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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reviewed and approved by the City, titled "City of Paris Forestbrook Blvd Eastern Segment Engineering Plans", dated (the "Eastern Segment Approved Plans"). The City shall name the Forestbrook Blvd Eastern Segment "Forestbrook Boulevard" and thus, the Eastern Segment Approved Plans, the plat for the Forestbrook Blvd Eastern Segment, all street signage, and mapping shall name the thoroughfare "Forestbrook Boulevard." In the event such plans have not yet been approved by the City, or if additional engineering plans, revisions, or modifications are requested by Developer, the Developer shall prepare and submit such plans to the City Engineer for review and written approval prior to commencement of construction. The Parties acknowledge the sequence of the Forestbrook Blvd Project and agree that the Developer shall be entitled to receive Forestbrook Blvd Eastern Segment TIRZ Revenues on a pay -as - collected basis; provided, however, that no Forestbrook Blvd Eastern Segment TIRZ Revenues shall be disbursed to Developer until the Forestbrook Blvd Eastern Segment has been completed in accordance with the Eastern Segment Approved Plans and accepted by the City. For purposes of this Agreement, construction shall be deemed to have commenced on the Forestbrook Blvd Eastern Segment when earthwork or grading operations, or utility excavation or construction, begins on any portion of the Forestbrook Blvd Eastern Segment (the "Eastern Segment Construction Commencement Date"). Any and all Forestbrook Blvd Eastern Segment TIRZ Revenues collected prior to completion of the Forestbrook Blvd Eastern Segment shall be held in the Forestbrook Blvd Eastern Segment Fund and released to Developer within ten (10) days following the completion of the Forestbrook Blvd Eastern Segment and acceptance thereof by the City. (b) The Forestbrook Blvd Western Segment shall be designed and constructed in accordance with all applicable City regulations and the terms of this Agreement, and shall be substantially consistent with the design and characteristics of the Eastern Segment Approved Plans. The Developer shall prepare and submit such Western Segment Engineering Plans to the City Engineer for review and written approval prior to commencement of construction of the Forestbrook Blvd Western Segment the "Western Segment Approved Plans"). The City shall name the Forestbrook Blvd Western Segment "Forestbrook Boulevard" and thus, the Western Segment Approved Plans, the plat for the Forestbrook Blvd Western Segment, all street signage, and mapping shall name the thoroughfare "Forestbrook Boulevard." The Parties acknowledge the sequence of the Forestbrook Blvd Project and agree that the Developer shall be entitled to receive Forestbrook Blvd Western Segment TIRZ Revenues on a pay -as -collected basis; provided, however, that no Forestbrook Blvd Western Segment TIRZ Revenues shall be disbursed to Developer until the Forestbrook Blvd Western Segment has been completed in accordance with the Western Segment Approved Plans and accepted by the City. For purposes of this Agreement, construction shall be deemed to have commenced on the Forestbrook Blvd Western Segment when earthwork or grading operations, or utility excavation or construction, begins on any portion of the Forestbrook Blvd Western Segment (the "Western Segment Construction Commencement Date"). Any and all Forestbrook Blvd Western Segment TIRZ Revenues collected prior to completion of the Forestbrook Blvd Western Segment shall be held in the Forestbrook Blvd Western Segment Fund and released to Developer within ten (10) days following the completion of the Forestbrook Blvd Western Segment and acceptance thereof by the City. The Developer shall be responsible for obtaining all governmental approvals and permits required for construction of the Forestbrook Blvd Project as set forth in the Eastern Segment Approved Plans and the Western Segment Approved Plans (collectively, the "Approved Plans"), including approvals and permits from the City; provided, however, that the City shall waive any fees customarily charged by the City in connection with the issuance of such approvals and permits. To the extent any approvals, permits, or authorizations are required from any other governmental entity, public office, or regulatory authority, the City agrees to reasonably cooperate with and assist Developer in Developer's efforts to obtain such 4899-7656-8688.v12