Document:

EX-10.2

Record and Return to:

Julie Kendig-Schrader, Esq.

Greenberg, Traurig, P.A.

450 South Orange Avenue

Suite 650

Orlando, Florida 32801

TRANSPORTATION CONCURRENCY AGREEMENT

This Transportation Concurrency (“Agreement”) is made and entered into as of December 15,
2006 by and between AVATAR PROPERTIES INC., its successors and assigns, (“Developer”), and OSCEOLA
COUNTY, a political subdivision of the state of Florida (“County”).

WITNESSETH:

WHEREAS, Avatar Properties Inc., formerly known as GAC Properties, Inc., was the original
designer and owner of an approximately 47,000 acre mixed-use development known as Poinciana, as
shown in a Master Plan approved on August 31, 1971 and October 5, 1971 by Osceola and Polk Counties
respectively (the “BLIVR Development”); and

WHEREAS, the BLIVR Development initially consisted of eight villages, nine estate areas and
six office/industrial parks containing single family, multifamily, commercial, industrial, and open
space/greenway as major land uses; and

WHEREAS, an update to the Master Plan for the BLIVR Development was presented to and approved
by both Osceola and Polk Counties in 1972; and

WHEREAS, vested right status from DRI review under Chapter 380.06 F.S. was applied for and
granted to two (2) Poinciana neighborhoods on September 19, 1975 by Binding Letter of
Interpretation (BLIVR-0776-001) within which a recommendation was made by the Florida Department of
Administration that Avatar seek a vested right determination on the balance of the BLIVR
Development; and

WHEREAS, vested right status from DRI review was applied for and granted to the BLIVR
Development on May 17, 1983 (BLIVR-783-002) (together with BLIVR-0776-001, collectively referred to
as the “BLIVR”) after findings by the Florida Department of Community Affairs (“DCA”) that Avatar:
(1) had obtained over 1,000 permits from federal, state, and local agencies, (2) received approval
of the plan for the Poinciana PUD from both Polk and Osceola counties prior to July 1, 1973, (3)
had undertaken certain platting and (4)had relied and changed position on such approvals and permit
issuances by committing significant expenditures toward advancement of the BLIVR Development; and

WHEREAS, as a result of BLIVR-783-002, Developer acquired the vested right to be completed as
described in the approved Master Plan without the need to undergo review as a development of
regional impact pursuant to Chapter 380 of the Florida Statutes; and

WHEREAS, on December 18, 2000, Osceola County adopted its land development code; and

WHEREAS, the Osceola County Vested Rights Ordinance (Chap. 20 of the Land Development Code
(LDC)) as amended on May 16, 2005 provides that a DRI scale development, for which a Binding Letter
of Vested Rights has been issued by the state land planning agency, shall qualify for a four-year
Vested Rights Certificate from applicable sections of the LDC. Upon the expiration of the
Certificate, all aspects of the development will be subject to the Land Development Code, including
concurrency, unless prior to the expiration of the Certificate, the Board of County Commissioners
approves an executed Developer’s Agreement or extension of the Certificate based on a
showing that negotiations regarding the Developer’s Agreement are proceeding in good faith, or that
extenuating circumstances have delayed completion of the Agreement; and

WHEREAS, pursuant to Chapter 20 of the LDC, the agreement must detail, at a minimum, a
description of the public facilities that will be needed to service the build out of the
development, including who shall provide those facilities, the date any new facilities, if needed,
will be constructed, the costs associated with those new facilities, including who shall pay for
these costs, a schedule to assure the public facilities are available concurrent with the impacts
of the development and a description of what rights, if any, are to remain vested and the scope of
such vesting; and

WHEREAS, pursuant to Section 20.9 of the Osceola County LDC, the following were granted to the
portions of the BLIVR Development within Osceola County by the Osceola County Board of
Commissioners: (1) a four year Certificate of Vested Rights and (2) an extension of the Vested
Rights Certificate which is due to expire on December 31, 2006; and

NOW, THEREFORE, in consideration of the mutual agreements contained herein, the parties hereto
agree as follows:

[1] Incorporation of Recitals. The foregoing recitals are true and correct are
hereby incorporated by the parties as part of this Agreement as if fully set forth herein.

