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<br />.~ <br />Development Agreement <br />This Development Agreement ("Agreement") is made and entered into on this <br />day of June 2008 by and between Post Road Partners, L.L.C., a Texas limited <br />liability corporation, doing business at 890 Exotic Isle, Bay City, Texas 77414 <br />("Developer" herein) and the City of San Marcos, Texas, a home rule municipal <br />corporation doing business at 630 East Hopkins, San Marcos, Texas 78666 ("City <br />herein"). <br />For and in consideration of the mutual agreements exchanged herein, City and <br />Developer do hereby contract as follows: <br />L Purpose <br />The purpose of this Agreement is to assign responsibilities for the design, <br />bidding, contracting, and costs of completing street, water, waste water and storm <br />water drainage improvements (collectively referred to herein as the "Public <br />Improvements") to serve the Marlton Estates Subdivision, that Developer owns <br />and intends to develop as eleven (11) single family lots. This Agreement is a <br />developer participation contract made and entered into under the authority of <br />§212.071 of the Texas Local Government Code. <br />~i <br />