HomeMy WebLinkAbout0991 AGREEMENT
THIS AGREEMENT made and entered into this ~-~S~ day of
January, 1985, by and between the CITY OF FORT PIERCE, FLORIDA, a
municipal corpo.ration organized and existing under the laws of
the State of Florida, hereinafter referred to as "City", and JOHN
E. CORBALLY, JA~'~IES M. FURI~SAN and DAVID M. MURDOCH, as Trustees
under the provisions of a Trust Agreement dated the 28th day of
December, 1983, and known as the MacArthur Liquidating Trust
Agreement, hereinafter referred to as "Owners", by and through
their authorized agent, THE BANKERS LAND COMPANY, a Florida
corporation.
WITNESSETH:
WHEREAS, that property described in the attached Exhibit
"A", hereinafter referred to as the "Causecaay Property", repre-
sents the largest undeveloped tract of land easterly of the Peter
J. Cobb Bridge within the city limits of the City of Fort Pierce,
Florida; and
WHEREAS, the State of Florida has expressed concern that the
development af the Causeway Property at current or higher allow-
able densities would impact upon the existing transportation
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; system; and
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~i WHEREAS, the owners of the Causeway Property, in an effort '
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~ to assist the City in avoiding designation as ar. area of critical
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state concern, have agreed that four-lanincr of State Road AlA
(Seaway Drive) from the Peter J. Cobb Bridge to the easterly
boundary of the Causeway Propert;~ be a condition of development
of the said property at current or higher allowable densities.
~ NOPI, THEREFORE, in consideration of the mutual promises,
~ conditions and understandings, the parties hereby agree as
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k follows:
~ 1. The Owners agree that they will accept, as a condition
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~ for development of the Causeway Pronerty at current or higher
~ allowable densities, a requirement that State Road AlA (Seaway
Drive) from the Peter J. Cobb Bridge to the easterly boundary of
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~ the Causeway Property be four-laned, and the City agrees that
such a requirement will b~ imposed prior to such development.
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