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HomeMy WebLinkAbout2013-002 Reserve Homes Ltd. and Verano Development, LLCJOSEPH E. SP41TH. CLERK OF TI1E CIRCUIT COURT SAINT LUCIE COUNTY =~~a ~„ ~ _ _ _w 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Rerecorded Due to Scrivener's Error: RIF 2013-01 Should Read RIF 2013-02 _..~~ _~, ? __-,. .-~5 _ .-,_ _. _ ,~ ~~sa _,, RIF 2013-02 (To replace previously recorded #RIF 2013-01 number only) C.t3-ia- ROAD IMPACT FEE CREDIT AGREEMENT BETWEEN ST. LUCIE COUNTY, FLORIDA, RESERVE HOMES LTD AND VERANO DEVELOPMENT, LLC, IN CONSIDERATION FOR TRANSPORTATION MITIGATION AND IMPROVEMENTS REQUIRED BY THE DEVELOPMENT ORDERS FOR THE RESERVE AND VERANO DEVELOPMENTS OF REGIONAL IMPACT THIS AGREEMENT is made and entered into as of this 17th day of September, 2013, by and between ST. LUCIE COUNTY, FLORIDA, a political subdivision of the State of Florida, hereinafter referred to as "St. Lucie County" and RESERVE HOMES LTD., hereinafter referred to as "Reserve Homes," and Verano Development, LLC, hereinafter referred to as "Verano." WITNESSETH WHEREAS, Reserve Homes owns, or has interest in, certain parcels of land located in unincorporated St. Lucie County and the City of Port St. Lucie as more particularly described in the attached Exhibit "A" and which are subject to the approved development orders for the Development of Regional Impact (DRI) known as The Reserve DRI; and WHEREAS, Reserve Homes previously owned, or had an interest in certain parcels of land located in the City of Port St. Lucie as more particularly described in the attached Exhibit "B" which Reserve Homes assigned to Verano and which are subject to the approved development order for the Verano DRI (formerly known as PGA Village DRI); and WHEREAS, Reserve Homes and St. Lucie County entered into that certain Road Impact Fee Credit Agreement on April 20, 2004, a copy (without exhibits) of which is attached hereto as Exhibit "C" ("2004 Agreement"), which grants impact fee credits against St. Lucie County impact fees required for the Reserve and Verano DRIB; and WHEREAS, Section 2 of the 2004 Agreement provided that Reserve Homes was entitled to an impact fee credit of $4,693,992 in advance of certain future improvements to be constructed by Reserve Homes as related to the expansion of the interchange of Interstate I-95 and St. Lucie West/ Reserve Boulevard ("Six-lane Bridge Improvement"); and Page 1 of 9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 WHEREAS, Reserve Homes and Verano have utilized impact fee credits through the Effective Date of this Agreement in the amount of $1,898,197 as confirmed by the receipts reviewed by the County; and WHEREAS, Reserve Homes filed applications with the City of Port St. Lucie and St. Lucie County to amend the Reserve DRI Development Order, culminating in the adoption of the amendments on October 22, 2012 (Resolution No. 12-R101) and December 4, 2012 (Resolution No. 12-04), respectively (collectively "Reserve Amendment" or "Reserve Development Order"); and WHEREAS, Verano Development LLC filed an application with the City of Port St. Lucie to amend the Verano Development Order, culminating in the adoption of the amendment on October 22, 2012 ("Verano Amendment" or "Verano Development Order"); and WHEREAS, the Reserve Amendment and Verano Amendment amended the DRI development programs, reevaluated the resulting transportation impacts and adopted revised mitigation and impact fee credit provisions for each DRI; and WHEREAS, Condition 62 of the Reserve Development Order requires a dollar for dollar credit against impact fees for concurrency transportation mitigation previously completed and due in the future; and WHEREAS, the St. Lucie County impact fee ordinance provides for a credit against impact fees for concurrency transportation mitigation, subject to certain limitations; and WHEREAS, Condition 57 of the Reserve Development Order requires widening of St, Lucie West to six lanes, including the Six-lane Bridge Improvement, if a certain trip threshold is reached, which the parties agree will not be reached based on the reduced development program ~'i adopted by the Reserve Amendment; and WHEREAS, the Reserve Amendment and Verano Amendment provide for an alternative mitigation program which accelerates improvements to St. Lucie West Boulevard as recognized by Condition 62 of the Reserve Development Order and Condition 32 of the Verano Development Order; and WHEREAS, the modified DRI development program and revised mitigation requirements of the ~~ Reserve and Verano Development Orders warrant the execution of this Agreement which will Page 2 of 9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 supersede the 2004 Agreement and incorporate the alternative improvements to St. Lucie West in lieu of the Six-lane Bridge Improvement which has not been constructed; and WHEREAS, this Agreement provides for impact fee credits, taking into account the St. Lucie County impact fee ordinance, the Verano and Reserve Development Orders and applicable statutory requirements; and WHEREAS, Exhibit "D" to this Agreement identifies the impact fee credits immediately available for those improvements which have been completed improvements; and WHEREAS, Exhibit "D" identifies two improvements, referenced as Items l .a. and 2, which are not yet completed ("Incomplete Improvements") and for which impact fee credits shall not be available until such time as the conditions set forth in Footnote 1 to Table 3 of Exhibit "D" have been satisfied. NOW, THEREFORE, in consideration of the mutual covenants entered into between the parties hereto, to be made and performed, and in consideration of the benefits to accrue to each of the parties, it is agreed as follows: Section 1. Incorporation by Reference. The above recites are true and correct and are made a part of this Agreement by reference. Section 2. Impact Fee Credit. Pursuant to St, Lucie County Impact Fee Ordinance and Florida Statutes, Reserve Homes and Verano are entitled to a credit against St. Lucie County road impact fees, as such fees are set forth in the St. Lucie County code, as may be amended from time to time ("Road Impact Fee"). The Total Reserve/Verano Credit ("Total Credit") is calculated in Exhibit D as $23,391,359 and has been reduced by $1,898,197 to account for Road Impact Fee credits utilized by Reserve Homes and Verano through the Effective Date of this Agreement, resulting in a net Road Impact Fee Credit of $21,493,162 ("Net Credits"), as summarized in Exhibit "D." Reserve Homes and Verano shall have the option to determine the allocation and use of the Net Credits