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RTIRZ-2010-01 - 2010-06-07RESdLUTl�7N N�. RTIR�-20'�d-(�1 A RESOLUTION C7F THE BOAR�D UF DIRECTO�RS OF THE PEARLAND TAX INCRE�IfIEMT REIIVVESTM�NT ZONE No.2 (TIRZ 6Vo.2) BOARD OF DIRECTORS, GRANTING APPR�VAL TO PROCEED WITH GO'�STR'UCTIC3N OF TIRZ IMPROVEMENT� BE IT RESOLVED BY TIRZ f�4.2 BOAR�I OF DIRECT(]RS: Secf�on 1. That the Board af Dieectors fiQr the Peariand Tax Increment Reinvestment Zone N�.2 hereby ap�rave� construction and the reGated I�tter f�nancing agreements for the follaw�r�g: LFA 1�0-06-001 LFA 1fl-06-002 LFA 10-Q6-�03 Discowery Bay Extension ta SH288 SCR SCI� 4 — Site SCR SCH 5 - Site F'AS�EQ, APPROVED, and ADOPTED this 7 day of June, A.D., 2010. 1 .�- £,- .: ' - �` NIGEL HA�RIS�N TIRZ Na.2 CHAIR6�AN --� ATTE T: � � �' �� niK� ��rguRN TIRZ No.2 SECRETA9�Y IiE�NVESTMENT ZC}IVE N(�. TV��, CITY �F PEARLAND, TEXAS (SHAD�tiV �REEK R�NCH) J,.z�,� %, ?010 S��c�o�v Creek Ranch I�e�:°�lc��ment ��nganGr Lin�ited Paa Att�1: G�r�� Cook _?9:�'� East Brc��c��n�ay, ��zite :��3 Pear�and, Tex�s 77�81 Re: Financin,� for TIPZ Im�ro��em��lts: S�zad��v Cr�ek IZ�nch SCH-� Szte; TIIZZ Pr�ject No. 10-06-(�0? Dea�� Mr. Cook: Th� Cit4� dt Pe�rl�nd, T�xas (the "Cit�r Reii�vestmei�t �o��e No. T�vo, Cit�� af Pe��rl�n�i, Tex�s (Ehe "ZQne"), and S11�docti� Crec�k R�nc�1 D�`•elo�ment Ce�mpan� Limite�� P�trtnership (the "IVI�st�r D��=�Io�er"} entered iiZtc, a Reiml��zrsement �gree�nent (tl�e "�ieimbtrY�seillent Agre�zn�zlt") c��t�d Octobe�• 2�, 1)99, to pro�zidr� for the fin�ncin� �nd construction ot TIPZ Ina�roEre�n�nks tc� sEr��c l�nd �vitl�in t41� Zo�ze. TI�e Zane and the Nlast�r De��el�per h�ve c. t�, �roceed cvi�h thc� c��ign and c��lstruction of the falla�v�r�g TIRZ I�rip��n�eizts iaz accard�nce �vith tlle Peaml�ursement Agreetnent: Sh�cioti�T Creek P�nc11 S�CH-� Site; TI�Z Prc�jc�ct i`�a. 10-O�i-00? Att��elze� tc� tlzis lett�� is a n�a� s11e�G�-in� the �rc�� <<�=11�ch is �inefiked U�- t11i� TIPZ In�provements over �rhich ��3e a��aiIaUle T�x �t�.crein�nt �vill be �pplied for purpc�ses c?t deterinini2zg �e�� r�imbursen�ei�� is made. Th� ��laster De�reloper h�s ��reec�I ta �re- �i��r�cc� tlle ciesi�n �nd cc�nstr«c�ic�n c�f t�e TIRZ Iinprovements t� }�e r�imb�.irs��l in �tccordance wit�z t11e R�iinl�u� Ag� The Zone hereU�„= �iv�s its a�pro�iaE ka �rc�ceed �,vit�� t��e cc�ns�ruction ot the abQ�3e d�scril�e��. TIRZ Itr��.�rc��F��zts. �il proeec�ur�s s�t f�rth an t�1e ��ocum�t�t �ntitl�ci "TIRZ Prc�ject Im��Ie�lei�tatio�z an��, Reimbzirsemei�t Process" must �e fc�lic��vec.� �n�� letters frc�F�1 tl�e Zone's E� c�rtzfving t�e compl�tic��z of thc� T�RZ Iz� �roi�1 tl�e Zc�ne's Auditor� an�� fi�€�m tlle `ri[�Z Cc�nstrL�etion �1u��itar n�ust Ue iss�i�d befor� tl�e Zc�ne ti��ill reiinbu�•st the iVlaste�• De�•�I��er. The Zoize's Engin�er has ��eEe�-n�e��l that t�1e �udb�t (using 1999 ��lollars) est�blisl�e�� ii1 the Zone's �'roj�ct P�ar� and R�in�.