|
AMENDED DEVELOPMENT AGREEMENT
<br /> THE STATE OF TEXAS §
<br /> COUNTY OF HAYS §
<br /> This AMENDED DEVELOPMENT AGREEMENT (this "Agreement") is
<br /> effective as of (the "Effective Date"), and entered into
<br /> by and among the CITY OF SAN MARCOS, TEXAS, a home-rule municipality (the
<br /> " ft"), HK BAUGH RANCH, LLC, a Texas limited liability company ("HK Baugh
<br /> Ranch"), HK RILEY'S POINTE, LLC, a Texas limited liability company ("HK Riley's
<br /> Pointe"), JACK'S RESERVE, LTD., a Texas limited partnership, as successor in interest
<br /> to Benchmark Acquisitions, LLC ("Tack's Reserve", collectively with HK Baugh Ranch
<br /> and HK Riley's Pointe, the "Owners" and each an "Owner"), and HK REAL ESTATE
<br /> DEVELOPMENT, LLC, a Texas limited liability company ("Developer"). The City, HK
<br /> Baugh Ranch, HK Riley's Pointe, Benchmark, and Developer are sometimes collectively
<br /> referred to herein as the "Parties", and individually, as a "Par ".
<br /> RECITALS
<br /> A. The City, HK Baugh Ranch, HK Riley's Pointe, Benchmark Acquisitions, LLC
<br /> ("Benchmark"), and Developer entered into that certain Development Agreement dated
<br /> effective December 7, 2021 (the "Original Agreement"). Jack's Reserve has acquired the
<br /> portion of the Property previously owned by Benchmark. The Parties desire to amend
<br /> the Agreement and to add Jack's Reserve as a party to this Development Agreement, as
<br /> successor in interest to Jack's Reserve.
<br /> B. Owners own, or owned, approximately 1,046.286 acres of land described by metes
<br /> and bounds on Exhibits A-1 ("River Bend") and A-2 ("Riley's Pointe", collectively with
<br /> River Bend, the "Pro er ") attached hereto and incorporated herein.
<br /> C. The Property is intended to be developed as a high-quality, master-planned,
<br /> mixed-use community (the "Project"), as shown generally in the Concept Plan (as
<br /> hereinafter defined) in Exhibit B attached hereto and incorporated herein, which may
<br /> include single-family, multi-family, commercial and industrial uses, parkland, open
<br /> space, and other public and private amenities for the present and future benefit of the
<br /> City pursuant to the terms and conditions of this Agreement.
<br /> D. Owners intend to create two municipal utility districts over the portion of the
<br /> Property in the City's extraterritorial jurisdiction in order to finance, water, wastewater,
<br /> drainage, and roadway infrastructure to support the Project in a financially feasible
<br /> manner in accordance with Texas Water Code Chapters 49 and 54 and applicable laws
<br />
|