between the two DRIB. Net Credits are available for use upon execution of this Agreement, except for the Net Credits for Items l.a. and 2., which may be utilized in accordance with the footnote to Table 3 in Exhibit "D." Page 3 of 9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Section 3. Assignability of Net Credits. Reserve Homes and Verano may assign all or part of the Net Credits described in Section 2 above to successors in title and interest. Such assignment shall be by recordable written instrument. Before the assignment is effective, a copy of the assignment shall be provided by Reserve Homes and Verano to St. Lucie County and the City of Port St. Lucie, at the address set forth below and the original assignment shall be recorded in the public records of St. Lucie County: County Administrator 2300 Virginia Avenue Fort Pierce, Florida 34982 City Manager 121 SW Port St. Lucie Blvd. Port St. Lucie, Florida 34984 With copy to: County Attorney 2300 Virginia Avenue Ft. Pierce, Florida 34982 City Attorney 121 SW Port St. Lucie Blvd. Port St. Lucie, Florida 34984 Section 4. Limitation of Net Credits. The Net Credits established by this Agreement are applicable only to the Reserve DRI and Verano DRI as legally described in Exhibit "A" and Exhibit "B," respectively. The Net Credits are not transferable to any other property owned by Reserve Homes or Verano in St. Lucie County and shall not be transferable as a credit against other impact fees imposed for purposes other than roads. Section 5. Improvement Costs. In recognition that Reserve Homes has waived the right to credits for right of way associated with the Reserve improvements described in Exhibit "D" and in order to provide certainty to Reserve Homes, Verano and St. Lucie County, the improvement costs set forth in Exhibit "D" shall be considered final for the purpose of determining the Net Credits as calculated, except as otherwise stated for Items l.a. and 2. in Exhibit "D." Page 4 of 9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Section 6. Assignment of Impact Fees Assessed Against Parties Other Than Reserve Homes and Verano. It is recognized by the County that certain properties within the Reserve DRI and Verano DRI are being, and will be, permitted for development by parties other than Reserve Homes and Verano. This development will in many cases be subject to the assessment of a Roads Impact Fee. It is further recognized by the County that the impacts from these development activities by other parties will impact improvements listed in Exhibit "D." Therefore, the County agrees to the establishment of a specific trust, or similar account, that will be the repository of any Road Impact Fee collected from the Reserve DRI and Verano DRI, with said funds, minus the standards administrative processing fee as set forth in the Roads Impact Fee Ordinance, being made available to Reserve for application towards the improvements listed in Exhibit "D." Release of any funds to Reserve that are collected by the County may only take place upon presentation of a written request to the County Administrator. Reserve shall not be entitled to any trust account funds in excess of those collected specifically from the Reserve, Development of Regional Impact. Interest earnings on any funds collected, and' deposited in a trust or similar account, shall in a quarterly basis, be transferred into the appropriate general county impact fee account for the area of the Reserve. Section 7. Recordability of Agreement. This Agreement shall be recorded by St. Lucie County in the public records of St. Lucie County, and shall be binding upon Reserve Homes and Verano and any successors in interest and title to the properties described in Exhibit "A" and Exhibit `B." Section 8. Effect and Termination of Agreement. This Agreement supersedes and replaces the 2004 Agreement in all respects and shall be effective until all of the Net Credits authorized under Section 2 of this Agreement have been consumed through the issuance of building permits or similar development approvals. This Agreement shall not be modified except by amendment executed by all parties. Section 9. Annual Reporting. Page 5 of 9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Reserve Homes and Verano shall submit a report on an annual basis to the City of Port St. Lucie and St. Lucie County, summarizing the Net Credits utilized during the reporting period and cumulatively following the effective date of this Agreement. The report shall indicate the building permit numbers, the dates of issuance of those permits and a description of the permitted activity which relied on the Net Credits. Section 10. Effective Date. This Agreement shall be deemed effective on September 17, 2013 for the purpose of calculating Net Credits ("Effective Date"). It is recognized that, prior to final execution of this Agreement, the Net Credit calculation must be completed based on all credits previously utilized through the Effective Date as described in Section 2 and Exhibit D of this Agreement. IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. Page 6 of 9 1 2 3 4 5 6 ~ 7`-- 8 9 10 11 12 13 14 15 16 17 Signed, sealed and delivered in the presence of: Board of County Commissioners ATT ST• ~,~ ~ T~~ ~~ ~` {St. Lucie County, Florida ~, i '~~ c ~ .~ DEP Y ~C~,ERK ~ ±~ P ` CHAIRMAN -~ ~~ :;-, f"'`'-~~' APPROVED AS TO FORM AND CORRECTN S: /.. i , ,~! ~C ,, ~ COUNTY Page 7 of 9 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 BY: RESERVE HOMES LTD., A DELAWARE LIMITED PARTNERSHIP BY: KOLTER PROPERTY DEVELOPMENT, L.L.C., A DELAWARE LIMITED LIABILITY COMPANY ITS GENERAL PARTNER, BY: THE KOLTER GROUP LLC A FLORIDA LIMITED LIABILTY COMPANY ITS MANAGER \/ ~ BY: .; I:c ,~. ~ ~~, TITLE: Wla.:~. .~ STATE OF FLORID COUNTY OF ~ (nom ~ e.