Res 2021-246 approving a Development Agreement with HK Baugh Ranch, LLC, HK Riley’s Pointe, LLC, and Benchmark Acquisitions, LLC, to regulate the annexation and future development of approximately 1,142 acres of land

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DEVELOPMENT AGREEMENT THE STATE OF TEXAS § COUNTY OF HAYS § This DEVELOPMENT AGREEMENT (this "Agreement") is effective as of December 7, 2021 (the "Effective Dale"), and entered into by and among the CITY OF SAN MARCOS, TEXAS, a home-rule municipality (the "City"), HK BAUGH RANCH, LLC, a Texas limited liability company ("HK Baugh Ranch"), HK RILEY'S POINTE, LLC, a Texas limited liability company ("HK Riley's Pointe"), BENCHMARK ACQUISITIONS, LLC, a Texas limited liability company ("Benchmark", collectively with HK Baugh Ranch and HK Riley"s Pointe;the "Owners" and each an"Owner"), and HK REAL ESTATE DEVELOPMENT, LLC, a Texas limited liability company ("Developer'). The City, HK Baugh Ranch, HK Riley's Pointe, Benchmark, and Developer are sometimes collectively referred to herein as the "Parties", and individually, as a"Party". RECITALS A. Owners own approximately 1,046.286 acres of land described by metes and bounds on Exhibits A-1 (" River Bend") and A-2("Riles Pointe",collectively with River Bend, the "Pro er ") attached hereto and incorporated herein. B. Owners and Developer intend to develop the Property as a high-quality, master- planned, mixed-use community (the "Project"), as shown generally in the Concept Plan (as hereinafter defined) in Exhibits B-1 and B-2 attached hereto and incorporated herein, which may include single-family, multi-family, commercial and industrial uses, parkland, open space, and other public and private amenities for the present and future benefit of the City pursuant to the terms and conditions of this Agreement. C. Owners intend to create two municipal utility districts over the portion of the Property in the City's extraterritorial jurisdiction in order to finance,water, wastewater, drainage, and roadway infrastructure to support the Project in a financially feasible manner in accordance with Texas Water Code Chapters 49 and 54 and applicable laws and regulations of the State of Texas. The City consents to the creation of the districts and will adopt resolutions evidencing such consent and approve a Consent Agreement for each district (collectively, the"Consent A eements"). D. Owners, Developer and the City have held discussions regarding the long-term development of the Property and desire to define, protect, and clarify the City's 1 960915_5