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STATE OF TEXAS §
<br />COUNTY OF HAYS §
<br />22046142 AGREEMENT Total Pages: 68
<br />Filed and Recorded: 9/28/22 2:17 PM
<br />DEVELOPMENT AGREEMENT
<br />LA CIMA SAN MARCOS
<br />This SEVENTH AMENDED AND RESTATED DEVELOPMENT AGREEMENT (this "Agreement") is made
<br />and entered into as of the /7 IA day of AA K , 2022 (the "Effective Date"), by and between the CITY OF
<br />SAN MARCOS, TEXAS, a Texas municipal corporation (the "City"), Hays County, Texas (the "County"),
<br />and LAZY OAKS RANCH, LP, a Texas Limited Partnership ("LOR"), LCSM Ph. 1-1, LLC, a Texas limited
<br />liability company as partial assignee of LOR ("LCSM Ph.11-11"), LCSM Ph. 1-2, LLC, a Texas limited liability
<br />company as partial assignee of LOR ("LCSM Ph.11-2"), LCSM Ph. 2, LLC, a Texas limited liability company
<br />as partial assignee of LOR ("LCSM Ph. 2"), LCSM Ph. 3, LLC, a Texas limited liability company as partial
<br />assignee of LOR ("LCSM Ph. 3"), LCSM Ph. 4, LLC, a Texas limited liability company as partial assignee
<br />of LOR ("LCSM Ph. 4"), La Cima Commercial, LP a Texas partnership as a partial assignee of LOR ("La
<br />Cima Commercial"), LCSM WW, LLC, a Texas limited liability company as a partial assignee of LOR
<br />("LCSM WW"), and LCSM West, LP, a Texas limited partnership ("LCSM West" and, together with LOR,
<br />LCSM Ph.1-1, LCSM Ph. 1-2, LCSM Ph. 2, LCSM Ph. 3, LCSM Ph. 4, La Cima Commercial, and LCSM
<br />WW, the "Owner"). The City and Owner are sometimes hereinafter referred to individually as "Party", and
<br />collectively as the "Parties". The Parties agree as follows:
<br />PURPOSES AND CONSIDERATIONS
<br />WHEREAS, the City and LOR entered into that certain Sixth Amended and Restated Development
<br />Agreement dated January 4, 2022, and recorded under Document Number 22003507 in the Official Public
<br />Records of Hays County, Texas (the "Existing Development Agreement"), related to that certain 2,552.379
<br />acres, more or less, parcels of land (collectively, the "Original Property") located in the Extraterritorial
<br />Jurisdiction ("ETJ") of the City, Hays County, Texas, and more particularly described in Exhibit "A", Exhibit
<br />"A-11", Exhibit "A-2", Exhibit "A-3", and Exhibit "A-4");
<br />WHEREAS, Owner owns an adjoining 637.3 acres, more or less, parcel of land located in the ETJ of the
<br />City, Hays County, Texas, and more particularly described on Exhibit "A-511 attached hereto and
<br />incorporated herein for all purposes (with the land in Exhibit "A-5" collectively, the "Additional 637.3 Acre
<br />Tract");
<br />WHEREAS, Owner intends to acquire an adjoining 658.513 acres, more or less, parcel of land located in
<br />the ETJ of the City, Hays County, Texas, and more particularly described in Exhibit "A-61' attached and
<br />incorporated herein for all purposes (the "Additional 658.513 Acre Tract"; together with the Additional 637.3
<br />Acre Tract, the "Additional Property"; and the Additional Property together with the Original Property, the
<br />"Property");
<br />WHEREAS, Owner desires to develop the Property totaling 3,848.194 acres of land as a single family
<br />residential, commercial, multi -family and conservation, preservation and open space development
<br />generally to foster a walkable and bikeable community in accordance with the Conceptual Land Use Plan,
<br />as more particularly described in Exhibit "B" attached hereto and incorporated herein for all purposes and
<br />under the name La Cima San Marcos (the "Project");
<br />WHEREAS, the Property is appraised for ad valorem tax purposes as land for agricultural or wildlife
<br />management use or timber land under Chapter 23, Texas Tax Code;
<br />WHEREAS, the City is authorized by Section 43.035 of the Texas Local Government Code to offer to make
<br />a development agreement with the owner of land appraised for such purposes pursuant to Section 212.172
<br />of the Texas Local Government Code to defer the annexation of the property until the land owner files a
<br />subdivision plat or other development application for any portion of the property;
<br />WHEREAS, by entering into this Agreement, Owner has accepted the City's offer to enter into a
<br />development agreement pursuant to both Section 43.035 and Section 212.172 of the Texas Local
<br />Government Code with the mutual understanding that this Agreement shall constitute a permit for the
<br />3591485.1
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