08-14-12 Meeting of the La Porte Development Corporation Board of Directors

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Property: Lots 9 through 32 of Block 164 out of the Town of La Porte, Volume 58, Page 460, H.C.D.R., La Porte Texas Developer Sales Contract: That certain Purchase Agreement by and between Corporation and Developer relating to the sale by Corporation of the Property to Developer substantially in the form attached hereto as Attachment 1 and incorporated herein by reference. Restriction Agreement: That certain Restriction Agreement by and between City and Developer set forth as Exhibit "A" in the Developer Sales Contract. Inspection Period: The period commencing on the Effective Date and ending on the termination of the Inspection Period as defined in the Developer Sales Contract. Closing Date: Concurrent with Corporation's closing on the sale of the Property pursuant to the Developer Sales Contract. Purchase Price: $350,000 cash WHEREAS, Corporation desires to purchase the Property fi•om City for resale to Developer pursuant to the Developer Sales Contract for development in accordance with the Restriction Agreement; and WHEREAS, Tex. Loc, Gov't Code § 272.001 allows City to convey land it wants developed by contracting with an independent foundation without auction or soliciting competitive bids; and WHEREAS, Corporation is a Texas non-profit corporation and qualifies as an independent foundation under Tex. Loc. Gov't Code § 272.001; and WHEREAS, the Purchase Price is the fair market value of the Property; and NOW, THEREFORE, in consideration of the surn of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 1. Sale and Purchase. City agrees to sell and convey the Property to Corporation for the Purchase Price. PURCIMSE AND SALE AGREEMENT; CITY OF LA PORTE TO LA PORTE DEVELOPMENT CORPORA'T'ION — PAGE 2 (kbL5/4112:55288)