2026-028 - Approve a Development Agreement with Lone Star Planned Developments, LLC relating to the City of Paris Tax Increment Reinvestment Zone No. 2 (Forestbrook Boulevard)

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City and the TIRZ Board. At each meeting of the TIRZ Board, the Developer shall provide reports regarding the progress of construction. The Developer shall allow the City and/or the TIRZ Board reasonable access to the Project by qualified inspectors of the City for inspections during and upon completion of the construction of the Project for the City to assess the Developer's compliance with this Agreement. 3.5 Economic Development Land Contributions. The Parties acknowledge that certain land (or rights-of-way thereof) located within the boundaries of the TIRZ may be conveyed by Developer or acquired by Developer or a third parry for the construction of substantial economic development assets, including, without limitation, thoroughfare roadways, infrastructure corridors, utilities, and similar improvements intended to facilitate development within the TIRZ and advance the economic development objectives of the Project Plan and Financing Plan (the "Plan Development"). Such conveyances or acquisitions of land (collectively, "Land Contributions") may be undertaken in furtherance of the development of the TIRZ and the implementation of the Plan Development. The Parties acknowledge that any land or rights-of-way conveyed, dedicated, or otherwise provided by Developer for public infrastructure or other economic development purposes within the TIRZ constitutes a material economic contribution by Developer toward the implementation of the Plan Development and the overall development of the TIRZ. In recognition of such contribution, and subject to compliance with applicable law, the City agrees to consider in good faith the potential exchange of land conveyed or dedicated by Developer for other City -owned land, currently owned or hereafter acquired by the City. The specific parcels to be exchanged, if any, the valuation of the properties, and the terms and conditions of any such exchange, if any, shall be determined by mutual agreement of the Parties at the time such exchange is proposed. The City acknowledges that land or rights-of-way conveyed, dedicated, or otherwise provided by Developer within the TIRZ for public infrastructure, roadway improvements, utilities, or other public purposes may represent substantial value contributed by Developer toward the economic development of the TIRZ, and the City agrees that such contributions may be considered by the City in connection with future requests by Developer for land exchanges, land use approvals, or other development -related considerations within the T=, subject to compliance with applicable law. It is further acknowledged that other than what right of way may be required to be obtained by the City through its powers of eminent domain from third parties not party to this Agreement, the City has no obligation to purchase land from Developer for the completion of the Forestbrook Blvd Project. Consequently, in the event that Developer exercises its rights under Section 3.8 herein and opts not to complete the Forestbrook Blvd Western Segment, Developer will dedicate and/or otherwise convey to the City, at no cost, the 80 foot wide right of way through that portion of the TIRZ Property that Developer owns over which Developer would have constructed said Forestbrook Blvd Western Segment in accordance with the approved engineering plans so that City, at its option, may at some future date construct the Forestbrook Blvd Western Segment. Developer further agrees to refrain from selling, conveying, or otherwise alienating said 80 foot wide right of way prior to exercising its option under Section 3.8. 3.6 Timing of Project Construction. The Developer will commence the construction of the Forestbrook Blvd Project on or before the dates specified for such Forestbrook Blvd Project in Exhibit D. unless the Developer and the TIRZ Board agree otherwise in writing, and will proceed with reasonable diligence to completion. The date for commencement of the Forestbrook Blvd Project shall be tolled during any period resulting from a delay caused by the City or the TIRZ Board, or during any period of Force Majeure, or during any period required for the acquisition of property rights, rights-of-way, or easements, including any delay associated with the exercise of eminent domain or condemnation proceedings as contemplated under Section 3.10 below. 4899-7656-8688.v12