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WHEREAS, based on such City Meetings, Owner and Developer expended significant <br />funds for legal and professional expenses in order to prepare and submit applications to the City <br />for certain entitlements; and <br />WHEREAS, Owner submitted to the City an Annexation Application on January 31, 2018; <br />and <br />WHEREAS, Developer submitted to the City a Rezoning Application (to RMF -13) and <br />Future Land Use Change Application (to MDR) on February 7, 2018; and <br />WHEREAS, the Developer asserts that a designation of MDR future land use is <br />appropriate on the Property because it is comparable to the existing Seminole County land use, <br />and will be consistent with the compatible City Comprehensive Plan designation, and compatible <br />with adjoining uses, most of which are Medium Density Residential; and <br />WHEREAS, Developer submitted the Development Commitment and Vested Rights <br />Agreement Pertaining to Educational System Impact Fees Only to the City on March 5, 2018; and <br />WHEREAS, Developer submitted a written bubble plan to the City on March 5, 2018, a <br />copy of which is attached hereto as Exhibit "C"; and <br />WHEREAS, the City Commission heard the First Reading of Annexation Ordinance on <br />February 26, 2018; and <br />WHEREAS, the Planning and Zoning Commission heard the Future Land Use Ordinance, <br />and Zoning Ordinance on March 14, 2018; and <br />WHEREAS, the City Commission heard the 2nd Reading of Annexation Ordinance, the <br />First Reading of Future Land Use Ordinance, the First Reading of Zoning Ordinance and the and <br />approval of this Development Commitment and Vested Rights Agreement Pertaining to <br />Educational System Impact Fees Only on March 26, 2018; and <br />WHEREAS, during the multiple meetings with the Developer, the City has determined <br />that high quality development of the Property will be of substantial economic benefit to the City <br />and its citizens; and <br />WHEREAS, following the execution of the Purchase Agreement and after the <br />commencement of significant land planning efforts and the City Meetings, Seminole County <br />adopted that certain amended Educational System Impact Fee Ordinance on or about January 9, <br />2018, which ordinance established payment of Educational System Impact Fees rates that are <br />effective on April 10, 2018 (the "Amended School Impact Fee Ordinance"); and <br />WHEREAS, Section 105.43 of the Amended School Impact Fee Ordinance provides that <br />the County shall be bound by any written agreement between a property owner and the City <br />which establishes, restricts, or prohibits the imposition of Educational System impact fees on any <br />property within the City; and <br />2 <br />