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75 DEVELOPMENT AGREEMENT BETWEEN THE CITY OF SAN MARCOS AND LEGEND COMMUNITIES, INC. D/B/A SDC AUSTIN COMMUNITIES FOR PROPOSED CASTLE RIDGE SUBDIVISION DEVELOPMENT STATE OF TEXAS COUNTY OF HAYS This development agreement (this "Agreement") is entered into between the City of San Marcos, Texas (the "City"), a Texas municipal corporation, and Legend Communities, Inc. d/b/a SDC Austin Communities (the "Developer"), a Texas corporation. 1. GENERAL PROVISIONS A. This Agreement is authorized and governed by the City's Infill Development Incentives Policy (the "Policy") adopted by Resolution December 21, 1998. B. The Developer owns the 44.93 acre, more or less, tract of property in San Marcos, Hays County, Texas (the "Property") depicted and legally described in the attached Exhibit A. The Property is vacant and undeveloped and is situated within an otherwise developed area within the city, and the Property meets the minimum criteria for eligibility under the Policy. The development proposed for the Property by the Developer (the "Project") would expand the local tax base, provide affordable housing, satisfy housing needs of the community, and be compatible with existing nearby land uses. C. An intregral part of the Project is the realignment of Bishop Street at its intersection with the entrance to the Project, as generally depicted on the attached Exhibit B (the "Realignment"). The City and the Developer agree to share in the cost of this realignment in accordance with this agreement. D. The Developer agrees that the Project must conform to all applicable City ordinances and regulations, including but not limited to the City's Master Plan, and Chapter 14-Buildings and Building Regulations, Chapter 74-Streets and Sidewalks, Chapter 94-Development Standards, Chapter 11 O-Subdivisions, and Chapter 114- Zoning, of the San Marcos City Code. 2. THE PROJECT A. The Project includes the development of the Property into a single-family residential