~,,~/~ The foregoing instrument was acknowledged before me this ~O day of ~C'c'e~•2r , 2013, by (j(J ~(• ~ a. Z hn J ~,. , as ~}'~c.n~-~( of ~ l~ G i ~~ ~s T ~ P~ LLB. He/ she personally appeared before me, is personally known to me, or produced as identification. ~~ Notary Public, State of Florida ~"""-°":~f: NICOt.E E. ANGELAKOS ;i ~ ~~:? MY COMMISSION k EE 178318 ~~. ~~' EXPIRES: March 23, 2016 '!F ;~~!' Bonded Thru Notary Public Underwriters Page 8 of 9 Print ame: M~~~ ~ • /Y ~,+C-~~'~ 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 BY: VERANO DEVELOPMENT, LLC, A DELAWARE LIMITED LIABILITY COMPANY BY: THE KOLTER GROUP L.L.C., A FLORIDA LIMITED LIABILITY COMPANY ITS MANAGER 1 - BY: , ~ 1 ca,,., ~~a ~so~ TITLE: via, -„_~,i STATE OF FLORIDA COUNTY OF ~~ ~ ~. Q 2 ~ G~ The foregoing instrument was acknowledged before me this ~O day ot;~~-~~3~~-- , 2013, by ~ ~ ll ~ a,~ J o ~~ s~i1 as ~j G ~ ~ p r of ~~1!a L'T~1- G (o ~ ~ ~~~ He/ she personally appeared before me, is personally known to me, or produced as identification. ~~ Notary lic, State of Florida ta:Y.'e~'-- NICOLE E. ANGELAKOS Z4•' ~4+i :.: .: MY COMMISSION k EE 178318 "s`~- ~, EXPIRES: March 23, 20iS %r~,, p~ ~d:'' Bonded Thru Notary Public Underwrfters Page 9 of 9 Print Name: ~~~ E• ~~''`f~-~-~~ EXHIBIT "A" Legal Description Reserve DRI A Parcel of Lnnd Lying in Sections 14,15,16,21,22,23,26, 27, 28, 34 And 35, Township 36 south, Rnnge 39 East, St. Lucie County, Florida, mare particularly descrihed as follows: Begin ni the Southwest Corner of Snid Section 15; Thence South 139°23'26" East, along the South Line of Said section 15, a Distance of 812.97 Fcet to the Point of Intersection with the Westerly Lint of a Parcel of Land Described In Official Records Book 514, Pagex 237-239, Public Records of St. Lucie County, Florida; Thenct North 44°46'OT' East, olong the Wetterly Lint of Said Parcel of Land, o Distance of 1343.92 Feet to the Point of Intersection with the Westerly Line of the Plat of G. 0. Teats Industrial Park -Unit One, as Recorded in Plat Book 23, Page 31, Public Records of St. Lucie County, Florida; Thence Northeasterly along the Westerly Line of Said Plat of G. O. Team Industrial Park Unit One the Following Courses and Distances: North 45°13'33" West, 660.03 Feet to the Point of Intersection with the Eosterly Right- of-way Line of the Florida East Coast Railway; Thence North 44°45'58" East along Said Easterly Right-af-way Line, a Distance of 120,00 Feet; Thence South 45°13'53" East, 510.04 Feet; Thence South 63°39'59" East, 158.11 Fut to tht Point of Intersection with the Eosterfy Line of a Florida Power and Light Easement as Recorded in Deed Book 198, Page 1040, Public Records of St. Lucie County, Florida, Thence South 44°45'58" Wtst, along Said Westerly Line of Said Plat of 6. 0, Team Industrial Park - Unlt One and its 1ortherly Prolongation and the Easterly Line of Said Florida Power and Light Easement, a Oistanee of 4001.62 feet; Thence South 89°29'01" Eost, a Distanu of 574.47 Felt to the Point of Interscctioh with the East Lint of Said Section 13, Being the Westerly Line of the Plat of Port St. Lucie Section Forty Four, ns Recorded fn Flat Boak 16, Page 23, Public Records of St. Lucie Caunly, Florida: Thence South 89°29'01" East, along tht Northerly Line of Said Plot of Port St. Lucie Section Forty Four, a Distance of 112,47 Feet to the Westerly Lint of o Florida Power and Light Easement as Recorded in Official Records Book 90, Page 71, Public Records of 5t, Lucie County, Florida; Thence South 00°21'26' West, along the Westerly Line of Said Florida Power and Light Easement, a Distance of 3975.26 Feet to the Point of Intersection with the North Line of Said Section 23; Thence North 89°23'16" East, along Said North Line of Section 23, a Distance of 33.09 Foet to the Point of Intersection with the Westerly Line of a Florida Power and L'ighi Easement, Recorded in Offieiol Records Book 97, Page 504, Public Records of St, Lucie County, Florida; Thence South 00°00'15" West, o{ong the Westerly Line of Soid Florida Power and Light Easement, a Distance of 5305.53 Feet to the Point of Intersection with the North Line of Said section 26; Thence South 00°00'02" East abng the Westerly Line of a Florida Pawer and Light Easement Recorded in Official Records Book 120, Page 199, Public Records of St, Lucie County, Florida, n Distance of 2,898,15 to the Point of Intersection with the Proposed Westerly Right-of-way Line of the Proposed I-95 Interchange; Thence Southerly along Said Proposed Right-of•woy the Following Courses and Distances; Afore Said Point Being a Point in a Curve Concave to the Northwest to Which a Rodial Line Bears South 47°50' ST' East with a Radius of 600.50 Feet; Thence Southwesterly along the Arc of Soid Curve, a Distance of 176.71 Feet, Through a Central Angle of 16° 16'37"; Thence South 59°00'40" West, 462,08 Fett to o Point of Curvature of a Curve Concave to the Southeast, Having a Radius of 621.42 Feet; Tltenct Southwesterly along the Arc of Said Curve, a Distance of 416.77 Feet Through a Central Angle of 38°25'38"; Thence South 20°35'02" West, 532,]1 Feet to a Point of Curvature of a Curve Concave to the Northwest, Having a Radius of (31.00 Feet, Thence Southwesterly olong the Arc of Said Curve 149.93 Feet, Through o Centro) Angle of 65° 19'11"; Thence South 85°54'13 "West, 388.39 Feet; Thence South 05°58'06" Eost, 64.11 Feat; Thence South 89°54'13" West, 300.01 Feei; Thence South 00°05'4T' East, 140.00 South 05°46'23" West, 64.11 Feet; Thenee South 86°05'4T' East, 960.95 Feet to a Point of Curvature of a Curve Concave to the 5.oathwest Roving a -Radius of b00;~30 Feet: Thence Southeasterly along the Arc of sa?d Curve a bistancc of 626,Q0 Feei'i`hrough a Central Angle of 59°43'45", to a Point of Compound C~vature of a Cut'ves Concave to the Southwest, Roving a Radius of 1295.00 Feet; Thetue Southeasterly along tha Arc of Said Curve, a Distance of 60.04 Feat Through o Centro! Angle of 02°39'23" to the Point of Intersection with the Weaterly Llne of a Florida Power and Light Easement Recorded in Official Records Book 97, Page 504, Public Records of St. Lucie County, Florida; Thenee South 00°00'02° East, along the Westerly Line of Said Florida Power and Light Eoser+unt, a Dtstance of 411.27 Feet; Thence along the westerly Line of a Florida Power and Light Easement Recorded in Official Record Book 468, Page 2897, the Following Courses and Distances: Thence South 00°35'29" East, 1849,11 Ftet; Thence South 06°37'22° West, 631.95 Feet; Thence South 12°2b'OT' West, 640.99 Fact; Thence South 19°28'36" West, 683.65 Feet; Thence South 79°27'56" West, 55,51 Feet; Thence South 10°32'03" Easf, 50.00 Feet; Thence North 79°27' 56" Eost, 55.39 Fret; Thence South 40°32'32" East,146.64 Fcet; Thence South 23°34'44" West, a Dlstaict of 422.42 Feet; Thence 5euth 89°52'1T' West, 1527.70 Feet; Thence North 40°43'16" West, a Distance of 1216.31 Feat; Thence North 40°04'4S" West, a Distance of 95,12 Feet: Thence North 44°OT 10' West, o Distance of 365.54 Feet; Thence North 44°39'44" West, a Distance of 213.66 Feet; Thence North 48°38'45' Wut, a pistance of 475.89 Fut; Thence South 61'51'31' West, a Distance of 188.61 Fut; Thence North 66°42'00• West, n Distance of 79.81 Feet; Thence North 43°4Z'Sb" West, a Distance of 2428.68 Fut: Thence North 44°56'04' West, o Distance of 1054.01 Feet; Thence North 44°47'33" West, a Distance of 636.86 Feet to a Point of Intersection with the Easterly prolongation of the Southerly Line of the Plat of Sabal