16 - Petition for Establishment of the Forestbrook Public Improvement District No 1

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PROFESSIONAL SERVICES REIMBURSEMENT AGREEMENT This Reimbursement Agreement (this "Agreement'), effective as of the day of ............_.........� 20_, (the "Effective Date"), is made and entered into by and between The City of Paris, Texas ("City") and Lone Star Planned Developments, LLC, a Texas limited liability company ("Owner"), herein collectively referred to as ("Party" or "Parties"). WHEREAS, the Owner owns approximately 59.22 acres of land in the City that it desires to develop which is further described in Exhibit A hereto (the "Property"); WHEREAS, the Parties have determined that the financing of a portion of the costs of the Public Improvements necessary for the development of the Property, can be achieved by means of Chapter 372, Texas Local Government Code, as amended, entitled the Public Improvement District Assessment Act ("PID Act'); and WHEREAS, the Owner desires to develop the Property and has made petition to the City for a Public Improvement District ("PID") under the PID Act; and WHEREAS, the Parties hereto recognize that the City will continue to incur expenses through the entire PID review process until final completion of the development ("City Expenses") including but not limited to: professional services, legal publications, notices, reproduction of materials, public hearing expenses, recording of documents, engineering fees, attorney fees, special consultant fees, and fees for administrative time of City staff; and WHEREAS, as a part of the City Expenses, the Owner hereby agrees to pay for reasonable and necessary professional services provided by the consultants listed on Exhibit B, and by additional consultants approved in writing by the Owner (collectively, the "City Consultants"); NOW, THEREFORE, in consideration of the mutual benefits and promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Payment for Professional Services. The Owner shall deposit with the City $40,000 for payment of City Expenses necessary to conduct the review and creation of the PID request within ten (10) days of receipt of request by the City: (a) City agrees to hold all Owner' s contributions in a separate fund maintained by the City which may only be used for City Expenses related to the PID. (b) The City will pay City Expenses out of the amount deposited with the City and keep accounting of all charges for City Expenses incurred for the PID and any unused contributions shall be returned to the Owner. (c) Owner agrees that in the event the funds for City Expenses balance falls 4871-0204-2326.v1