[2] The Development- Poinciana. The physical boundaries of the property which is
subject to this Agreement are depicted on Exhibit “A” attached hereto and incorporated herein by
reference (the “Vested Property”). For purposes of this Agreement, the Vested Property
specifically includes only those areas of the BLIVR Development located in Osceola County.

[3] The BLIVR Development Rights. The parties acknowledge that this Agreement has
been entered into in accordance with the provisions of Chapter 20 of the Osceola County Land
Development Code and constitutes a determination that the Vested Property is vested from the
transportation concurrency requirements set forth in Chapter 5 of the Osceola County Land
Development Code and the Osceola County Comprehensive Land Use Plan. The parties further
acknowledge that the vested rights status shall remain in effect during the term specified in
Section 14 hereof, providing the Developer remains in compliance with the terms and conditions set
forth herein. Should the Developer fail to comply with the terms and conditions set forth herein
or fail to make any payment required by Section 9(d) of the Property Acquisition Agreement between
the Developer and the County, of even date herewith (the “Property Acquisition Agreement”), this
Agreement becomes null and void and all aspects of the Vested Property shall be subject to all
transportation concurrency requirements in effect. The parties further acknowledge that the terms
of this Agreement and vested rights status do not preclude the County from imposing requirements on
projects located within the Vested Property to provide on-site transportation improvements for
safety, access, ingress/egress and intersections. The parties acknowledge and agree that the
vesting status granted herein is limited to the application of transportation concurrency
requirements to the Vested Property and does not constitute a waiver of either party’s rights or
defenses with respect to any other vested rights claim which may exist.

[4] Provisions of Improvements to Serve the BLIVR Development.

A. Construction of Poinciana Parkway (“Parkway”)

1. Responsibility – Developer shall design, finance and cause the construction
of the Parkway pursuant to the Poinciana Parkway Regulatory Agreement between the Developer
and the County, of even date herewith (the “Regulatory Agreement”) and as further described
in Exhibit B attached hereto and incorporated herein by this reference (the “Parkway”).

2. Schedule – Construction of the Parkway shall be commenced not later than
the first quarter of 2007 and shall be substantially complete and open for traffic not
later than the third quarter of 2008, subject to force majeure (as provided in Section 4.05
of the Regulatory Agreement) and the County’s compliance with the Property Acquisition
Agreement.

B. Other Transportation Facilities – Other than the Parkway, the additional
transportation facilities required to serve the Vested Property during the next 20 years
(the “Future Transportation Facilities”) have been identified by Leftwich Consulting
Engineers, Inc. in its Poinciana Transportation Assessment and Impact Fee Rate Study, dated
October, 2006 (the “Study”). The Study is attached hereto as Exhibit “C” and is
incorporated herein by this reference. The Study also includes the calculation of impact
fees to be paid in connection with road impact construction in the Vested Property (the
“Poinciana Impact Fee District”).

1. Funding of the Future Transportation Facilities – Construction of the
Future Transportation Facilities identified in the Study shall be funded as follows:

a. Future Transportation Facilities classified by the County as principal arterials
shall be funded from the proceeds of impact fees imposed against property located in
“District 1,” pursuant to Ordinance No. 2003-24.

b. Future Transportation Facilities classified by the County as minor arterials and
major collectors shall be funded from the proceeds of impact fees imposed against property
located in “District 3,” pursuant to Ordinance No. 2003-24.

c. Future Transportation Facilities not classified by the County as principal
arterials, minor arterials or major collectors, which the parties acknowledge will
primarily serve the Poinciana Impact Fee District, shall be funded from the proceeds of
impact fees imposed against property located in the Poinciana Impact Fee District, pursuant
to Ordinance No. 06-53. The Owner acknowledges that (i) there is a rational nexus between
the need for such Future Transportation Facilities and the new development against which
the impact fees will be imposed pursuant to Ordinance No. 06-53, and (ii) the funds
have been properly earmarked for the construction of such Future Transportation Facilities.

This subsection shall not be construed to preclude the County from implementing alternative
lawful funding sources in the future.