Creek Phases I1/, recorded In Plat Baok 34, Pages 17 and 17A, Public Records of Said St, Lucie County; Thence North 43°08'40' West along Sald Easterly prolangat(an and Said Southerly Line, o bistance of 1026.67 Feet; Thenu North 43°34'56' West olong Said Southerly Lint and the Southerly Llne of iht Plat of 5abal Creek Phase II, recorded in Plaf Book 24, Pages 1, lA lhru 1C, Public Records of Said St. Lucie County and the Weslcrly prolongation of Said Southerly Line, a Distance of 5393.03 Feat to the Point of Intersection with the Easterly Right-of-way Line of the Florida East Coast Roilway; Thence North 44°45'38" East, along the Easterly Right-of-way Line of the Florida East Corot Railway, a Distance of 8,14f,46 Feet to the Point of Intersection With 7'he Wut Line of Said Section L5; Thence South 00°36'34" West, along the West Line of Snid Section 15, a Distonee of 110.12 Feet to the Point of Intersection with the South Line of Said Section 15 and the Point of Beginning;' Containing 2,680 Acres More or Less. EXHIBIT "B" Legal Description Verano DRI LEGAL DP_SCRIFTION BEING A.l.[. bF' P.I~RCIIS 1, Z, 3, .ANT? 4, ACC{?RDING PO.VERAIVO MASTEJI iJI,AT, AS RI~CCJRD~ Ilr3 PLAT $QQK 57, PAGES 25-3'l, PI;I3LJC R}:CUIUaS ©~' Sf, I,UCIE~ COt;I*1'IY, FiARIDA; TOGE'T'FtER WI'FI-i: A k~t3R'17UN aF A FLt~WDA POWER & T IG~1T' L~A3EM~NT, AS RECORDED IN OFI~ICI~1.L R1iCUItI]S BC7C7lC 348, Fr1GTr 943, BEING 1+It7kF T±~1R'XTGUI.P.ItLY DESCRIBED t1~S FOLLOWS; Ct3MME*1c:E AT THE SC7UTH~T'ST CORTMIER OF PARCEL. d QP VEIt.~I~FO~l'dASTEA PL,~T, AS 1tEC©kDI.:T7 IN PLAT BOOK 37, PAGES 75-32, PUBLIG B~-ORD6 UF' S"~. LUCiE ~;bUNTY, FLORIDA; THENCE Nixf"41'!5"L A Ui.47'ANCF3OF~975,87'i~F.F;T'I~ T~IE'POJIJT' QFBEtGINi~iING UFT7-1E FOLLQWING DESr~t18ED1'?-RCBLM THENCE NAi)°D7'15°E A DISTANCE OF ?60.?Gt 1~'T; THENCE IV00°08'55°V~ A DISTANCE UP 15b.88 1~E'l`; '1`HE1VC~ N44°46'01"E .A, Dt5Tt1NCE OP ?,40~.G0 t~E'I; TFtE~iCE N89°4D'25"E A DISTAi~1CE (')IT 35,38 PAET:'I`1-IENCE N44°4b'()2"E A DISTTANCE QF 5.f35"15 FEEET`; THENCE $43°08'38"E A 17LSTANCE OF tS80.44 F$FsT; 'I'HEA1C31 S44°d6bZ"~1V A DISTANCE O.F 4,748.92 FEET; THENCE A184"°40'~5"E A DISTADIGE, Ot~ 35.41 FE'Ln'; TLiEhGE 844°46'i2"W is DISTAANCE QF f,795.7a FEET; T3~ENCE N04'!3'Q4°1~ A DtaT1~NCE QF G6~11 PBEI; TxENCR 5aa~°aa'o1"~ A nisTADtCE OF 7,027.8U FEL"I' Tt7 THE t'QIN~ Oc• H£GR-TNIhYG. T+pGETIiEtt. WITH: A FARCEI. OF LAND LYING ITT SIIC'IY013.S 28, 29, 93, AND 34, TCt`WIV5FiIt' 3d SOUTH, ItAr1GE 34 EAST, SF. LLCIE C©UNTY, PI.gRII;tA, BLit3G Md~ PAR.Z7CULA1tZY DESCRIBED AS FOLLQ4S~S: BEGIN AT'I?~IE INTERSEGTiQN Uq T'FIE SOC."TFIEAS'CE.Ii.L'Y RfGHT-OF-WA'Y LiNF OF 'THE. FI~'?RiDA EAST C4AS"T I~II,ROAD ANTa THE, l~IOIiI"HIIASTBW X N~CF#T'-OP-RjAY LTNE ©F SOUTH FLORIDA WATER I~rfAAtAGIrt,~N'1' D7SIRICx GAN11L 1V0. C-24~, 'T'HENCE N44°45'38"E, A1.ONCr SA.TD SOIJTH'F.AS'I'EItLY RIGHT OF-WAY LIIdI A DTST.ANCE QF 1,221,80 F1~EI'TQ THE SOL,'TI-IERI.YLIl3E OF SA}3LE CRL~Ia'K,'FHASE II,,AS RF,CQR.TJLD IN In..AT A001~ ?A~, 'PAGE 1, PL'BLIG RECORDS OF 5T. LUCIE COUNTY, FLORIbA; 'T'HENCE S43°34'29"E, ALCING SKID SQL'`I'FIERLX I.WE OF $AIII nI.AT AND ALONG THE SUGTI•ILRtY LINE nF Si113LE GRP..EK, PI~ihSE IV, AS ii.IrCORDLD iN I"LAT BdCJIt 24, t'A~GH 17, PUBLiC RF3CC3RDS t)F ST. LU(:I13 COl1NTY, FLORID,1, A DISTANCE nP 5,340.48 FEET; THENCE S43°09`01 "E, ALONG THE 50UTkiE1tLY LINE OF SAID SABLE CREEK. I'}iASTr IV, A U1SIi1NC;E OF 1,02G.2G FfiliT TO TFIE SOUTI-1E~`~S'I" CJRIdER OF SKID SAAL.Fs CAI?>3K, PHASE 11~; 7'i-iE1~ICE N45°'11Y13"B, ALO~i(i T'HE }~..A.S'I' i,1NE OP SAID SAEi~ CR.Eg1C, PH~S.$E 2'V', A DI.~TANGB OED 0.93 FI?.ET; THF.NCla S43°OB'40"E' A DISTANCE OF 52.97 FTET; THENCE S43°05't)0"E A DISTANCE OF~331.07 f?ET?'T; THENCE S43°0$'32"E !~: I3ISTANCE QF 3,6X.33 FZabT; THENCE S72"43'17"E A D~STAt4tx3 O)~ 217:$0' FEET TQ THE hIORTHV~~I7rRI.Y i~IN$ C?f' THAT CERTAIN PARCEL OF LAND I~SSCRIT3.ED fil SF~CIAL WARRANTY DEFT A5 RI?COItDEd IN OFf~CIAI.L AECURDS HOOK 1.577, PAGk. 1222, I'UIiL1C RCCORDS OF ST. I.tlCII3 COUNTY, FI:ORIUh; 7'FIENCL N41°51'31"!?, AI.©NG SA:U NOR'fHtVES'l'ERLY I-INE, A DISTANCE 4I~ 288.b1 I;EET; THENCE S43°QS'30"Ir ~1 DI.sTAP+ICE aF 2,3G1.9G rF,>/T'IrU `T'HE NORTH LINL7 OF THAT CLR'I'AIIV PARCEL Qp I..IiNU DESCRI:BLD iN OPIzIC1AL RECORI?6 SOCK 1547. PAGF. 4~}, PUB3„iC RECORbS C)f' ST. LL'C[E GgUNTY, Fi.ARIDA; THENCE N89°52'27"E, ALONG S~~1ID NC3ltTH LiNI:, A DiSi'AIiICE OF i,335.55 i'irl:'I'; THENCE S43°07'40"W A llISTANCi; OF 70,63 FEET'; THENCE Sob°32'2A"E A DISTANCE OF 20.00 F'lrLT; i'I~iCI7 S4i 07'40"W A I7ISTANt:E L)F 44.ib FRET TO '1'HP BEGINNING OP A CLr'RVR COiYICA~'E TQ THS SC3l."!'I-IBAS'1" HAVE A RADIUS OF I,?A0.00 FEL~i; THRICE SOLJTH~.,~StER1.Y AI.aNG TI•€RA1;C UN SAID +C[JRVE A I?iSTANCR OI' ?~G.08 FBTT TffRUUGH A CENTRAL AI-ICLE t~Iz 11°22'13°; THF,,N~: 34?°i2'?3"W h UISI'ANCE t7F 107.90 frF.Ex TO 'THE iNTERSECTi(??~I VVTI'H A NQ~I7ANGP..NT CUAV'E {XJNChVF 'xU THB EAST. HAV WG A RADIUS C7F 1„2ba,00 FEET, THE CHARD QF WHICX~ $E!-'RS SvU°45'36"W; TNflNCB SUUTHBRLY ALONG TEIE ARC OF SAID CL'1tVE, A DISTANCE OF 272.72 FEET 'I'HROIJGH A ~;EAFl"t~. ANGLE OF 12°Z1.44": THENCE S14°34'46"W A DLSTANCE OF 79.15.P$ET; TFIII~TCB °1G'05"W A DLSTANGE OF lOf~Z6 FF~'1'TO TIIH 1NTERSf?t,"flON WITH A I+TON T~tNGENT c[IRVi: roNCf1VE ZO THI SOtJ!'H, HAY>ENC3 ~ RADIUS OP 11,099,b9 FEET, THE Cf~IURD OI? VG'I~CH BEARS N89°03'35"U4; 'TFIEfiICE WESTERLY ALONG THII ARC OIL SAID CURVE, A DISTANCE OF 393.86 PEEP ';HRUUGI~- A CENTRAL ANrL13 OF Tf2°01'54"; TH&1vCE S$1°39'48"'W !1 DIST.tNGE bF 961.65 FEL'T' TC) xI3E IN'13",I*ST'CTIOI~i Wl'i'H A I~1ON TAI4GENT CURVE CaNCAVE T'O TFi>~ NORTH, HA'4r1NG A ItADI[I5 OF 11,385.00 FEET, THE CHORD OP 1~VIfICH BEARS hi~8°40'd4"1Yl; THENCE arESTEIiLY ALONG THE ARC OF SAID CURVE, A DI53'ANCTi OF 1,08205 F'F.1~'I' TNROL'GH i~ CENTRAL ANGLE of o$°Z6'31°'I'C~ T>;iE PCHNT 4P REVS CUXVATL'RE DVITH A CUItVH CONCAVE 'PO Tk11: SOUTH, HA'VINC A RADIUS OF B,17S.00 FL',Is'I`; Tt4EhiCI•r WESTF.ALY AIANG TI II~ ARC OF SAII'~ ~CtJRVE A DIS~'ANCE OF i85.1~ FAT', S.'f~IROUGH A C2;1*TT2ZAL AN~GI.E OF d1°?7'S9't TO THE AIORTI-IEASIF.RLY RIGI•IT-OF- WAY I.IIdE` dF t:ANAL C-?h; THENCE N43°OA'3G"W, A1.fJNG SAID NOIrTI~ISASTERLX RIGI4'I"-UF•WAY LINE. A DISTAI'~ICE ©F 12,fi23.5t1 PEET'F'!3 TI3E P{?XNT 4P BEGII*fNTNG, TOGLTFIBR W7'TFIs COI~iM~`NCE AT' THE NOR:TFiEAST CORNEt~ CyP' COMMON AREA "F", AND TI-1E ti~EST'EFLI..Y RIGHT-171~-WAY L1NE OF COIv(1\4FR('.E GENTTR URNS (~- 12A.60 FOUT WIDE RIGFTT-QF-WAY) ACCORDING TO THE PLAT K7F VEItANQ P.L'.D. N(7.1$EING A REPI.AT OF MC)1•ITAGE P.U.U. N4. 