Laserfiche WebLink
Section 1.05. The Developer has informed the City that the provision by the City of water <br />and wastewater utility services to the Property, together with incentives, would enable the <br />Developer to develop the Property for its proposed heavy industrial and transportation hub. <br />Section 1.06. The City wishes to bring the development and related business activities <br />proposed by the Developer into the City as doing so would benefit the City and its residents by <br />ensuring measures are in place to mitigate the impacts of development otherwise not available to <br />the City, and by creating new jobs and generating new tax revenues. <br />Section 1.07. The City is authorized by Chapters 43 and 212 of the Texas Local <br />Government Code to annex property in the City's extraterritorial jurisdiction ("ETJ") under <br />mutually agreed terms with a property owner. The City is further authorized by Chapter 380 of <br />the Texas Local Government Code to offer certain economic development incentives for public <br />purposes, including the promotion of local economic development and the stimulation of business <br />and commercial activity in the City and the ETJ. <br />Section 1.08. The City has determined that annexing all or portions of the Property within <br />the City's ETJ under mutually agreed terms with the Owners and providing economic development <br />incentives to the Developer under this Agreement will promote local economic development and <br />stimulate business and commercial activity in the City and the ETJ. <br />Section 1.09. For the reasons stated in these Recitals, which are incorporated into and <br />made a part of this Agreement, and in consideration of the mutual benefits to and promises of the <br />Parties set forth herein, the Parties enter into this Agreement and agree to the terms and conditions <br />set forth in this Agreement. <br />2 <br />065611.00495 309237 v15 <br />