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WHEREAS, the City established a vested rights procedure under Resolution 18-3013 <br />regarding the payment of Educational System Impact Fees under the rates for residential units <br />that were in effect prior to January 8, 2019; and <br />WHEREAS, Developer has complied with such vested rights procedures established <br />under Resolution 18-3013; and <br />WHEREAS, the purpose of this Agreement is to set forth the understanding and <br />agreement of the City and Owner and Developer with respect to the matters set forth herein. <br />NOW THEREFORE, for and in consideration of the foregoing premises, the mutual <br />covenants and agreements contained herein, and other good and valuable consideration, the <br />receipt and sufficiency of which are hereby acknowledged, the City, Developer and Owner agree <br />as follows: <br />1. Recitals and Exhibits. The above recitals are true and correct, form a material <br />part of this Agreement and are, by this reference, incorporated in this Agreement as if fully set <br />forth herein. <br />2. Land Use and Zoningof f Property. The City Commission has approved on first <br />reading the MDR land use and RMF -13 zoning on the Property, finding this land use and zoning <br />consistent with the City Comprehensive Plan, and is compatible with the surrounding area. The <br />Developer hereby commits that the residential density of the Property shall not exceed 384 <br />residential units. Nothing herein shall constitute any guarantee of City approval of any specific <br />development application or rezoning request. This Agreement does not constitute a land use <br />approval. The Project will proceed through the public hearing process, including second reading <br />of the land use change and rezoning. <br />3. Vested Rights Agreement. <br />a. Upon development of the Property, Developer on behalf of the Owner shall pay <br />Educational System Impact Fees to Seminole County in accordance with the City <br />of Casselberry's Educational System Impact Fee Vested Rights Procedures, <br />Resolution 18-3013. Based on the Developer's expenditures and the City actions <br />to date, such impact fees are established at the impact fee rate in effect prior to <br />January 8, 2018, which such fees were equal to Two Thousand Four Hundred <br />Fifty and 00/100 Dollars ($2,450.00) per each Townhome/Condominium/Duplex <br />Residential Dwelling Unit and Two Thousand One Hundred and 00/100 Dollars <br />($2,100.00) per each multifamily residential dwelling unit. Moreover, given the <br />comprehensive planning for the project and the Developer's significant <br />expenditure of funds, the Educational System Impact Fees in the amount of <br />$2,450.00 per each Townhome/Condominium/Duplex Residential Dwelling Unit <br />and $2,100 per multifamily unit, are deemed vested for the entire project (not to <br />exceed 384 multifamily dwelling units), so long as Developer complies with the <br />timelines in subsection (b) below. <br />3 <br />