1, AS RFGt7RDED IN PI.,h? BUQK 3G, PAGE 11, PUBI.7G RECORDS OF ST. irL`CI1:, CUI:NTY, R.ORtZ}A; T13HNCE N84°52'37"E, AIANG Tf~ NflRTH LINE OF S}1,ID FLAT, A DISTANCE OP [ 59,41 ~ TO 'i'F3I3 Pt}1NT DF' BLC;II3NING Of' TFIE POLLAWING DESCRIBED PA4tC:EL; THENCE CON'TTNUE N89°52`I'I"E, ALCyNG TEIF3 NCIATH LIN1~ QF 5AII? PLAT A DISTANCE QF 124.4 FEET 'I'O T'F3>J ~JVE.S•F LINE, 4F THUSE LANDS RL}CQRDED IN Q17FiCIhL REC4RD~S BOOK 2Ii17, PAGE 2062 PG$LIC RECORDS. QF ST'. LG'CIE COUNTY, FL.OILTDA.; TI~ENG'1 AL~7r3G ' WF•ST AND NdRTfI LINES OiF SAID oPPICI1tL RAGC14tDS BC)QK 2$17, rAGE 20162 T. HE FC3II.QWfN£~ 1(3 'C.O[JRSfiS ANI~ DTS7'ANCES; TF3ENCE S43°t17'4f}"tV.rL I?I5T11NCE OF 7l?63 FEET; TFILNC.E S46°52'20"E .a I~IS'X'ANCE OF 2Q00 FEET; THENCE 543°07'40"~BG' A DISTANCE C)P 44,16 f'1:~T TD THE BEGINI?IING OF A fCRVB £Ul'Jc:AVL TO TF3R SI~GTHEAST HAVTNC A REtT7LL'S~ 011: 1,?.4U.t'K} FEET; THENCE ~sC3L'THWF~I'ERLY ALONG THE ARC pF SAID Ct]RVE A DISTANCE i0F Z-i&,OB t'F~'f"n-1ROiJGH A CF.N'ITtAY.. ANGEL OP ti°22'i3"; TFIENCE S42°t'l`23"~1V A DISTANCE Ot~ 1t}7.941?731~'I' TQ THE IN'TF~ItS~ITOAi ~TITH A Nt1N TAI1G~iT Ct7ItVE CONGAVP; Tel THE EAST, 1~}j'1!ING A RAD3L`S t]F 1,264.(30 PE'EL', THE CHQRI3 OF ~~iI~CFI' 13LafiRS S~°45'38"oV: THENCE S~OU'Tfi13RI.YAIANG'IT-B ARC OF SAID CUR.VFS,1! DIS"I'ANCE C?F 272.72 FFEI' T1KI2OtK~1H A CEN'IRA~. AIv~GLL' CJI" I2°21'43"; 'i'HL'NCE S14°34'46"W A DLSTANCI3 OF 79.1,3 }'EEI; THENCE 553°16'QS"W A DISTANCE ©3? t06.2G FEET Td THE . YNTF~1;SEc"?lUN W,l'ITt A NON TAri7G33NT CURVE CONCATIE'ItQ 'THE St~L3T'I, HAVING A RADIUS ~Jl: 11,099.G~9 FEET, T'kfE CHORD 4F VVf-IICH BIu'lRS t+181°if3`35"W; TH~iCE VcrnSl'1;1tI.Y ALONG THE ARC OF S.~LD CURVE, A DI5't',1NCE OF 393.9b FF~T TI3R0[.'GF1 A GBNT1(AL ANGLE OF Ell°01'59"; TI3ENCE S9i°39'48"QV A DLSTi1NC.E OF Qi~b FEET TO THE INTER,SECTIO)U 1~U! I H A Nc'lN TANGF~.VT CURVE CC)NCA4~i TO THE NCtRTHOf~SI', HAV)aTG A FtAD#tJS 0717 1,639.Sp FEET', 7'7-IE C1~U1I.D t7F i~HICH HEARS N57°42'43"L; 'r'f3ENCE NORT~TERLX ATANG THE jARC OF SA3D CURVE, A DISTANCE C)i' 391.321~EE'i' THRQLIGH A CENTRAI. ANGLE OF 13°40'32" Tt) THE P03NT OP CUI+~C3L'NA CL'RVdTt:RF VCI3-H A CL'AVE CONCAIII? T4 THE I~iC)RTHWF.ST, LAVING A RADIUS OF 776.04 FELrI;'TfIENGE NDRZ7=iLAs`IBItLY,'LL,flNG Tf'Jk ARC OF 3A.IA CURVE, A DISTANCE 103.0.5 FEET-TH33pUGI~ A CEly IRAI. ANG(.E OF UT°9G`31 "; TH3~CE N4a°35'56"E A DISTAIJCL {]F 55Q.p2 FRET T'O TIriE INTTRSEC,TIf7,<< ~GTTH .4 NflN TANGEN"I' C;VRVE CC3NCAVE 'I'O T~1E NORTHWEST, HAVING A RADI(JS OF 2,060.00 FEET, THE CHORD OP WFQCH BEARS N4i°05'17" 3.; THET7CE NURTHEASTERC,X ALl')3+iG TIRE ARC OF SAID CL3RV),, A L3L5't'ANC.Ia UP (07.90 1~E'T TFLROUGH A cBN'rKAL. A,I~GLE dF t}3°Oana° Tn TI-.iE Nt~RTH ~,iNL~ O>= Sr1IL~ FLAT ANL7 Tf3Is i'OLNT p}7 $EfrINl~T1NG. A PAIICEL OF LAND S.~Y?NG IN S3~+G'TTC-NS 26, 34, AND 35, 'LOiI7NSfI'I1' 3d SgUTH, RANGE 3~'9'~E=AST~,J(S'T. T~1~3+CTL CQtINT'Y, I~LS7Y.IDA, BEING 11QORE FAR'CiCiJLARJ,.Y DE5GRI9ED AS L~~./LfJd 11' Ji COI~i~2ENCE AT TIIE NORTHEAST CORIwiER QF THE PLAT dl? 1~GA C41vRviEltCE CEi~3'i'RS A'I' THE RESERVE, A$ RECORDED IlV PLAT BU01r. 37, P.AGFS G, GP! THRL' 6C, PCBLTC REGARDS OF SAID S'I'. LL'CIE COL'N3Y,; TIiENGE N00°Ot?'44'~ AS A BASS pF 88AR~IGS ALGNG THB NdRTHERI-Y PROLONGATION OP TIE ~.~Y I THE OP' SAID PI.+~T OF I'CsA G'OMMF.ACE CENTRR AT THE 1tB5F..RVE, A D1SThNCE O,F ~i4.2t1 FEET TL7~ TI3E laOINT OF I3EGIi~]N1NG UFTHE F~3Li;,OWING DLSC3t.iBED PA}iCF,L; SAID POINT ALSO BEING A ,~trIT OF iI+ITEItSECTIfIiN Wf't'N THE l~~STF3I,I.~i .RIGHT- QF WAY LINE QF ST'ATE ROAD NO.9 (I~•95), RNLI 11 I'C)1~1T QI' lld'.iE1~$ECTIQN WITH fL NUN TAi+1GP.N'I' CURVE CONCAVE TCI T1iE SST, HAVING A RRI3IUS 4P 1,295.©0 f;Elr"I', TI-tI3 Ct~4RD ©F 'unHlC.fi BEARS S49°2I'15"E; TH$NGl? TRAVERSING SAID 1'l~STERLY RIGHT-QF-WdY LI1dE BY 7'HE POI.LQWiNG NINE ~ CQCRSES AND I~JSTANCFS: 7~1SNCE S4L`-TI-IERLY A~N~i Tfi$ A1t~C flF SAID Ci.'RYf-:, fi Iy15IANi.'E d~ 2I]4.57 ~'F TI#RAGGkI A ~L ANGI~ AF b9°~d'S4" T'4 Tf-3E PAINT C3F C~i7MI'OUA1D C[3Fi.VATURE UOTITi A GURVl3 CANCAN'S 'I'U THE WFS'I', Hf1V'IATG A RAl3IUS OF 2;GS4.00 FFsET; T14~JCE S4L'T'HE1~GY A[ANG THE A.RC t?E SAID` Ct~VE, A DI5ThI3CE 640,94 DEBT THIt.C#t1GH A C~.NTRAL ANCiLS Oft 13°40'Sb"; TkiI~IC£ ~01°0$'SZ"1s` A i~1S7'1KN(:E CAF SfiS.79 FE,BT; TT3EA1G1S, S04°t1!?'b4"W A YJTSTAI3CE OP I,Q44.8i1 PELT' Tp I'HE 1NTERSECTIf?h1 W!'iI-{ A NnN T„I~GENr G'URVE CGtNCAVE T1~ THIr WI?ST, HAVING A RADIUS dF 5,,5S5.S8 PF.?~T, THE CHORp C,1F WHICH $EAI{S S12°54'28"yv; THF.NCB SOU7:I4EW.Y AiANG THE ARC OP SAiU CURVE, A DISTA1tiTC~ OF 1,486.54 Ii'i' THROUGH A CF_Y+1'lTtAL ANGLS OF 15°19'S'I'; THEDICE N69°29'g3°W A 1~IST,~NCE OF 14.41 FEET' 1"U THE INTERSEGTIQN V~il'H A NOI~T TANGENT GL'RVL~ CQNCAVI~ fi0 '11~ 111C+RTH~5x', HAVING A RADIUS ()F 1,$15,SF3 PE1I'1',. THE CHt?.~tD OF t'~HCGH SEARS 524°'SD'3a"t'R'; THENCE St3L"ITi1X~:ST1StLY ALtJ3dG 'T'FI$ ~iRC CJi; SAfI7 CURV~ r~i 1~I$T~ANt~ CAF 283.71 FEET 'I',HR+CYUGk~I A CENTRAL ANQI.B OF ~°57'Q61; TIIF.i~TGfi Naa~s'sr'~ P. DIS'T`ANCE t}F ~.4o FEF'I' "rG TxE I:RTIE1tsEC1TC7~N WTI7i A N+~N T1lirIGENT CL'AVE CONCAVE TO THE NbRTHW1~ST, HAVING A RADIUS OF 1,79.5.88 PEET, THE GHf~RD pF WFI7C14 BSRR8 S30°29'59"W;'IT~1GB SOUTH'OQ.PSTERLY AIA1dG THE ARC C}P SAID CURVI?~ A DISTAI+i~CE DF 64.59 FEET"I'FIItOCGH 1°1 CENTlIAL'ANGLE OF 02°0'3'51 "; T~NCE 1+14(}°32'39"1w' A .DiSTANC7 OF 149.89 FEET; TI-IENCF, S79°27'45"pV,A. I?ISfANCE OF 95.39 FT~ST; TRENCH N10°32'10"l~l A DI5I'ANCE OF S(~.00 FEET: ~'H'f+NGE N19°27'49"E A PISThNCE UN 55.51 FEET; THENCE Nt9'°28'1?"E A DLS?ANCE OF 68:1.65 FEET; THENC£ NiZ°25'S1"E ~- DISTANGI? 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HY WARlir1N'1'Y D~;,C~.._~`~:Q1ii2E'~~L~LSI.P.F7Sc~l~ RECORDS.~S.202S_..G~?~P11S~1.~.4~.B~ S.JYIM~~.~NG~~~l.F~F~ 1~O.IZ~L~. ©C'.]~T1:~B•'~~pN _R~~I~~,tt'1E!~~...5>~"T1t2LL3~ SH1P.34~Q.U.133- R,~~c~.~9.F.~1~T ~~:CHF.~.4'~i11~~TE81.~~•tr.or•~w~~ E Q SQjjj~i +! o mA WAT;~,J~ nraAC' -I-~ir7T DI57'i~GT rnt1AI (;-24 ~1S_$~}~1 (}~' 7't~. t('j~(~t7-1~VAV ]~.~n P4R C,AI~LAt- C ~A ~'t~EGt4>?1'~ DATID NOS. j~ 2~ 12~~d~'~I~ RpVlS i FF~nl;.~iRY 23 19Sg~ TkiF~S~G2~L.4~. 3~"~~pS?~ ,1I.ONL SAIL? RIGHT-OP-IX~AY+ ,~ ~IST~~-OP 2942fit! PIsF.T: THL'~~.~LTI~ o1°4D~~Q"E S~"f' A ~?~I'gI~LT: ox ~ ~ ~k?L.;C~? T~..~L , NNING Q A~LC j~YL ~QNG~VE. T4 7~i~lE ~IQ1tr~.H~CT--~.~Y11+~S~c'l~anlt'S OP I~.a~ ~.~T: 7 61~._.F.Sf~~1~lF:i~'~:~- t.nN , THP A [' D S n) ~ '$yL A D1CTA„OF 1~~;,~ F~-F7' r~RoLr~H A~C'.1~ Ai ANA _~ F 5°30 5,~•;~i~*!C~ ~C.trr~- 4Sr°S~5"v~T A~2.t&T8N~- Qr a~.2~ gi?r~r r4. T7~IE PnWT ~BLfij;yN~NSz.OFTHE.~~L~'~1_~ R~L,IRED 1~~LRCEL~ ~~SS~O~tI 43°58`z0"CxIEST n DiS,~~~iV4E OP 21AS7 FP.IIT: TKt?.N(.F? tiO~,:b 5t°i~s'',~'W~,~ •~ nL~~~ 0 91~.1~~FE7: ~~t~K~~i. 6A°t?.,~,'19~$T A ~_~~'.Of G96.53 ttEE~T'LT.~R~.NSLH ~"~l.~~nc1.ST.