2. Doverplum Northbound from Koa Street to Country Club Road. The parties
acknowledge that Doverplum Avenue, northbound from KOA Street to Country Club Road, is
currently deficient and not eligible for impact fee funding. The Developer agrees to
deposit the amount necessary to cure this deficiency ($1,908,950.00) in the same manner
required for deposit of the “Security Amount” pursuant to Section 9 of the Property
Acquisition Agreement between the parties dated December 15, 2006. Within six months of the
opening of the Poinciana Parkway, monitoring of Doverplum northbound from Koa Street to
Country Club Road shall be commenced by Developer. If such monitoring demonstrates that
this segment remains deficient, the County shall use the funds deposited to cure the
deficiency and if the deposit is insufficient for such purpose, the County shall notify
Developer of the difference and Developer shall pay such amount to the County within 30
days of such notification. If such monitoring demonstrates that this segment is no longer
operating at a deficiency, the deposit shall be returned to Developer within a reasonable
time and “Concurrency Exemption Impact Fees” imposed by the County in the Osceola County
portion of the Poinciana Development shall be increased to provide funding for any
projected future deficiency.

3. Priority of Construction. The County shall be solely responsible for
establishing the priority for construction of transportation facilities funded from
proceeds of the impact fees described in clauses a., b. and c. of the foregoing paragraph,
including the Future Transportation Facilities. However, the Developer’s rights to proceed
with the Vested Development shall not be impaired by the County’s prioritization of such
construction.

4. Polk County Participation. Both the County and Developer agree that a
majority of trips that are currently generated by the Polk County portion of the BLIVR
Property utilize Osceola County roads. As a result, resolution of the transportation
issues facing the BLIVR Development would benefit from the participation of Polk County.
Both parties agree to cooperate in attempts to involve Polk County in the resolution of
transportation issues for the BLIVR Development and to favorably recommend expansion of the
impact fees imposed in the Poinciana Impact Fee District to the Polk County portion of the
BLIVR Development.

[5] Impact Fee Credits. Developer shall have the option in its sole discretion, but
not the obligation, to undertake the permitting or construction of any of the Future Transportation
Facilities or Doverplum Avenue from Koa Street to County Club Road. The potential for the
Developer to receive impact fee credits shall be governed by Ordinance No. 2003-24 and Ordinance
No. 06-53, as amended and supplemented.

[6] Governing Law/Binding Effect. This Agreement shall be interpreted and governed
by Florida law. Each of the parties hereto warrants and represents this Agreement is valid,
binding and enforceable against them in accordance with the terms and conditions of Florida law.

[7] Remedies. The parties hereto shall have all rights and remedies provided
hereunder and under Florida law with respect to enforcement of the terms of this Agreement and
hereby acknowledge and agree that each party hereto shall have the right and remedy to bring an
action or actions for specific performance and other such equitable or injunctive relief as
appropriate or necessary to enforce this Agreement. The parties agree that the venue for any
enforcement action shall be the Circuit Court in and for Osceola County.

[8] Default. The County’s failure to perform or to complete any necessary
improvements under this Agreement shall not halt or adversely impact the continued development of
the Vested Property, including the issuance of permits and approvals for the Vested Property. No
party shall be considered in default for failure to perform under this Agreement until such party
has received written notice specifying the nature of such default or failure to perform and said
party fails to cure said default or fails to perform within a reasonable time of receipt of said
written notice.

[9] Notice. All notices which are required or permitted under this Agreement shall
be given to the parties by certified mail, return receipt requested, hand delivery or express
courier, and shall be effective upon receipt when delivered to the parties at the addresses set
forth herein below (or such other address as provided by the parties by written notice delivered in
accordance with this paragraph):

If to Developer: Dennis J. Getman, Esq.

Executive Vice President / General Counsel

Avatar Properties Inc.

201 Alhambra Circle

12th Floor

Miami, FL 33124

With a copy to: Julie Kendig-Schrader, Esq.

Greenberg Traurig, PA.

450 South Orange Avenue

Suite 650

Orlando, FL 32801

	 	 	 	If to County: Jo Thacker, Interim County Manager

1 Courthouse Square

Suite 4700

Kissimmee, FL 34741

With a copy to: Kathlein Stangle, Interim County Attorney

1 Courthouse Square

Suite 4200

Kissimmee, FL 34741

[10] Amendment/No Recording. No amendment, modification or other changes in this
Agreement shall be binding upon the parties unless in writing executed by both of the parties.
This Agreement shall be recorded in the public records.

