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I' <br /> A. The parties recognize that approximately 734.5 acres of the Property <br /> included in the Smart Terminal Development Agreement have been <br /> formally annexed into the municipal boundaries of the City. <br /> B. Upon approval of this Agreement, the Owner agrees to the full purpose <br /> annexation of the portion of the Property not located in the City or within a <br /> Municipal Utility District. Concurrent with annexation of the Property, the <br /> applicant shall initiate a zoning change to establish zoning districts which <br /> are consistent with the terms and conditions of this agreement. Owner has <br /> submitted applications for annexation and zoning of the 573 acres (with an <br /> additional approximately 57 acres of right-of-way included in the annexation . <br /> application), not located within the City or a MUD. City agrees to consider <br /> the annexation and zoning ordinances concurrently and at the same <br /> meeting. <br /> C. The parties confirm that a portion of the Property is located within a <br /> Municipal.Utility District (MUD) and that said portion of the Property may be <br /> annexed for full purpose during the term of this agreement following the <br /> amendment of the existing Consent Agreement or mutual negotiation of a <br /> new consent agreement for said portion of the Property. An amended or <br /> new consent agreement will address, but not be limited to: the Owner <br /> confirming no bonds will be issued by the MUD, confirmation that the City <br /> will not assume any debt of a MUD as a result of annexation, and that the <br /> MUD may undertake certain p <br /> operation and/or maintenance functions and <br /> in support of such functions, may levy an operations and maintenance tax <br /> in the MUD. <br /> 1. The parties understand that Cotton Center Municipal Utility District <br /> No. 1, as of the Effective Date of this Agreement, is constrained in <br /> its ability to undertake any action, including the division of the existing <br /> district, as contemplated by the Consent Agreement, or to exclude <br /> areas from the existing MUD. Once the MUD has the ability to <br /> establish a quorum and formally undertake action, the Owner will <br /> coordinate with the City with regard to the consent agreement and <br /> annexation of the portion of the Property located within the MUD. <br /> The parties understand that a new District may be formed over the <br /> portion of the Property located in a MUD as a result of the division of <br /> Cotton Center Municipal Utility District No. 1 or that the Property <br /> located in a MUD may be excluded from the boundaries of Cotton <br /> Center Municipal Utility District No. 1. <br /> 2. Owner and all subsequent owners of property within the portion of <br /> the MUD located on the Property voluntarily consent to annexation <br /> by the City upon the terms and conditions set forth in this Agreement. <br /> Notice to all subsequent owners of the property shall be evidenced <br /> by the Memorandum of Agreement attached as Exhibit "F" which <br /> will be recorded in the deed records of Caldwell County within 30 <br />