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<br />DEVELOPMENT AGREEMENT <br />Agreementfective as of <br />____________, 2021, by and among the REINVESTMENT ZONE NUMBER ONE, CITY OF <br />Zonety of La <br />CityZone Board <br />Authority <br />Authority Board <br />HMH LA PORTE LAND LLC Developer <br />RECITALS <br />WHEREAS, by Ordinance No. 99-TIRZ Ordinance <br />City created TIRZ Act <br />and <br />WHEREAS, the Zone Board adopted a final Project Plan and Reinvestment Zone <br />Financing Plan; and <br />WHEREAS, the City Council of the City approved the final Project Plan and <br />Reinvestment Zone Financing Plan by Ordinance No. 99-2352, which has been amended from <br />Project Plan <br />WHEREAS, the City authorized the creation of the Authority to aid, assist and act on <br />behalf of the City in the performanc <br />common good and general welfare of the City and neighboring areas as described in the TIRZ <br />Ordinance; and <br />WHEREAS, the City, the Zone and the Authority have entered into that certain <br />Agreement dated July 9, 2001, and approved by Ordinance No. 2001-Tri-Party <br />Agreement <br />administer the Zone, including, but not limited to, the power to engage in activities relating to the <br />acquisition and development of land, to construct and improve infrastructure in the City, to enter <br />into development agreements with developers and builders in the City, and to issue, sell or <br />deliver its bonds, notes or other obligations in accordance with the terms of the Tri-Party <br />Agreement upon the approval of the City Council of the City; and <br />WHEREAS, the Tri-Party Agreement further provides that the Authority must obtain the <br />prior approval of the City for any project approved in the Project Plan that is constructed or <br />caused to be constructed by the Authority; and <br />WHEREAS, the TIRZ Act provides that the Zone may enter into agreements as the Zone <br />Board considers necessary or convenient to implement the Project Plan and achieve its purposes; <br />and <br />WHEREAS, the Authority Board and the Zone Board have determined that it is in the <br />best interest of the Zone and the Authority to contract with the Developer, in order to provide for <br />the efficient and effective implementation of certain aspects of the Project Plan; and <br /> <br />011782.0153271 EMF_US 84032577v3 <br /> <br />