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<br />AGREEMENTS <br /> <br />1. Definitions. The following terms, when used herein, shall have the following meanings: <br /> <br />"La Porte Detention Credits" means the purchase price and/or amounts payable in respect <br />of the fair market value of detention capacity, measured in acre/feet, as determined by a <br />qualified Professional Engineer, and any other fees and charges payable to La Porte or its <br />contractors or vendors in connection with provision of detention capacity, absent <br />conveyance, by La Porte. <br /> <br />"Architect" means the architect(s) engaged by La Porte to design the contemplated <br />improvements and development of the Park Land, and engaged by Tri-City to design the <br />contemplated improvements and development of the Tri-City Holdings, L.P. <br />Development Property, respectively. <br /> <br />"Park Land Improvements" means the improvements to the Park Land described and <br />contemplated by La Porte. The Park Land Improvement Plans will be prepared at the <br />direction of La Porte and at its cost and expense. <br /> <br />"Tri-City Development Improvements" means the improvements to the Tri-City <br />Development Property described and contemplated by Tri-City. The Tri-Cites <br />Development Improvement Plans will be prepared at the direction of Tri-City and at his <br />cost and expense. <br /> <br />2. Property Development. Nothing in this Agreement shall preclude Tri-City from meeting <br />the requirements and procedures of La Porte's Development Ordinance, other governing <br />Ordinances or other statutes, rules and regulations governing commercial development in <br />La Porte. <br /> <br />3. Assessment of Detention Credits to La Porte. The City Engineer of La Porte has <br />determined that the 50.0707 acres of developable property will require 11.86 acre/feet of <br />detention capacity to meet the requirements of the La Porte Drainage Criteria. The fair <br />market value of detention credits, minus conveyance, is $11,000 per acre/foot. The total <br />cost to Tri-City for detention capacity to be provided by La Porte, is $130,460.00 The <br />detention credit cost of $130,460.00 shall constitute a one time assessment by the City of <br />La Porte, to satisfy detention capacity for the proposed 50.0707 acre Tri-City <br />Development Improvements. However, said assessment shall not satisfy necessary <br />detention credit requirements should additional acreage adjacent to the proposed Tri-City <br />Development Improvements be developed. <br /> <br />4. Payment of Detention Credits to La Porte. Within sixty (60) days following the <br />execution of this Agreement, Tri-City Holdings, L.P. shall remit to La Porte the amount <br />of $32,615.50, an amount equal to twenty-five percent (25%) of the value of the <br />detention credits as described in Paragraph 3 above, with an additional 25% due at ninety <br />(90) day increments thereafter, until the amount is remitted in full. La Porte shall have the <br />right to withhold any and all building permits from Tri-City as part of the Tri-City <br />Development Improvements project, upon the failure of Tri-City to remit payments as <br />provided herein, until payment and any applicable arrearage is made to La Porte. <br /> <br />A-2 <br />