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35. <br />Bkk Vol Pa <br />STATE OF TEXAS § DEVELOPMENT AGREEMENT 11 OPR 3922 660 <br />§ REGARDING THE BUIE TRACT PROPERTY <br />COUNTY OF HAYS § <br />This is a DEVELOPMENT AGREEMENT by and between the CITY OF SAN MARCOS <br />( "City ") and CRADDOCK AVENUE PARTNERS, LLC ( "Owner "), whether one or more. <br />A. PURPOSE AND CONSIDERATION <br />WHEREAS, the purpose of this Agreement is to establish the basic land uses and <br />parameters and specific design criteria expected for the land uses proposed when the property is <br />finally developed and to provide the Owner with certain vesting of the basic mixed use <br />development plan. <br />WHEREAS, Developer is owner of that certain tract of land in San Marcos, Texas as <br />shown on Exhibit "A ", attached hereto (the "Property "), and <br />WHEREAS, Developer is in the process of constructing a mixed use development project <br />• on the Property (the "Property "), and <br />WHEREAS, City and Owner desire to create a mixed use development on a portion of the <br />Property that will be compatible with other existing and adjacent proposed land uses in a manner <br />that provides an economic boost to the area, and, <br />WHEREAS, the Owner and City desire the Property to be developed in a manner that is <br />advantageous to both the Owner and the City; and, <br />WHEREAS, the Owner and City desire the portions of the property currently located <br />outside of the City limits retain that status until such time that the property develops. <br />WHEREAS, the Owner has requested that the City provide an acknowledgement and <br />general approval of the plan for a phased mixed used development on the Property in the form of <br />this Agreement. See Exhibit "B" Plan. <br />NOW THEREFORE, for and in consideration of the promises and the mutual agreements <br />set forth herein, the City and Owner hereby agree as follows: <br />• <br />