~l1.U~T~AN~~?F_24~2; T_ ~~1F.. ' NO~~~°_~',T'1$"~?n~1~ ,/~ 1715 ~CE OF 52 Q2 FT~TII>~NCE N.~ ~„°3~']2"~~S"f A Lai~'1_'ANL OF C]J? FEE7:?"H~~?G,~+~OR'~jI q,9°4Q.,'i,'j,'f~)~S7' A D 5_ _T~,.1NCE ~~55~~ g~~T~3~ NOR'tii ~~°58'2~J"DPEST~ n~~f~ 3~1'~~" TO t?~ 1'~.~ OF 8EGltdt G,. , CO INiNG 46.66 ACRES. MOI;„F I. S. GQNT,,'lIN]NG ~45~~9~Qgj,, +~,TCY]'.A.L. AC~ti~S, MORE OR LE55. EXHIBIT "C" ~ ~ RIF ;Q4~A2 2 3. ROAD IMPACT FEIn CREg17 AGREEMENT NUMBER 4 ON>w BETWEEN ST. LUClE COllNTY, FLORIDA AND 5 ~ RESlrRVE HQMES LTD., IN CONS1aERATIaN FOR THE s EXPAN510N OF THE lNTERS'CATE I.95 AND ST. LUGIE z WE8T1 RESERVE BOULEVARD INTfEtCHANOE AND s THE ASSpC1ATED IMPROVEIVIENTS TO ST. LUGIE s WESTi RES>r1~VE SOULEVARD BETWEEN RESERVE 1o COMMERCE CENTER pRiVE AND PEACOCK 11 BOULEVARD 12 13 , 1a THIS AGREi:MENT Is made and entered into as at this l2~Qt17 d®y of , AAril , 200, by and 15 between 5T. LUCI$ CQUNtTY, FLORIDA, a political subdivision of the State of Florida, hereinaftrbr 16 referred tc as "Sf. Lucie Counky" and RESERVE HOML'S LTD., hereinafter referred to as'RASeNr,". 17 1.8 WITN~S6E'~H 19 20 WMBREAS, Reserve owns, yr has interest in, certain parr;els of land located in Unincorporated St. Lucie 21 County and the Gity of Port St. Lucie which ar® subject to the approved development orders for ttte 22 Developments of Regional Impacts known as the Reserve and PGA VUlages, which are located on it 23 property more particularly described in the attached Exhibit A, and; 24 . 26 tNhiEREAS, the approved development orders for the Developments of Regional Impacts known a$ the 2B RBSer~ and POA a/IlJages iriGlude oertain obligations to make improvements to the interohange of 27 tnt9r53a1e I-95 and•$t Lucie West1 Reserve Boulevard including the aoCess rout®s to dtiS interchange 28 along 8t. Lucie West/ Reserve Boulevard between Reserve Commerce Center Drive and Peacock 29 Boulevard, and; • 30 3i WHt;F~t`aS, the Constnrction by Reserve of the cited improvements at file interchange of !nlerstate I.95 3x and St. Lucie West/ Reserve Boulevard including the access routes to this interchange along St, t.uGie 33 West/ Reserve Boulevard between Reserve Commerce Center Drive and Peacock Boulevard, will provide 34 for roadw8y capacity in Excess of the impacts of their development, and; ~36 , 36 WIiERBAS, St. Lucie County has adop4Qd a "Roads Impact Fee Ordinance," which Imposes impact fees 37 relating to public transportation facilities; and Roatl Impact Fee Crealt.4flreemant RIF•44-OQ2 Final paAo ~ 96L.20/2005 10:02 7727857008 LAND PLANNING SY57EM PAGE 96126 1 Z WH~Ri~Afi, Section 1-17-$3.1 of the Code of ordinances of 5t. Lucie County provides fbr Credits far ine 3 dedication of non-sfta refsted roHd right-of-way and construction on those ro:~dways that ar8 a part of St. 4 Lucie County's Roads hnpact Fee Ellgibllity network; and, 5 ~ • B WHEiiF4S, the interchange of interstate f-95 and Si. Lucia West/ Reserve Boulevard including the 7 access routes to this (nt®rchange along St. Lucie West/ Reserve t3ouleverd between Reserve Commerce 8 Center Drive and Peacaek Boulevard, are part ~'f St. LuOiB County~s Rands Impact Fee Eligibility network; 9 8nd; 10 . 11 WHEREAS, the estimated vest to provide for the expansion of the interchange •of Interstate I-95 and 8t. 12 Lucie Westl Reserve Boulevard including the access routes to this interohange along St. Lucie West/ 13 Reserve Boulevard between Reserve Commerce Center Drive and Peacock Boulevard ,resulting in a six i4 lane roadway from Reserve Commerce Center Drive and Peacock Boulevard Is approximately 10.5 15 m811on dollars (510,500,000) dollars. 16 17 WHEREAS, the estimated trip impacts from the Reserve and PGA Villages Developrne~tts of Regtona) ib Impact onto the Interchange of interstate I-85 and St. Luole West! Reserve Boulevard including the 19 access routes to this interchange along St. Lucie West1 Reserve Boulevard between Reserve Comrnerva ZO center Drive and Peacock Boulevard equals sixty one percent (61 y'°) of the overall astlmated cost of the 21 planned improvements to this interchange. ' 22 23 WH~RFAS, the City of Port 8t. Lucie has requested that Reserve make addlfional improvements, beyond Z4 the minimum necessary to accommodate the widening aF the interchange of Interstate 1-9ti and St. Lucie 2b WestJ i~asarve Boulevard, induding the access routes to this interchange aienp St. Lucie Westl Reserve 26 boulevard between Reserve Commerce Center prtve and Peacock Boulevard, be made to the northerly, 27 snuiherly and westerly approaches to the Intersection of NW Peacock Boulevard and 5t. 1_ucie Wes! 28 Boulevard, the cast of which maybe considered t^ he 104% creditable against Roads Impact Fees. 29 30 WHEREAS, based on the provisions of the Section 1-17-33.1 of the Code of Ordinances of St LuCi9 31 County, the amount that is eligible for consideration of road impact fee credit Is: 32 33 ~ 4,69~,~9~'00 ROdU Impact F0o CraAit Agroemenl RIF~a4~00,2 Final Page 2 66/20/2005 10:02 7727857008 1 2 3 4 6 ti 7 8 8 io 11 12 13 14 15 16 17 18 19 2l] 21 22 2~ 24 25 26 27 28 29 34 31 32 33 LAND PLANNING SYSTEM PAGE 87/26 WHEREAS, Reserve and St. Lucie County are desirous of estais}}$hing an agreement concerning ti5e i amount of credit mst Reserve shaft be entitled to for fife construction associated with the expansion of the Interchange of interstate l-95 and St. Lucie West/ Reserve boulevard Including the access routes to this interchange along St. Lucie West! Reserve Boulevard between Reserve Commerce Center Drive and peadaCk Boulevard. NOW, THEREFORE, in consideration of the mutual opvenants entered into between the parties hereto, to be made and performed, and In cbnstderation of the benefits to accrue to each of the parties, I# is agreed as follows: 8e o incnrparatlon by R®fergnce, - The above recitals are true end correct and are made a part of this Agreement by reference. SeotiorL2. Amount of Credit Reserve (e entitled to a credit against Road Impact Fees in the amount of four million, eix i hundred ninety three thousand, nine hundred and ninety two ($4,693,882) dollgrs under tht3~crlteria set Earth Iri BecCion 1.17-33.1 of the Cade of Qrdinanaes of St. Lucie County for the value of the improvements associated with the expansion of the Interchange of Interstate I-95 and St. Lucie West! Reserve Boulevard (ncludfng the associated access rouses to this interchange along St Lucie Walt! Reserve Boulevard between Reserve trammerce~ Center Qrive and Peacock Boulevard that are in Qxcess of the impacts generated by the >)evelapments of Regional Impact known as The Reserve and PGA Villages. Section 3. Limitation of Credit. Tne credit estab-ished by this Agreement is limited solely to the PGA Village DRI and Reserve DRt properties legally described in Exhibit A and is not transferable to pry other property owned by Reserve In St. Lucie County. The credit may Only be applied against Road Impact Fee CreNt Agreement ~'inat R!F•64-40z Page 3 06/20/2005 10:02 7727857008 1 a 3 4 6 7 8 9 10 11 12 13 14 15 16 17 1b 19 20 21 32 23 24 25 26 27 29 29 30 39 32 ,33 3d 3S 36 37 ' Section R. Sec an 5. Ssetlo~ LAND PLANNING SYSTEM PAGE 88/26 Road lmpact• Fees and Shalt -not be transferable as a credit againsk other Impact fees Imposed for purposes other than roads. ' Assignabt]ity of Credit. , Reserve may assign all or part of ilia oredit desoribed in Section 2 above to its successors in title and interest_ Such assignment shall b8 by reoordsble written Instrument. 