Res 2015-146/Trace PID Finance Agreement

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TRACE PUBLIC IMPROVEMENT DISTRICT FINANCING AGREEMENT This Trace Public Improvement District Financing Agreement (this "Agreement "), dated as of October 20, 2015, (the "Effective Date "), is entered into between Highpointe Trace, LLC, a California limited liability company (including its Designated Successors and Assigns, the "Owner "), and the City of San Marcos, Texas (the "City "), acting by and through its duly authorized representative. Recitals: WHEREAS, Owner owns a total of approximately 417.63 acres of land located within the City which is more particularly described in Exhibit "B" attached hereto and made a part hereof (the "Property "). WHEREAS, it is intended that the Property will be developed as a mixed use development (the "Project "); WHEREAS, the terms of annexation and zoning of the Property have been agreed to by the City and the Owner pursuant to the Trace Planned Development District agreement (the "PDD ") which was approved by the City on even date herewith; WHEREAS, the Agreement Regarding Fire Station (defined herein) was also approved by the City on even date herewith; WHEREAS, the City Council authorized the formation of the Trace Public Improvement District (the "District ") on October 20, 2015, pursuant to a City Resolution in accordance with the PID Act (as defined in Exhibit "A "); WHEREAS, pursuant to the terms of this Agreement, the City has agreed to allow financing of certain public improvements conferring special benefits to the Property via a public improvement district; WHEREAS, the Owner proposes to construct certain improvements over time to serve Property located in the District (or portions thereof) and transfer some or all of those improvements to the City or City in accordance with the terms and provisions of this Agreement; WHEREAS, the City intends to (upon satisfaction of the conditions and in accordance with the terms set forth in this Agreement) adopt the Service and Assessment Plan (as defined herein), approve the Assessment Ordinance and levy Special Assessments on all or a portion of the property located within the District and issue bonds in one or more series for payment of costs associated with construction and /or acquisition of the Public Improvements (as defined herein) included in the Service and Assessment Plan, as such plan may be amended from time to time; and 2