Res 2024-126 approving an amendment to the reimbursement agreement with Carma Paso Robles, LLC., for the San Marcos, Texas Tax Increment Reinvestment Zone No. 4

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REIMBURSEMENT AGREEMENT CONCERNING REINVESTMENT ZONE NO. 4, CITY OF SAN MARCOS, TEXAS AND THE PASO ROBLES PROJECT THIS IS A REIMBURSEMENT AGREEMENT (the "Agreement") by and between THE CITY OF SAN MARCOS, TEXAS ("City"), CITY OF SAN MARCOS, TEXAS TAX INCREMENT REINVESTMENT ZONE NO. 4 ("Zone No. 4") and CARMA PASO ROBLES LLC ("Developer"), entered into pursuant to the authority granted to the City by its powers as a home-rule municipality and Chapter 311 of the Texas Tax Code. WHEREAS,the City is a home rule municipality with an estimated population as of the date of this Agreement of more than 50,000; and WHEREAS, Developer currently owns that certain 906.5 acre, more or less, parcel of land which was annexed into the City Limits of San Marcos, Hays County, Texas (the "City") on October 5, 2010; and WHEREAS, Developer also currently owns that certain 432.062 acre, more or less, parcel of land located in the City Limits of the City, and more particularly described together with the 906.5 acre tract in Exhibit "A" (both parcels hereinafter referred to as the "Property"), which exhibit is attached hereto and incorporated herein for all purposes; and WHEREAS, the City and Developer entered into a Development Agreement dated as of October 5, 2010 (the "Development Agreement") for the proposed Paso Robles Project on the Property; and WHEREAS, Developer desires to develop the Property in accordance with the Concept Plan (the "Concept Plan") attached to the Development Agreement, as amended from time to time("Project"); and WHEREAS, at the request and petition of the Developer presented to the City Council on May 17, 2011, the City is proposing to create "City of San Marcos, Texas Tax Increment Reinvestment Zone No. 4,"pursuant to Chapter 311 of the Texas Tax Code; and WHEREAS, the City has enacted development regulations which govern development of the Property, specifically (i) the City's Land Development Code (the "LDC") in effect on October 30, 2008 (the "Submittal Date"); (ii) the PDD Zoning Regulations for the Property adopted in accordance with the Development Agreement as may be amended from time to time(the "PDD Regulations"),and(iii)construction plans and final plats for portions of the Property that are approved from time to time by the City (the "Approved Plats"), as may be amended by the City from time to time("Development Regulations"); and WHEREAS, Developer is proposing to develop the Project on the Property in accordance with the Development Regulations; and 1