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<br />DEVELOPMENT AGREEMENT <br /> <br />This DEVELOPMENT AGREEMENT ("Agreement") is entered into between Port Crossing <br />Land, LP; a Texas limited partnership ("Owner-Developer"); their Successors and Assigns, <br />including the "Other Owners" (hereafter defined) and the CITY OF LA PORTE, TEXAS, a <br />Texas Municipal Corporation ("City") on the _ day of ,2006. <br /> <br />Recitals <br /> <br />Owner-Developer has proposed development of an approximately 300-acre tract in the City of <br />La Porte, as the Port Crossing, which is referred to as the Tract and defined hereinafter in Article <br />1. Owner-Developer and the Other Owners plan to develop the Tract, presently zoned PUD, for <br />retail, commercial, and business park with some industrial uses. Owner-Developer and the Other <br />Owners shall construct municipal utilities, including streets, a water distribution system, <br />wastewater collection system, and the storm drainage/detention system that will connect with the <br />existing City of La Porte and other regional systems in accordance with development regulations <br />and policies of the City, Harris County, and Harris County Flood Control District. <br /> <br />Powell Road Logistics, L.P. ("Powell Road Logistics"), a Texas limited partnership, National <br />Property Holdings, L.P., a Texas limited partnership, Del Piso Investments, LLLP, a Arizona <br />limited liability partnership and FLPCW, LP, a Texas limited partnership, (collectively, the <br />"Other Owners"), the owners of certain tracts of land also containing a total of approximately 63 <br />acres out of the Tract are joining in this Agreement for the purpose of confirming their <br />agreement to develop their respective portions of the Tract pursuant to the provisions of this <br />Agreement. <br /> <br />The City has required, and Owner-Developer and the Other Owners have agreed, that the Tract <br />will be developed in accordance with the General Plan approved by the City (as defined below <br />and attached hereto). <br /> <br />AGREEMENT <br /> <br />NOW THEREFORE, in consideration of the mutual promises, obligations, and benefits <br />contained herein, the City and Owner-Developer agree as follows: <br /> <br />ARTICLE I. DEFINITIONS AND EXHIBITS <br /> <br />1.1 DeImitions. Unless the context indicates otherwise, the following words as used in this <br />Contract shall have the following meanings: <br /> <br />City means the City of La Porte, Texas. <br /> <br />General Plan means the plan for the physical development and use ofthe Tract as defined herein <br />and approved by the City on 28th day of March, 2005, as amended by the "Plat" (hereafter <br />defined). <br /> <br />H-Final Development Agreement(622174_3).DOC <br />