To guarantee the enforceability of exterior and architectural requirements, a development agreement has been drafted for the BeltMill planned development. The proposed development agreement thus serves as a placeholder for the time being. The Parties agree to cooperate to create a public improvement district over the Property to address construction costs of Beltmill Parkway and other public improvements, including public parks/open space improvements; provided, however, this shall not obligate the city council of the City to create a public improvement district.

In addition to exterior and architectural requirements, parkland dedication will be required as follows:

-1 acre park in single family neighborhood (District 4)

-Half acre park in Town Home neighborhood (Disrict 3)

-1.7 and 3.1 acre retention pond areas at the intersection of Beltmill and Bailey Boswell shall be dedicated to the City. The exact size and location of each park will be determined by the Developer at the time of platting; however, the minimum size shall be within 0.1 acres of the estimated size indicated in the PD. The terms of the dedication of the retention ponds will make clear that they can continue to be used for drainage purposes, and that the retention ponds will be maintained by the Developer, by a property owners association, or with public improvement district assessments.

Development agreements must be conditioned upon the use of incentives. The City agrees to waive the building permit fees for the first ten building permits for new single-family detached structures within the Property.  To the extent that the waiver of building permit fees constitutes an economic development incentive, a program authorized under Chapter 380 of the Texas Local Government Code is hereby established to bring the Development to the City (“Program”).  The terms of this Agreement shall implement the Program.

*Please note: this is just a placeholder and the incentive is intended to be replaced by the creation of a future public improvement district and identification of future PID-funded projects.