Y-,J- L' INC. Y'e`t/i �f�fSiUS'� INDIAN RIVER COUNTY, FLORIDA BOARD OF COUNTY COMMISSION64 Fran B. Adams, Chairman Indian River County Approved Dale Administration 751T, Budget 4 w Legal y, 5 Risk Management Public Works