[11] Successors and Assigns Bound. The rights and obligations contained in this
Agreement shall be binding upon and shall inure to the benefit of the successors and assigns of the
parties hereto, including any successor in title to the Developer with respect to the Project.

[12] Waiver of Jury Trial. EACH PARTY WAIVES ITS RIGHT TO A TRIAL BY JURY IN ANY
LITIGATION OR OTHER COURT PROCEEDING WITH RESPECT TO ANY MATTER ARISING FROM OR RELATED TO THIS
AGREEMENT.

[13] Effective Date. This Agreement shall become effective on December 15, 2006 and
shall remain in effect through December 31, 2025.

[14] Counterparts/Entire Agreement. This Agreement may be executed in any number of
counterparts, each of which, when executed and delivered, shall be an original, but all
counterparts shall together constitute duplicates of one and the same instrument. This Agreement
constitutes the entire agreement of the parties with respect to the subject matter hereof, and may
not be modified or amended except by a written instrument equal in dignity herewith and executed by
the parties to be bound thereby. This Agreement is solely for the benefit of the parties hereto,
and their successors and assigns, and no right, nor any cause of action shall accrue to or for the
benefit of any third party.

[15] Retention of Rights. Other than the transportation concurrency requirements
set forth in Chapter 5 of the Osceola County Land Development Code and the Osceola County
Comprehensive Land Use Plan, as addressed in Section 3 hereof, nothing in this agreement shall be
construed as a waiver by Developer of any Vested Rights other than those relating to transportation
concurrency which may exist for the BLIVR Development, whether such rights are derived from Common
Law, Statutory provisions (local, state, or federal), or prior Administrative decisions.

[16] No Additional Development Rights Conferred. The Developer acknowledges and
agrees that the execution of this Agreement or any activity resulting therefrom does not affect any
existing rights to develop the Poinciana Impact Fee District in a specific manner, nor does this
Agreement confer any new or additional development rights upon the Developer.

IN WITNESS WHEREOF, the parties hereto have caused these presents to be executed in manner and
form sufficient to bind them as of the date set forth herein below.

(Execution Pages following)

1

	 	 	 	 	 	 	 	 	 
	Witnesses:	 	 	 	AVATAR PROPERTIES INC., a Florida
	 	 	 	 	Corporation	 	 
	
 
	 	 	 	By:
	 	

	 	

	/s/ MARIO D. FIELDER
	 	 	 	By:	 	/s/ DENNIS J. GETMAN
	(Print Name)

	 	Mario D. Fielder
	 	 	 	 	 	Dennis J. Getman
	
 
	 	 	 	 	 	 	 	Executive Vice President
	/s/ OHILDA V. NODARSE
	 	 	 	 	 	 
	(Print Name)

	 	Ohilda V. Nodarse
	 	

	 	

	 	

STATE OF FLORIDA

COUNTY OF MIAMI-DADE

The foregoing instrument was acknowledged before me this _3rd     day of _January_, _2007     by
Dennis J. Getman, Executive Vice President of Avatar Properties Inc., a Florida corporation, on
behalf of said corporation. He is personally known to me      OR has produced
identification      ; type of identification produced      , and did/did not
take an oath.

/s/ MARIO D. FIELDER

	 	 	(Signature of Notary)

Mario D. Fielder

(Typed Name of Notary)

Notary Public, State of Florida at Large

Commission No. 00587863

My commission expires: November 4, 2010

2

	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	Osceola County, Florida
	
 
	 	 	 	By:
	 	

	 	

	/s/ PAULA J. CARPENTER
	 	 	 	By:	 	/s/ KEN SHIPLEY
	(Print Name)

	 	Clerk of the Board
	 	 	 	 	 	Ken Shipley

	
 
	 	 	 	 	 	 	 	Chairman

	BCC approved 12/11/06
	 	 	 	 	 	 
	(Print Name)

	 	

	 	

	 	

	 	

STATE OF FLORIDA

COUNTY OF OSCEOLA

The foregoing instrument was acknowledged before me this _13th     day of _December_,
_2006     , by      Ken Shipley,      the/an Chairman      of/with Osceola County, Florida, on behalf
of Osceola County Florida. He is personally known to me _X     OR has produced identification      ;
type of identification produced      , and did/did not take an oath.

