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{ ORIGINAL ., ~RLOCALAGREEMENT BETWEEN HAYS COUNTY AND THE CITY OF SAN MARCOS RELATED TO SAN MARCOS TAX INCREMENT REINVESTMENT ZONE NO.3 Effective Date: July ...2..5...., 2006 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 311 of the Texas Tax Code. 2. City Designation of Reinvestment Zone. The City has designated and created City of San Marcos Tax Increment Reinvestment Zone NO.3 (the "Zone") covering a tract of land located at the intersection of McCarty Lane and IH-35 in San Marcos, Hays County, Texas. The Zone was designated and created by the San Marcos City Council in Ordinance No. 2006-8 on March 21, 2006. 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 15 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)(2) of the Texas Tax Code. The specific purpose of the Zone, as described in the Project Plan and Reinvestment Zone Financing Plan for the Zone, is to provide a financing mechanism to pay a portion of the City's costs associated with the construction of the San Marcos Conference Center, and related parking, utility, driveway and drainage improvements (the "Conference Center'') on a five acre, more or less, portion of the Zone. The City intends to lease the Conference Center to JQH - San Marcos Development, LLC. The purpose of the Project, including the Conference Center and the full-service hotel to be constructed and operated on the remaining ten acre, more or less, portion of the Zone by JQH - San Marcos Development, LLC ("JQIf'), is to function as a unified hotel and conference center development. 4. Financial Plan. The financial plan for the Project, as described in the Project Plan and Reinvestment Zone Financing Plan for the Zone, is summarized in the following elements: a. The City will incur the first $20 million in costs associated with the design and construction of the Conference Center (the "Conference Center Costs"). JQH will pay