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COTTON CENTER DEVELOPMENT AGREEMENT <br /> THE STATE OF TEXAS § <br /> HAYS AND CALDWELL COUNTIES § <br /> This Cotton Center Development Agreement(the"Agreement")is between the CITY OF SAN MARCOS, <br /> TEXAS, a home rule city located in Hays County and Caldwell County, Texas (the "City"); and WALTON <br /> TEXAS,LP,a Texas limited partnership("Primary Owner"),in its capacity as a property owner and in its capacity <br /> as operator authorized to enter into and sign this Agreement on behalf of the Individual Owners (as hereinafter <br /> defined), WALTON SILVER CROSSING LP, an Alberta (Canada) limited partnership ("Walton Silver <br /> Crossing"), WALTON TX AUSTIN LAND LP, an Alberta (Canada) limited partnership ("Walton Austin"), <br /> WALTON TX MARTINDALE LP, an Alberta (Canada) limited partnership ("Walton Martindale"), and <br /> WALTON TX MARTINDALE LP 2, an Alberta(Canada) limited partnership ("Walton Martindale 2") (Primary <br /> Owner, Individual Owners, Walton Silver Crossing, Walton Austin, Walton Martindale and Walton Martindale <br /> 2 are collectively referred to herein as "Owner"). The City and Owner are sometimes collectively herein <br /> referenced as the "Parties", and individually, as a"Party". <br /> RECITALS <br /> Owner owns approximately 2,358 acres of land located in the extraterritorial jurisdiction of the City ("Cotton <br /> Center" or the "Property"). The Property is more particularly described by metes and bounds in the attached <br /> Exhibit A. <br /> B. Owner plans to develop Cotton Center as a master-planned mixed use community (the "Project"), as <br /> delineated on the Concept Plan (as hereinafter defined) attached as Exhibit B. <br /> C. Owner and City intend that the Property be developed as a high-quality, master-planned, mixed use <br /> community, including parkland, open space, and other public and private amenities for the present and future <br /> benefit of the City pursuant to development regulations contained in this Agreement. A memorandum of this <br /> Agreement will be recorded in the deed records of Caldwell County and Hays County at Owner's expense (so <br /> as to bind Owner and its successors with respect to the Property), and will provide regulatory certainty during <br /> the term of this Agreement. <br /> D. Owner has created the Cotton Center Municipal Utility District No. 1, which includes all of the Property, in <br /> order to finance utility, roadway and drainage infrastructure to support the development in a financially <br /> feasible manner in accordance with Texas Water code chapters 49 and 54 and any applicable state law. The <br /> City has consented to the creation of the Cotton Center Municipal Utility District No. 1 (and its Sub-Districts) <br /> pursuant to that certain Consent Agreement (herein so called) between the City and the Owners dated <br /> December 11, 2014. <br /> E. Owner and City have held discussions regarding the long term development of Cotton Center, and desire to <br /> define, protect and clarify City's jurisdiction and regulatory authority with respect to Cotton Center through <br /> this Agreement. <br /> F. The Owner desires to enter into an agreement with the City to create a program for annexation of the Property <br /> by the City, establish certain restrictions and commitments imposed and made by the Parties in connection <br /> 4 <br />