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annexed, City staff will, concurrently with the processing of such annexation, process a <br />corresponding zoning map amendment request for a zoning designation of Heavy Industrial ("HT') <br />District for such portions for consideration by the San Marcos City Council. <br />Section 2.04. Interim Agricultural Uses. The Parties agree and acknowledge that the <br />Property, or portions thereof, is currently used for agricultural purposes and subject to a property <br />tax exemption under Chapter 23 of the Texas Tax Code. It is the intent of the Owners and the <br />Developer to continue use of such portions of the Property for agricultural or wildlife preservation <br />purposes until such time as the Property is developed. As portions of the Property are developed <br />and taken out of agricultural use or wildlife preservation use, the Developer intends to continue <br />use of the remaining, undeveloped portions of the Property for agricultural or wildlife preservation <br />purposes. The City agrees that the Developer shall be permitted to continue such agricultural use <br />or wildlife preservation uses even upon and after annexation and that the City will not oppose <br />continuation of the property tax exemption. <br />ARTICLE III <br />OWNERS' AND DEVELOPER'S PRELIMINARY OBLIGATIONS <br />Section 3.01. Restrictive Covenants. The City is entering into this Agreement based on <br />the Developer's representations that the Property will be developed under a comprehensive plan <br />providing for uniform development standards, including standards required by the City to protect <br />adjacent property owners and to mitigate adverse drainage and environmental impacts caused by <br />development of the Property. Because the City will only be immediately annexing the First <br />Annexation Tract upon approval of this Agreement, the Parties agree that restrictive covenants <br />imposing standards required under this Agreement will be recorded to ensure that such uniform <br />standards apply to the entire Property and not just to the First Annexation Tract. Accordingly, <br />before or concurrent with the first sale of any portion of the Property by the Owners, the Owners <br />4 <br />065611.00495 309237v15 <br />