/s/ TARA McCORMICK

	 	 	(Signature of Notary)

Tara McCormick

(Typed Name of Notary)

Notary Public, State of Florida at Large

Commission No. DD 419216

My commission expires: Apr. 17, 2009

EXHIBIT A

Depiction of Physical Boundaries of the Property

EXHIBIT B

Osceola County – Poinciana Parkway Regulatory Agreement

EXHIBIT C

Poinciana Transportation Assessment and Impact Rate Study

3EX-10.3

AMENDMENT TO

TRANSPORTATION CONCURRENCY AGREEMENT

THIS AMENDMENT TO TRANSPORTATION CONCURRENCY AGREEMENT (this “Amendment”), is made and entered
into as of      July 25     , 2008, by and between Avatar Properties Inc., a Florida
corporation (the “Developer”), and Osceola County, a charter county and political subdivision of
the State of Florida (the “County”).

W I T N E S S E T H:

WHEREAS, the County and the Developer have previously entered into a Transportation
Concurrency Agreement, dated December 15, 2006 (the “Original Agreement”); and

WHEREAS, the County and the Developer now desire to amend certain provisions of the Original
Agreement, as hereinafter set forth;

NOW THEREFORE, in consideration of the mutual covenants contained herein, the sufficiency of
which is hereby acknowledged, the parties hereto agree as follows:

SECTION 1. AMENDMENTS. Section 4 of the Original Agreement is hereby amended as follows:

[4] Provision of Improvements to Serve the BLIVR Development.

A. Construction of Poinciana Parkway (“Parkway”)

1. Responsibility – Developer shall design, finance and cause the construction
of the Parkway pursuant to the Poinciana Parkway Regulatory Agreement between the Developer
and the County, of even date herewith (the “Regulatory Agreement”) and as further described
in Exhibit B attached hereto and incorporated herein by this reference (the “Parkway”).

2. Schedule – Construction of the Parkway shall be commenced not later than the first
quarter of 2007 and shall be substantially complete and open for traffic not later than the
third quarter of 2008, subject to force majeure (as provided in Section 4.05 of the
Regulatory Agreement) and the County’s compliance with the Property Acquisition Agreement.

2. Schedule – Notwithstanding the occurrence of any “Force Majeure Events”
(as defined in Section 4.05 of the Regulatory Agreement), financing for the acquisition,
development and construction of the Poinciana Parkway shall be completed and actual
construction shall be commenced not later than February 14, 2011. Subject to the occurrence
of Force Majeure Events, Poinciana Parkway shall be substantially complete and open for
traffic not later than December 31, 2011.

B. Other Transportation Facilities – Other than the Parkway, the additional
transportation facilities required to serve the Vested Property during the next 20 years
(the “Future Transportation Facilities”) have been identified by Leftwich Consulting
Engineers, Inc. in its Poinciana Transportation Assessment and Impact Fee Rate Study, dated
October, 2006 (the “Study”). The Study is attached hereto as Exhibit “C” and is
incorporated herein by this reference. The Study also includes the calculation of impact
fees to be paid in connection with road impact construction in the Vested Property (the
“Poinciana Impact Fee District”).

1. Funding of the Future Transportation Facilities – Construction of the Future
Transportation Facilities identified in the Study shall be funded as follows:

a. Future Transportation Facilities classified by the County as principal arterials
shall be funded from the proceeds of impact fees imposed against property located in
“District 1,” pursuant to Ordinance No. 2003-24.

b. Future Transportation Facilities classified by the County as minor arterials and
major collectors shall be funded from the proceeds of impact fees imposed against property
located in “District 3,” pursuant to Ordinance No. 2003-24.

c. Future Transportation Facilities not classified by the County as principal
arterials, minor arterials or major collectors, which the parties acknowledge will primarily
serve the Poinciana Impact Fee District, shall be funded from the proceeds of impact fees
imposed against property located in the Poinciana Impact Fee District, pursuant to Ordinance
No. 06-53. The Owner acknowledges that (i) there is a rational nexus between the need for
such Future Transportation Facilities and the new development against which the impact fees
will be imposed pursuant to Ordinance No. 06-53, and (ii) the funds have been properly
earmarked for the construction of such Future Transportation Facilities.

