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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i Section 3.02 Variances. The City acknowledges and agrees that the Project complies with the City's goals and objectives in the Subdivision Regulations and hereby adopts the variances set forth in Exhibit F attached hereto and incorporated herein to facilitate development of the Project. No further action will be required on the part of an Owner or Developer to obtain such variances or initiate subdivision plat approvals that vary from the Subdivision Regulations. The City agrees that this Agreement, including all exhibits hereto,will also serve as guidance for review and consideration of any additional variances, waivers, or other approvals not specifically provided in this Agreement but necessary for development of the Project, which variances will not be unreasonably withheld, conditioned, or delayed. Section 3.03 Governmental Regulations. The Parties acknowledge that the Property and the Project may be subject to rules,regulations, statutes,resolutions,ordinances,and orders by other governmental entities. ARTICLE IV. CONCEPT PLAN AND PLATTING AND MUNICIPAL UTILITY DISTRICTS Section 4.01 Concept Plan. The Property is to be developed in phases as a master- planned community with such number of phases, and number of lots within each phase, to be determined by Developer or one or more Owners.There shall be no minimum phase size requirement and sections may be developed independently and not necessarily part of an overall larger phase. The Concept Plan is the preliminary plan for the development of the Property. The Concept Plan is consistent with this Agreement and applicable City ordinances. Developer, and Owners, intend to develop the Project over a number of years. As such, the Concept Plan may be revised, as described in more detail in Section 4.05. Section 4.02 Platting. Developer and Owners are required to plat any subdivision of the Property, other than any subdivision of the Property for the purpose of qualifying persons to serve on the Board of Directors of a District, in accordance with the Subdivision Regulations and any applicable variances thereto set forth herein or otherwise. A tract designated as an"unrestricted reserve" shall require re-platting at the time of the future development of such tract if subdivided into residential lots or multi- family uses in accordance with the Subdivision Regulations.So long as the plat meets the requirements of (1) the Subdivision Regulations to the extent not in conflict with this Agreement; (2) any variances set forth in this Agreement or variances that the City may approve from time to time; and (3) this Agreement (including any amendments or updated provisions of the Subdivision Regulations specifically allowed herein), the City shall approve the plat and failure of the City to approve the plat shall be considered a breach of this Agreement as provided in Section 10.03 below. Section 4.03 Consent to the Creation of Municipal Utilft Districts. The City consents 6 960915_5