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- DRAFT - <br />Revised October 27, 1998 <br />Revised January 12, 1999 <br />Revised February 9, 1999 <br />Revised February 23, 1999 <br />DEVELOPMENT AGREEMENT <br />This DEVELOPMENT AGREEMENT ("Agreement") is entered into <br />between La Porte 81, Ltd.; La Porte 82, Ltd.; and La Porte 115, Ltd., Stuart <br />Haynsworth, General Partner and attorney in fact respectively; Daetwyler <br />Enterprises Corporation, a California Corporation with offices at 6277 East <br />Slausen Avenue, Suite 100, Los Angeles, Los Angeles County, California; <br />and their Successors and Assigns (Owner -Developer) and CITY OF LA <br />PORTE, TEXAS, a Texas Municipal Corporation ("City") on the day <br />of '1999. <br />Recitals <br />Owner -Developer has proposed development of an approximate 292 acre <br />tract in the City of La Porte, as the Texas Import -Export Park, which is <br />referred to as the Tract and defined hereinafter in Article I. Owner - <br />Developer plans to develop the Tract, presently zoned PUD, for multifamily <br />residential, retail, commercial, business park with some industrial uses. <br />Owner -Developer shall construct municipal utilities, including streets, a <br />water distribution system, wastewater collection system, and the storm <br />drainage/detention system that will connect with the existing City of La <br />Porte and other regional systems in accordance with development <br />regulations and policies of the City and Harris County Flood Control <br />District. <br />The City has required, and Owner -Developer has agreed, that the tract will <br />be developed in accordance with the General Plan approved by the City <br />(as defined below and attached hereto). <br />AGREEMENT <br />