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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r R "LUE" means living unit equivalent and is a measure of the estimated average daily volume used by a single-family residence or its equivalent. "Property" means approximately 1,046.286 acres of land described on Exhibits A-1 and A-2. "Strategic Partnership Agreements" means those certain strategic partnership agreements to be entered into between the City and each District, the form of which is attached to the applicable Consent Agreement. "Subdivision Regulations"means Chapters 1,2,3(including cross-references to Chapter 6 of the Land Development Code) and 8 of the Land Development Code, but only to the extent otherwise applicable to the ETJ, that are in effect as of the Effective Date and set forth in Exhibit E attached hereto and incorporated herein, and not including (i) any future amendments or changes thereto, provided that Owners and Developer may elect to have such future amendments or changes apply to the development of the Property in its sole discretion or (ii) any other chapters of the Land Development Code or any other City ordinances,regulations, manuals, administrative rules, standards, guidelines, plans and policies related to the development of the Property or any cross-references to the foregoing, unless approved by Owners and Developer in writing. "Utility Agreements" means those certain utility agreements to be entered into between each District and the City governing the provision of water and wastewater services to the property within the respective District, the forms of which are attached hereto as Exhibits G-1 and G=2 and incorporated herein. "Vertical Improvements" means the construction and reconstruction of house or building, not including manufactured homes, modular housing, or industrialized buildings covered by Chapters 1201 or 1202 of the Texas Occupations Code. ARTICLE II. TERM AND VESTING RIGHTS Section 2.01 Term. The Term of this Agreement will commence on the Effective Date and continue for forty-five (45) years thereafter, unless terminated on an earlier date under other provisions of this Agreement or by mutual written agreement of the Parties. Section 2.02 Vesting Rights. The City acknowledges that the Property shall be deemed vested from the Effective Date. As a result, Owners and Developer have the vested authority to develop the Property in accordance with this Agreement. This acknowledgement by the City is not intended to waive any of the exemptions to vesting codified in Section 245.004 of the Texas Local Government Code. A vested right under 4 960915_5