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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DEVELOPMENT FINANCING AGREEMENT BY AND BETWEEN THE CITY OF PARIS, TEXAS, AND LONE STAR PLANNED DEVELOPMENTS, LLC This DEVELOPMENT FINANCING AGREEMENT (this "Agreement"), effective as of the Effective Date, is made by and between the CITY OF PARIS, TEXAS, a home rule municipality in the State of Texas (the "City") and LONE STAR PLANNED DEVELOPMENTS, LLC., a Texas limited liability company (the "Developer") (individually, a "Parry" and collectively, hereinafter referred to as the "Parties"). RECITALS WHEREAS, certain capitalized terms used in these recitals are defined in Section 1; WHEREAS, Developer and several other landowners own the approximately 240.60 acres of real property, described in Exhibit A (the "TIRZ Property"); WHEREAS, the TIRZ Property is located wholly within the corporate limits of the City; WHEREAS, the City has created City of Paris Tax Increment Reinvestment Zone No. 2 (the "TIRZ") encompassing the TIRZ Property that will provide financial assistance to Developer in constructing the desired Forestbrook Blvd Project; WHEREAS, the Parties intend that Developer will design, construct, install, and/or make financial contributions toward the construction of Forestbrook Blvd Project and that the tax increment collected from the TIRZ Property shall be allocated to Developer; WHEREAS, the City and the Developer have determined that it is in their best interests to contract with each other with regard to the Forestbrook Blvd Project. NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and agreements herein contained, the City and the Developer agree as follows: I. DEFINITIONS "City Council" shall mean the City Council of the City. "City Manager" shall mean the City Manager of the City, or designee. "City Engineer" shall mean the individual designated by the City as the City Engineer, together with any successor to such position, and shall include any employee, official, or representative of the City's engineering department who is authorized by the City to perform the duties or exercise the authority of the City Engineer, including the manager or head of the City's engineering department. "City's Financial Advisor" shall mean a person or entity that provides advice to or on behalf of the City with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issues. 4899-7656-8688.v12