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WHEREAS, in consideration for the loss of said ad valorem tax revenues and for the <br />City's disannexation of the Property, Nexus has agreed to make certain payments to the City, <br />which the parties acknowledge and agree represent the present value of the projected ad <br />valorem taxes relating to the Property for a period of thirty (30) years; and <br />WHEREAS, the projected corridor of the Northeast Texas Trail runs through the <br />Project site, including the Property and the portion of the Project site that is currently located <br />outside of the existing City limits for a length of 3,932 feet and comprising a total of 4.166 <br />acres (the "Trail Corridor"); and <br />WHEREAS, in further consideration thereof, Nexus has agreed to provide land <br />clearing and site work related to the development of such Trail Corridor (collectively, the <br />"Trail Corridor Improvements"); <br />NOW, THEREFORE, the parties hereto do mutually contract and agree as follows: <br />I. <br />Recitals <br />1.1 The recitals set forth above are incorporated into this Agreement for all <br />purposes. <br />II. <br />Term <br />2.1 The effective date of this Agreement is the 91h day of September, 2024 and this <br />Agreement shall terminate upon receipt of all funds due and owing to the City from Nexus. <br />For the purposes of this Agreement, "Receipt of funds" shall mean thirty (3 0) days following <br />confirmation that all funds due and owing the City hereunder have been received and have <br />cleared the City's banking institution. Notwithstanding the foregoing, Nexus's obligations <br />hereunder are contingent upon the City's adoption of an Ordinance approving and effecting <br />the disannexation of the Property, and, should the City fail to do so, this Agreement will be <br />null and void. <br />III. <br />Payments <br />3.1 Nexus agrees herein to pay to the City a total sum of FOUR HUNDRED <br />THOUSAND AND NO/100 DOLLARS ($400,000.00), an amount roughly approximating the <br />present value of ad valorem taxes that would be due and owing on the improved value of the <br />Property through the year 2055, according to the following schedule: <br />Payment 1: ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00) <br />to be paid within thirty (30) days of the City Council's adoption of an Ordinance <br />