Res 2023-021R Approving a first amendment and reinstated agreement with Franklin Mountain San Marcos

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Assignment, Tack Redwood assigned all of its "rights, title, interests, powers, privileges, benefits, duties and obligations, in, to and under the Development Agreement" relating to the Tract to Franklin Mountain. D. WALTON TX, LP properly assigned its rights as a Primary Owner to Tack Redwood and Tack Redwood then properly assigned all of its rights as Primary Owner under the Original Development Agreement to Franklin Mountain. As such, Franklin Mountain is properly characterized as a Primary Owner under the Original Development Agreement. E. Franklin Mountain has acquired, in addition to the Tract, approximately 1,308 acres in Caldwell County, a portion of which was previously included in the Chapter 380 Economic Development Incentive and ETJ Development Agreement, effective as of March 19, 2019 and recorded as Document No. 2019-001337 of the Official Public Records of Caldwell County, Texas. Franklin Mountain now desires to enter into an Amended and Restated Development Agreement (the "SMART Amended and Restated Development Agreement") relating to the land it has acquired, including the Tract. The City and Franklin Mountain have agreed that it would be prudent to remove the Tract from the Development Agreement and to include the Tract in the SMART Amended and Restated Development Agreement and hereby confirm that the formal adoption of the Amended and Restated Cotton Center Development Agreement shall be contingent upon the adoption of the SMART Amended and Restated Development Agreement, as described in Section 2.04 of this Agreement. F. Owner plans to develop Cotton Center as a master -planned mixed use community (the "Project"), as delineated on the Concept Plan (as hereinafter defined) attached as Exhibit B which reflects the removal of the approximately 660 acres contained in the Tract, which were included within the Concept Plan. G. Owner and City intend that the Property be developed as a high-quality, master -planned, mixed use community, including parkland, open space, and other public and private amenities for the present and future benefit of the City pursuant to development regulations contained in this Agreement. A memorandum of this Agreement will be recorded in the deed records of Caldwell County and Hays County at Owner's expense (so as to bind Owner and its successors with respect to the Property), and will provide regulatory certainty during the term of this Agreement. H. Owner has created the Cotton Center Municipal Utility District No. 1, which includes all of the Property, in order to finance utility, roadway and drainage infrastructure to support the development in a financially feasible manner in accordance with Texas Water code chapters 49 and 54 and any applicable state law. The City has consented to the creation of the Cotton Center Municipal Utility District No. 1 (and its Sub -Districts) pursuant to that certain Consent Agreement (herein so called) between the City and the Owners dated December 11, 2014. 1. Owner and City have held discussions regarding the long term development of Cotton Center, and desire to define, protect and clarify City's jurisdiction and regulatory authority with respect to Cotton Center through this Agreement. J. The Owner desires to enter into an agreement with the City to create a program for annexation of the Property by the City, establish certain restrictions and commitments imposed and made by the Parties in connection with the development of Cotton Center; to provide increased certainty to Owner and City concerning the development approval process and the development requirements of the City; and to identify land uses and other aspects of the development of Cotton Center in the form of this Agreement which is promulgated under Section 172 of Chapter 212 of the Texas Local Government Code and Chapters 1 and 2 of the San Marcos Land Development Code. K. Pursuant to Chapter 242 of the Texas Local Government Code, the City has concurrent jurisdiction with the County over subdivision platting and all related permits for the Property. As required by Chapter 242, the City