This subsection shall not be construed to preclude the County from implementing alternative
lawful funding sources in the future.

2. Doverplum Northbound from Koa Street to Country Club Road. The parties
acknowledge that Doverplum Avenue, northbound from KOA Koa Street to Country Club
Road, is currently deficient and not eligible for impact fee funding. The Developer agrees
to deposit the amount necessary to cure this deficiency ($1,908,950.00) in the same manner
required for deposit of the “Security Amount” pursuant to Section 9 of the Property
Acquisition Agreement between the parties dated December 15, 2006. Within six months of the
opening of the Poinciana Parkway, monitoring of Doverplum northbound from Koa Street to
Country Club Road shall be commenced by Developer. If such monitoring demonstrates that
this segment remains deficient, the County shall use the funds deposited to cure the
deficiency and if the deposit is insufficient for such purpose, the County shall notify
Developer of the difference and Developer shall pay such amount to the County within thirty
(30) days of such notification. If such monitoring demonstrates that this segment is no
longer operating at a deficiency, the deposit shall be returned to Developer within a
reasonable time and “Concurrency Exemption Impact Fees” imposed by the County in the Osceola
County portion of the Poinciana Development shall be increased to provide funding for any
projected future deficiency. If the Developer fails to comply with its obligation to
construct Poinciana Parkway, as set forth in Section 4.A. hereof, the funds deposited shall
be retained by the County in lieu of the concurrency obligations of Developer, if any, that
would have arisen prior to the date of such default but for this Agreement. Developer shall
not be entitled to any reimbursement of such monies from any Poinciana Impact Fee
District.

3. Priority of Construction. The County shall be solely responsible for
establishing the priority for construction of transportation facilities funded from proceeds
of the impact fees described in clauses a., b. and c. of the foregoing paragraph, including
the Future Transportation Facilities. However, the Developer’s rights to proceed with the
Vested Development shall not be impaired by the County’s prioritization of such
construction.

4. Polk County Participation. Both the County and Developer agree that a
majority of trips that are currently generated by the Polk County portion of the BLIVR
Property utilize Osceola County roads. As a result, resolution of the transportation issues
facing the BLIVR Development would benefit from the participation of Polk County. Both
parties agree to cooperate in attempts to involve Polk County in the resolution of
transportation issues for the BLIVR Development and to favorably recommend expansion of the
impact fees imposed in the Poinciana Impact Fee District to the Polk County portion of the
BLIVR Development.

SECTION 2. STATUS OF ORIGINAL AGREEMENT. Except as expressly modified by this Amendment, the
Original Agreement shall be and remain in full force and effect.

IN WITNESS WHEREOF, the County has caused this Amendment to be executed and delivered as of
the day and year first above written.

OSCEOLA COUNTY, FLORIDA

By: /s/ KEN SHIPLEY

Chairman/Vice Chairman

Board of County Commissioners

ATTEST:

/s/ DELORES T. WHALEY

Clerk/Deputy Clerk to the Board

(SEAL)

1

IN WITNESS WHEREOF, the Developer has caused this Amendment to be executed and delivered as of
the day and year first above written.

	 	 	 	 	 
	 	 	AVATAR PROPERTIES INC.
	WITNESSES:
	 	By:  /s/ PATRICIA K. FLETCHER
	/s/ MARIBEL G. PILA
	 	 	—	 
	Name: Maribel G. Pila
	 	Name: Patricia Kimball Fletcher
	 
	 	Title:  Executive Vice President
	/s/ NORA E. SANCHEZ
Name: Nora E. Sanchez
	 	 	 	 

STATE OF FLORIDA

COUNTY OF MIAMI-DADE

The foregoing instrument was acknowledged before me by Patricia Kimball Fletcher, as Executive
Vice President of Avatar Properties Inc. on behalf of said corporation. She is personally
known to me or has produced      N/A     , as identification, and did (did not) take an
oath.

WITNESS my hand and official seal, this 16th day of July, 2008.

	 	 	 
	
 
	 	/s/ MARIBEL G. PILA

Notary Public

State of Florida
	My commission expires: Oct. 20, 2010

	 	Commission No. DD 594512

2

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