04-28-2025 Agenda Packet - Laserfiche WebLink

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REIMBURSEMENT AGREEMENT Forestbrook Public Improvement District No. 1 This Reimbursement Agreement (this "AgEeement") is entered into by Lone Star Planned Developments, LLC, a Texas limited liability company (the "Deyel�r"), and the City of Paris, ( "�"), , ( "Effective. Date") in relation to the Texas the Cit effective as of 2025 the Forestbrook Public Improvement District No. 1 (the "PID"), created pursuant to Chapter 372, Texas Local Government Code, as amended (the "Act"). The Developer and the City are individually referred to herein as a "Party" and collectively as the "Parties." SECTION 1. RECITALS WHEREAS, the Developer and the City have entered into a Development Agreement, as defined in Section 2, relating to the development of the property within the PID and the financing of public improvements within the PID; and WHEREAS, on October 14, 2024, the City Council passed and approved the PID Creation Resolution, as defined in Section 2, authorizing the creation of the PID pursuant to the authority of the Act, covering approximately 59.62 acres within the City's corporate limits, which land is described in the PID Creation Resolution; and WHEREAS, the PID is being developed in phases or improvement areas, and special assessments for each improvement area will be levied against the Assessed Parcels, as defined in Section 2, within such improvement area to pay the costs of PID Projects, as defined in Section 2, that confer a special benefit on the Assessed Parcels within such phase; and WHEREAS, prior to the issuance of PID Bonds, as defined in Section 2, the Developer has paid and may continue to pay for the Actual Costs, as defined in Section 2, of the PID Projects benefitting the property within the PID; WHEREAS, this Agreement is a "reimbursement agreement" authorized by Section 372.023(d)(1) of the PID Act; WHEREAS, the recitals are true and correct and are part of this Agreement for all purposes and each Party has relied upon such recitals in entering into this Agreement; and NOW THEREFORE, for and in consideration of the mutual obligations of the Parties set forth herein, the Parties agree as follows: SECTION 2. DEFINITIONS Certain terms used in this Agreement are defined in this Section 2. Other terms used in this Agreement are defined in the recitals or in other sections of this Agreement. Unless the context requires otherwise, the following terms shall have the following meanings: "Act" means Chapter 372, Texas Local Government Code, as amended. Reimbursement Agreement Forestbrook Public Improvement District No. 1 Page 1 018581.000001\4908-9229-3155.v5