2025-022 - Approve the Reimbursement Agreement with Forestbrook Public Improvement District No. 1 – Lone Star Planned Developments, LLC

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REIMBURSEMENT AGREEMENT Forestbrook Public Improvement District No. I This Reimbursement Agreement (this "Agreement") is entered into by Lone Star Planned Developments, LLC, a Texas limited liability company (the "DIevelo-Der"), and the City of Pan*s,, Texas,(the "City"), effective as of 2025 (the "Effective Date") in relation to the Forestbrook Public Improvement District No. I (the "PID"), created pursuant to Chapter 372, Texas Local Govenu-nent Code,, as amended (the "Act"). The Developer and the City are individually referred to herein as a 46 15 and collectively as the "Parties." SECTION 1. RECITALS WHEREAS, the Developer and the City have entered into a Development Agreement, a defined in Section 2, relating to the development of the property within the PID and the financin of public improvements within the PID; and I WHEREAS, on October 14, 2024� the City Council passed and approved the PID Creatio Resolution, as defined in Section 2, authorizing the creation of the PID pursuant to the authorit 0 of the Act covering approximately 59.62 acres within the City's corporate limits, which land i described in the PID Creation Resolution; and WHEREAS, the PID is being developed in phases or improvement areas, and speci assessments for each improvement area will be levied against the Assessed Parcels, as defined i Section 2, within such improvement area to pay the costs of PID Projects, as defined in Section that confer a special benefit on the Assessed Parcels within such phase-, and 1) 1 WHEREAS, prior to the issuance of PID Bonds, as defined in Section 2, the Developer ha paid and may continue to pay w Actual Costs, as defined in Section 2, of the PID Project benefitting the property within the PID; I 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 ten -ns 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. I Page I 018581.00000114908-9229-3 155.v5