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I I I 107. r ORIGINAL '1 INTERLOCAL AGREEMENT BETWEEN HAYS COUNTY AND THE CITY OF SAN MARCOS RELATED TO SAN MARCOS TAX INCREMENT REINVESTMENT ZONE NO.2 Effective Date: December 1, 2005 Parties: The City of San Marcos (the "City"), and the County of Hays (the "County"). RECITALS: 1. Statutory Basis for Agreement. This Agreement is made pursuant to Chapter 791 of the Texas Government Code and Chapter 311 of the Texas Tax Code. 2. City Designation of Reinvestment Zone. The City, at the request of Carma Texas Inc. (the "Developer"), the owner of the real property being developed as the Blanco Vista Subdivision, has designated and created City Tax Increment Reinvestment Zone Number Two (the "Zone") in the area generally bounded by the Blanco River on the west, proposed State Loop Highway 110 and Yarrington Road on the north, Post Road on the east, and Old Stagecoach Road on the south. The Zone was designated and created by the San Marcos City Council in Ordinance No. 2005-17 on March 1, 2005. The Zone is more particularly described in the attached Exhibit A and on the map attached hereto as Exhibit B. The Zone consists of approximately 577 acres of land. 3. Purposes of Zone; Description and Purposes of Project. The general purpose of the Zone is to promote the redevelopment of the property in the Zone and in surrounding areas in the City and County pursuant to the tax increment finance provisions of Section 311.005( a) (1 ) and (2) of the Texas Tax Code. The~ific purpose of the Zone, as described in the Preliminary Project Plan and Reinvestment Zone Financing Plan (the "Preliminary Plan") for the Zone attached to the ordinance designating the Zone, is to provide a financing mechanism to pay for a portion of the costs associated with the construction of a railroad overpass on Yarrington Road at its intersection with the Union Pacific Railroad tracks (the "Project"). The purposes of the Project are to improve mobility and increase safety and security for residents of the City and the County, and complete the first segment of a loop highway around the City of San Marcos. 4. Financial Plan. The financial plan for the Project, as described in the Preliminary Plan, is for the Developer to incur all costs associated with the design and construction of the Project (the "Project Costs"), and for the City, with assistance from the County as provided in