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<br />. <br /> <br />. <br /> <br />DEVELOPMENT AGREEMENT <br /> <br />This ,DEVELOPMENT AGREEMENT ("Agreement") is entered into between La Porte <br />81, Ltd.; La Porte 82, Ltd.; and La Porte 115, Ltd., Stuart Haynsworth, General Partner <br />and attorney in fact respectively; and their ,Successors and Assigns (Owner-Developer) <br />and CITY OF LA PORTE, TEXAS, a Texas Municipal Corporation ("City") on the 10th <br />day of June. 2002. <br /> <br />Recitals <br /> <br />Own~r-Developer has proposed development of an approximate 292-acre tract in the <br />City of La Porte, as the Texas Import-Export Park, which is referred to as the Tract and <br />defined hereinafter in Article I. Owner-Developer plans to develop the Tract, presently <br />zoned PUD, for multifamily residential, retail, commercial, business park with some <br />industrial uses. 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 Porte and other . <br />regional systems in accordance with development regulations and policies of the City <br />and Harris County Flood 'Control District. <br /> <br />The City has required, and Owner-Developer has agreed, that the tract will be <br />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 Definitions. Unless the context indicates otherwise, the following words as used <br />in this Contract shall have the following meanings: <br /> <br />City means the City of La Porte, Texas. <br />, <br /> <br />General Plan means ttie plan for the physical development and use of the Tract as <br />defined herein and approved by the City on May 16. 2002, or as amended as allowed <br />herein. <br /> <br />Owner-Developer means La Porte 81, La Porte 82, La Porte 115, Ltd. Partnerships or <br />their assigns or succeeding developers. <br /> <br />TIEP 2002 Development Agreement-Final.doc <br /> <br />Page 1 0'9 <br />