6efare the asslgnrreent is effective, a copy of the assignment shall be provided by Reserve to St. Lucie County and the CHy of Port St. Lucie, atiho address set forth below and the original assign-neht shall be recorded ~ln the public records of St. Lucie County: Caunly Admini&trator Cfty Manager 2300 Virglntp Avenue 121 SW Port St. Lucie Blvd. Fort Pierces, Florlde 349t3~ Port St, Lucie, F'lorlda 349134 with copy to: County Attorney City Attorney 2300 Virglnlq Avenue 1Z1 SW Port 8t Lucie Blvd. Ft. Pierce, Florida 3dB82 rPort St. Lucie, Florida 3A984 Requirement Far Final Protect Audit! Adjustment to Credit Upon, the completion of aU improvements described In ~xhlblt B, Reserve shall provide to 5t. Lucie Gounty final oost irefvrmation for the entirety of the project, the purpose of which is to verify the origtnel project estimates, In the •event that projects ere less than the amount estimated abdve, 'this Road Impact Fee Credit Agreement shall be amended is reflect a reduction In the amount due In the way of credit to Reserve based upon the percentages outlined in this agreement. In the event chat final projects cast are determined to be in excess of the amount estimated above, this Road Impact Fee Credit will be amended reflect a lncn:ase in the amount due In the way of oredit to Reserve based upon the percentages outlined in this agreement. Assignment of Impact Fees Assess®tl Against F'artles Other Than Reserve. It is recognized by the Chunky that oertaln properties within the Reserve development of Read Impaol Fea Credit AgreArnent F7nal ftiF.ba-0o2 Page d 06/20/2005 10;02 7727857668 1 2 3 4 5 6 T 8 s 10 11 12 13 14 15 i ti 17 '1 ti 19 2D 21 22 23 24 25 26 27 28 29 30 31 32 3~ LAND PLANNING SYSTEM PAGE 09/26 Regional Impact are being, and wdl be, permlttad for development by parties ether than ' Reserve. This development will in many cases be sub]eot t4 the assessment of a Reads Impaat Fee. It further reaognixed by the County that the impacts from these non-Reserve development aCtivlties will affect the Interchange of I-95 and St. Luoie West/ Reserve Boulevard. '1'herefnre, the County agrees to the establishment of a specific trust, or similar account, that will be the repository of any E~oad Impact Fee collected from the Reserve, development of Regional Impact, with sold funds, minus the standard administrative prooessing fsA'as set forth in the Roads Impact Fee prdlnence, being made available to Reserve for application towards the widening of the interchange of I-95 and 9i. Lucia West/ Reserve BaUlevard_ Release oP any funds Te Reserve that ere collected by the County, may only take plane upon presentation of a written request to the County Administrator. Reserve shall not be entitled to any frost account funds in excess of those collected specifically from the Reserve, Development t3f Regional Impact. Reserve is nCt ®ntlded to any interest earnings on the funds collected by the Courtly. Interest earnings on arty funds collected, and depasltad in a trust or slrrlller account, shag on a quarterly basis, pe transferred into the appropriate general county impact flee account for the area of the Reserve. , Secttgn 7, iZenordahiltty of Agreement. This Agreement shall be recorded by St, Lucie Country in the public records of St. Lucie County, and shell be binding upon Reserve and any successors to interest and title to the property described In Exhibit A. section 8. Termination at Agreement., This agreement shall be effective until all of the Road Impact Fee credits eulhorized under Section 2 have been consumed through the ISSUanoQ df building permits, or similar development approvals. Seotlen 9. Requirement for Quarterly Reports. In eenaideratlan'for the issuahce of this Road Impact Fe+e Credit, Reserve agrees to ~ Road lmpael Fee Ceedl t Agreement Final a~~-oa-oo2 Page 5 0~/?0/2005 10:02 7727857008 1 2 3 4 6 6 7 8 9 1d 11 12 13 14 15 is 17 18 19 20 21 22 23 2d 25 28 2'1' 2r3 29 30 31 32 33 34 3ti 38 37 36 39 40 41 42 43 d4 as LAND PLANNING SYSTEM PAGE 10/26 provide to St. Lucie County and the City of Port St. Lucie a detailed written report vn the use of the credit approved through this agreement. This report shall indicate the building permit numbers, the dates of Issuance of those permtis and a description of the activity being permitted on which the normally required road impact fee is not being paid. The first of these reports shall be due on Juty 1, 2004, and sh2{I be then be due by-ire ibth day of the month ending each subsequent quarter. These reports ahall 6e sent.to the addresses set'forth below, County Administrator City Manager 230d• Virginia Avenue 121 SW Port St. Lucie Blvd. ' - Fort Pierce, Florida 34882 Port 5t, Lucie, Florida 34984 with copy to: County Attorney ~ Glty Attorney 2300 Virginia Avenue 421 SW Port 5t. Lucie Blvd, Ft. Pierce, Florida 34982 Port St. Lucie, Florida 34984 Section 10• EffacEive Date. This agreement shell becortte effective Apr? 20, 2004. IN WITNES8 WhIf~R~CF, the parties Hereto have executed this agreement as tlf the day end year first above written. Signed, se2led and delivered in the presence of •'~ ATTB9T: ,:. -,:.•.: Road Impaot Fee Credll Flnal Board of County Commi~siaiiers 5t;. Lucie County, ~tarida CNAIRMA RIF 03-001 Page 8 06/20/2005 10:02 7727857088 1 2 3 4 5 A 7 s 9 1b 11 12 13 44 15 16 17 18 19 20 21 ~z 23 ~4 26 26 27 28 29 30 31 32 33 34 35 q36 'T 38 39 4p 41 42 43 44 as 46 47 48 49 84 Road Impact Fee Credll Flnai LAND PLANNING 5Y5TEM PAGE 11/26 ...w...v....~rnR..FM,r..».. BY; RESERVE HQMES LTD., A DELAWARE LIMITED PARTNERSHIP BY: KQLTER PROPERTY DEVELQPMENT l..L.C., A DELAWARE LIMITE© LfABILITY COMPANY fTS GENERAL PARTNER, AS MANAGER BY; ~ 1~ f,~ ~~ ~ _ ~.4~ItJA/111 ~~~~ PRESIDENT ~#••MMwwIN f•~•1•IftlFk w•..+.•M##w••••w,,,, R1F 04-001 Page 7 06/20/2005 10:02 7727857008 1 2 3 4 5 6 7 8 9~ 70 11 12 13 14 15 16 17 18 19 20 21 23 24 26 2s 27 2B 28 30 31 az 33 34 35 36 37 38 3$ 40 •41 42 43 44 46 46 47 48 49 $0 51 52 53 ACKNOWI.