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DEVELOPMENT AGREEMENT <br />This Development Agreement (the "Agreement ") is made and entered into as of <br />September 2, 2014 (the "Effective Date "), by and between the City of San Marcos, Texas, a Texas <br />municipal corporation (the "City ") and Lazy Oaks Ranch, L.P., a Texas limited partnership <br />authorized to do business in the State of Texas (the "Owner ") <br />ARTICLE I <br />RECITALS <br />1.1. The Owner owns approximately 634.592 acres of land in Hays County, Texas and <br />within the extraterritorial jurisdiction ( "ETJ ") of the City as shown and described by metes and <br />bounds in the property description included as part of Exhibit "A ", attached hereto and made a <br />part hereof (the "Property "). <br />1.2. The Property is appraised for ad valorem tax purposes as land for agricultural use. <br />1.3. The Property is subject to the annexation authority of the City and the City seeks to <br />provide for the orderly development of land within its ETJ consistent with goals and objectives <br />established by the City's governing body. <br />1.4. The Owner wants to defer annexation of the all or any portions of the Property <br />until such time as all or any portion of the Property, as applicable, is platted, subdivided or <br />developed. <br />1.5. Pursuant to TEX. Loc. Gov'T CODE § 43.035, the City is authorized to enter into a <br />development agreement with the Owner under TEx. Loc. Gov'T CODE § 212.172 that: a) defers <br />annexation of all or portions of the Property and guarantees the continuation of the extraterritorial <br />status of all or portions of the Property, as applicable, until platted, subdivided or developed; and <br />