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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"County" shall mean Lamar County, Texas, a political subdivision of the State of Texas. "Effective Date" shall mean the latest of the execution of this Agreement by the City Council and the Developer. "Force Majeure" shall mean circumstances which are beyond the reasonable control of the applicable Party (which circumstances may include, without limitation, pending or threatened litigation, acts of God, war, acts of civil disobedience, fire or other casualty, shortage of materials, adverse weather conditions [such as tornadoes], labor action, strikes, delay of needed permit(s), agreements, or approvals from any government entity or agency, or similar acts). "Forestbrook Blvd Project" shall mean the construction and improvements to Forestbrook Boulevard, a four -lane divided thoroughfare with landscaped medians and turn lanes within an eighty (80) foot right-of-way which connects Loop Highway 286, where Parcel ID 21140 meets Loop Highway 286, to South Collegiate Drive, directly south of the Red River Valley Veterans Memorial, with a trajectory as depicted on Exhibit B, including but not limited to costs associated with land acquisition for right-of-way, constructing sidewalks, constructing road(s), landscaping, lighting, water and sewer facilities, gas and electrical facilities, pedestrian malls and walkways, parks, storm drainage, and other improvements pursuant to the TIRZ Act. "Forestbrook Blvd Eastern Segment" shall mean the portion of the Forestbrook Blvd Project consisting of at least the first 3,400 linear feet of roadway, commencing at the intersection of the Forestbrook Blvd Project with Loop Highway 286 and extending westward along the centerline of the Forestbrook Blvd Project toward South Collegiate Drive for a distance of no less than 3,400 linear feet, the endpoint of which shall be designated by Developer in its sole discretion. "Forestbrook Blvd Western Segment" shall mean the portion of the Forestbrook Blvd Project commencing at the intersection of the Forestbrook Blvd Project with South Collegiate Drive just south of the Red River Valley Veterans Memorial as of the Effective Date, and extending eastward along the centerline of the Forestbrook Blvd Project to the western terminus of the Forestbrook Blvd Eastern Segment. "Forestbrook Blvd Eastern Segment TIRZ Revenue" shall mean the City tax increment pledged to be paid into the TIRZ Increment Fund from the portion of the TIRZ Property identified in Exhibit A, pursuant to this Agreement and the Project and Finance Plan adopted by the City pursuant to Chapter 311 of the Texas Tax Code, as amended. "Forestbrook Blvd Western Segment TIRZ Revenue" shall mean the City tax increment pledged to be paid into the TIRZ Increment Fund from the portion of the TIRZ Property identified in Exhibit A, pursuant to this Agreement and the Project and Finance Plan adopted by the City pursuant to Chapter 311 of the Texas Tax Code, as amended. "Forestbrook Blvd Project Costs" shall mean the various public works and improvements listed on Exhibit C. "Off -Site Property" shall mean any property not located within the Forestbrook Planned Development Zoning Ordinance 2022-066 and not owned by Developer. 4899-7656-8688.v12