~DGMENT LAND PLANNING 5Y5TEM PAGE 12/26 STA'T')_ OF F1~ORIDA } ~ ~ 56 COUNTY QF PALM BEACH } S>~FQRE ME, the undersigned authority personally appeared .lnhn Tompsan. and is authorized to sign and execute the above Agreement and that the representations above stated are true ,and correct to the best ofi his knowledge, jnformation, and belie`. SWORN T/O Af3f~ SU335CRllaED bsfdre me this V9 day of ~~~, 20~. Spate 6'xpires: ~~i J~i~ w...u~o....aN...... ~~~, co& r,~.,~ obo?da» c~~~ ~' iN~~.wNN11N~N• iii lj/N~ j%IrlwYMi~~1~ F.oad Imp~et Fee Credit Final R1F 04-001 Pega B EXHIBIT "D" TABLE 1 RESERVE DRI MITIGATION/CREDIT SUMMARY Year Description Improvement Built Value Credit Status Item A.1. Commerce Center 4LD 1999 $2,135,603 $1,580,346 Completed Dr. South. Roundabout to Learning Center Item B.1. Commerce Center 4LD 1999 $1,974,460 $1,638,802 Completed Dr. North. North of Roundabout Item B.2. Commerce Center Dr. 2L 1999 $3,322,282 $2,093,038 Completed North. 4 Lane Section to Industrial Park Item C.1. SLW Boulevard 4LD 1989 $1,253,231 $714,341 Completed Roundabout to 2 Lane Section Item C.2. SLW Blvd 4LD/6LD 2007 $ 761,090 $502,319 Completed Interchange Plan Preparation Item C.3. SLW/Peacock Blvd 2007 $ 22,500 $15,975 Completed Dual EB Left Turn Lanes Item C.4. I-95/SLW Blvd Interch ange 2005 $ 231,874 $153,036 Completed 6 Lane Drainage Improvements Item D.1. SB I-95 Exit Ramp 2005 $ 56,368 $37,202 Completed Item D.2. I-95 Southbound Exit 2005 $ 67,162 $44,326 Completed Ramp Signal Total Reserve Impact Mitigation $9,824,570 Total Reserve Impact Fee Credit $6,779,388 1. Credit is calculated based on the additional capacity resulting from the improvement minus the trips utilized by the project. 2. Improvement value and credit includes construction, design (10%) and CEI (10%), but do not include cost of right of way. EXHIBIT "D" TABLE 2 VERANO DRI MITIGATION/CREDIT SUMMARY Year Description Improvement Built Value Credit Status Item l.a. Commerce 4LD Center Drive South PGA Learning Center to Verano Entrance 2005 $13,627,920' $10,902,336 Incomplete Item l.b. Commerce Center 4LD Drive South Crosstown Parkway Bridge Item 2. SLW Boulevard Dual left turn/ Commerce Center to 3-Lane bridge Peacock 2009 $4,171,106 $3,595,076 $3,336,885 Complete $2,372,748 Incomplete Total Verano Impact Mitigation Total Verano Impact Fee Credit $21,394,102 $16,611,971' 1. Improvement value and credit include construction, right of way, design (10%) and CEI (10%). 2. Improvement value and credit include construction, design (10%) and CEI (10%). but do not include cost of right of way. 3. Credit is calculated based on the additional capacity resulting from the improvement minus the trips utilized by the project. EXHIBIT "D" TABLE 3 RESERVE & VERANO DRI NET CREDIT SUMMARY Total Reserve/Verano DRI Credits $23,391,359 Reserve/Verano Impact Fee Credits $(1,893,745) Utilized April 2004 through Effective Date Overage from Road Impact Fee Credits ($ 4,452) From Agreement 94-005 Net Credits $ 21,493,162 I Net Credits total 91.89% of the Total Credits as defined in Section 2 of this Agreement. Items l.a and 2 are Incomplete Improvements as of the effective date of this Agreement and are not yet eligible for impact fee credits. Items l.a. and 2 shall be eligible for impact fee credits only upon satisfaction of the conditions set forth in this footnote. For the purpose of calculating the amount of Net Credit that shall be proportionately allocated for Items l.a. and 2., the Credit for these items as shown in Table 2 shall be multiplied by 91.89% ("Proportionate Net Credit'). The Proportionate Net Credit for Item l.a. shall be made available and may be utilized after documentation has been provided to St. Lucie County that the improvement is complete and the roadway has been dedicated or deeded to the City of Port St. Lucie. The Proportionate Net Credit for the Item l.a. improvement may be requested in increments as individual subsections are completed. The Proportionate Net Credit for a subsection may be utilized after submitting documentation to confirm that the subsection has been completed and either dedicated or deeded to the City, provided that no more than three subsections are submitted on an incremental basis to complete the total Item l.a. improvement. Condition 32 of the Verano Development Order requires that if the actual cost of the improvements required by Item 2., referred to in Condition 32 as the "Priority Improvements," is documented upon completion to be less than the estimated value of $3,595,076, the balance of the $3,595,076 not utilized on the Priority Improvements ("Remaining Balance") shall be allocated to an additional mobility improvement ("Additional Improvement') to St. Lucie West Boulevard. Therefore, if the actual cost of the completed Priority Improvements is equal to or exceeds $3,595,076, then the Proportionate Net Credit shall be calculated by multiplying $3,595,076 by 91.89%, and may be utilized after documentation has been submitted to St. Lucie County confirming that the actual cost of the completed Priority Improvements equaled or exceeded $3,595,076. If the actual cost of the Priority Improvements is less than $3,595,076, the Proportionate Net Credit for the Priority Improvement shall be calculated by multiplying 91.89% by the actual cost of the Priority Improvements, and the Proportionate Net Credit for the Priority Improvements may be utilized after documentation has been submitted to St. Lucie County, confirming the actual cost of the completed Priority Improvements; in this event, the Proportionate Net Credit for the Additional Improvement shall be calculated by multiplying 91.89% by the Remaining Balance, and the Proportionate Net Credit for the Additional Improvement may be utilized after documentation has been submitted to St. Lucie County, confirming that the Remaining Balance was utilized for the completed Alternative Improvement. As each individual component of Item 2. is completed, such as the dual turn lanes, the Net Proportionate Credit for that completed component may be utilized after documentation has been submitted to confirm the actual cost of the completed component. To the extent any other combination of improvements and/or proportionate share payments are made based on the mitigation options allowed pursuant to Condition 32, such as contributions toward afour-lane bridge improvement, the Net Proportionate Credit may be calculated based on actual cost and/or proportionate share payments and may be utilized after documentation has been submitted as described herein.