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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2.7 Construction Administration. It is the intention of the Parties that Developer will manage the design and construction of the Forestbrook Blvd Project. M. DEVELOPMENT OF PROJECTS 3.1 Agreement to Allocate TIRZ Revenues. If the Developer follows the procedures set forth in Section 3.4(c) below, the TIRZ Revenue shall be allocated to Developer in consideration of Developer's design, management, financing, construction obligations, and economic contributions to the Forestbrook Blvd Project and the economic benefit of the TIRZ Property pursuant to this Agreement in accordance with Section III hereof. 3.2 Developer. The Developer shall report to the TIRZ Board periodically to provide updates on the status of all Forestbrook Blvd Project underway. The Developer agrees that it shall design and construct, or cause to be designed and constructed, the Forestbrook Blvd Project in accordance with the terms of this Agreement. 3.3 Allocation of TIRZ Revenue for Public Infrastructure. The Developer shall be entitled to receive funds, solely from TIRZ Revenues, for Developer to finance, design, and construct the Forestbrook Blvd Project, but only upon compliance with the terms of this Agreement. The Developer shall be entitled to receive the TIRZ Revenues on a "pay -as -collected basis" for the period commencing on the date of creation of the TIRZ and continuing through December 31, 2058, payable solely from TIRZ Revenue deposited into the TIRZ Fund and subject to compliance with the terms of this Agreement. The Parties acknowledge and agree that the allocation of such TIRZ Revenues constitutes consideration to Developer for Developer's obligations to design, finance, construct, dedicate, and facilitate public infrastructure and economic development improvements within the TIRZ, including the Forestbrook Blvd Project, and that such allocation is intended to further the public purposes and economic development objectives of the TIRZ as reflected in the Project and Finance Plan adopted by the City. Developer's entitlement to receive such TIRZ Revenues during the term described above shall not be affected by the completion of the Forestbrook Blvd Project or the amount of costs incurred by Developer in connection therewith, provided, however, that the total amount of TIRZ Revenues disbursed to Developer from the TIRZ Fund, including both City and County contributions, shall not exceed $50,000,000.00, as provided in Section 2.4 herein. Notwithstanding anything in this Agreement to the contrary, including without limitation Section III hereof, no other funds of the City shall be pledged, obligated, or made available for payment to the Developer under this Agreement. Notwithstanding the foregoing, TIRZ Revenues attributable to a particular segment of the Forestbrook Blvd Project shall not be disbursed to Developer until such segment has been completed in accordance with the approved plans and accepted by the City. By way of example, Developer shall not receive any Forestbrook Blvd Eastern Segment TIRZ Revenue until the Forestbrook Blvd Eastern Segment has been completed, and Developer shall not receive any Forestbrook Blvd Western Segment TIRZ Revenue until the Forestbrook Blvd Western Segment has been completed. 3.4 Process for Forestbrook Blvd Project Development. (a) The Forestbrook Boulevard Project shall be constructed in two different segments, first the Forestbrook Blvd Eastern Segment; and second, the Forestbrook Blvd Western Segment (collectively the "Segments" and individually a "Segment"). The Forestbrook Blvd Eastern Segment shall be designed and constructed substantially in accordance with those certain engineering plans previously 4899-7656-8688.v12