O-2007-2997 - Laserfiche WebLink

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DEVELOPER'S AGREEMENT BETWEEN CITY OF LA PORTE, TEXAS AND TRI-CITY HOLDINGS, L.P. THIS AGREEMENT (this "Agreement") is entered into as of the lltfday of June, 2007, by and among the CITY OF LA PORTE, TEXAS ("La Porte"), a municipal corporation, and TRI-CITY Holdings, L.P. ("Tri-City"), a Delaware limited partnership. RECITALS City is the owner of (i) tracts of land containing 33.644 acres in La Porte, Texas described on Exhibit "A" attached hereto and commonly referred to as the Westside Park Property ("Park Land", herein). Tri-City is the owner or authorized agent for the owners of (i) several tracts of land containing approximately 50.0707 acres in La Porte, Texas described on Exhibit "B" attached hereto ("Tri-City Development Property", herein) and which includes (ii) land which constitutes a part of TR 71 0, and which is estimated to be approximately 1.5 acres in size, La Porte Outlots, as recorded in Volume 83, Page 344, of the Deed Records of Harris County, William M. Jones Survey, Abstract 482, La Porte, Harris County, Texas, and which the parties contemplate to survey and subsequently transfer to La Porte for drainage purposes, as provided below, and which land shall be referred to herein as "Proposed Detention Basin". La Porte and Tri-City desire to enter into this Agreement to evidence the following: (a) Tri-City to convey the tract identified as the Proposed Detention Basin, the dimensions of which shall be determined by the parties pursuant to Paragraph 5 of this Agreement, and at which time a metes and bounds legal description of which shall be annexed hereto as Exhibit "C". Said Proposed Detention Basin shall become a part of the proposed detention flake amenity and maintenance berm on the Park Property. Said Proposed Detention Basin shall be conveyed to the La Porte by general or special warrant deed, free and clear of all liens and encumbrances, and shall become a part of the Park Land, to allow for detention for the Tri-City Development Property and a part of the proposed lake amenity. In exchange for the conveyance of the Proposed Detention Basin, La Porte shall issue a Declaration of Gift to the City for Tax Purposes to Tri-City; and (b) Tri-City to purchase detention credits from the City of La Porte in an amount determined by the City Engineer/Flood Plain Manager for the Tri-City Development Property, at the determined market value of such detention credits as described herein; and (c) La Porte to provide a public detention/lake amenity to the Park Land as a part of the Park Land development with the capability of providing said detention capability. A-I