-�st�nenE Zni�e Financin�; PI�;� fQr thL �tbot°e describec.� TIR2 Im�rrc��einents �s 51,7�3,3�b plus "dc:v�lop�a• in��rest" ca�cu[�t�� per the Peim�urs�mealt Agreem�T�:t. Th� Z��ze is nt�t ol�li�;ate��I tc� reimburse th� Master D�ti°elo�er far �nti° ai�zaunt in exeess of �h�t k�u��eE�� a�latint ��t�s "c��vel��ei• inter�st" '��r�� >1 e�- ;- , I ,_ L,\�t �l� —�-_-:::. � i I � /� �� _ ;- � � �`, ��-- _ i 1 ' E4� `\`�?'-.-� - �� _ � � '; — � �--.•` I ,t �, e � �1 _.� � �- I � } � —. f �� , � � �; � t� r � ! �� _ � ,� ; e. _ -_ �� = _�__. � � �: i ' f j � � �� ?i . 4 . i� E �, '�> I 1, � .f� - __- • � �� _ _ ; :�f - - .,� _ `� . - � - = �- -- --_ - � !�?�\ - I - --- _ "'� � � � �� , � `� � }_.. _ � _ � , ,, — ! I -�_ _— r ??_ ��( '. _- j - _� — -_ � k i � � _ _ � � � +� „-. � : � � A ("' Z f � fi � � � � � � � � � � � �1_ � � �� - �� s � � � i � � s � � � � calculated by the Reinz�uzsement Agreement. In accor�i.ance �uith �h� �one's Pro�ect PI�n �nd Reinves�rr�ent Zone Financing Pl�n and the De��elcrpinent Agreement bettiveen the City �nc� the �'+�'Iast�r Deeelaper d�t�d September 13, 1999, "�eveloper ii3terest" for the cost af €hese TIRZ Im�rove��ents �nrill �e si.mple �nter�st calcul�tec.� �t 6.5% per annum until reirnbursed. The Zar�e ac�nowle��iges th�t tlze purchase of lanc� fo� Alvin Indepenc�ent School I�is�rict school sites may be paic� from that portion of f�ncis generated frorr� Alvin In�epenclent Sc�►aoI District's participation in the Zone that is re�a�ner� k�y th� Zane pursuant to the intea•local Ag�e�ment �mo��g the Zone, Aivin I�►aepe��aer�t Schopi Distri�t, �nc� the City. This agreemez�t �^�Fas �uly �utharized at a meeting of fhe Baard af Directo�•s of the Zone held on the 7th day of June, 2a��. Very truly yaurs, REI�VESTNIENT ZC7NE NC?. 2, CITY OF PEARLAND, TEXAS (SHr�DOW CREEIC RAI"�CH} ATTEST: _. � ;� _ ��_--._.�_----_ B��: ` = "- -- - ---- -_. Chair, Boarc� of i�irec�ors ' -' J By: ` � �1�� Sec� ar��, Bo rr.� of Direct�rs AGREED �'� P�ND ACCEPTEI� THIS �th �?A� OF _ June 2Q1C7. _, SI�f�D�OYV CREEK RA�CH DE�+'ELQT�MENT C�MPANY LIMITED PART�TE�SHIP a Nevada ��mitec.� Partz�ership B�T: St�adc�w Creek R�nch, Inc. J a Neva� cQrporatic�n, its general partner �y� � ; �Ga V vflk, l�resident zsc�6� i '? RETNVES'I'�v1EN7' Z�NE NO. 'TWO, CITY �F PEARLAND, TEXAS (SHADOti"�I CREEK RANCH) June %, 2{}1(� Shado�r� Cre�k R�i�clz Develc�pm�n� Com�an�� Lianite�� Parinership �ttn: Gar� Cook 2��7 �ast Broa��iway, Suite :�()� Pearland, Texas 77��1 P�e: Fin�i�can� fc�r TIRZ Impro��cn�ents: Discover�;� Ba�- E�tei�sion tc� SH 288; T�RZ Project No. � O-Ob-00� Dear 1'v1z•. Corak: The Cit�� of Pear��nc,�, T�x1s (tl�e "Cit�1"'), Rei��v�stme��t Zone �io. Twc�, City of P�a�l�nd, Tex�s (the "Zone"), �nd Sizadoj��r Creek Ranch DevelopF�ent Compaia�r �imitec�. I'ai•tnership (t��c� „ M�,ster I7e��lop�r") enterec� intc� � I�eir�nbursement Agreement (the "Reiml�urs�n�en� �gr�einen�"� ��l�te� Octabc� 25, �999, Ea ��rovide foz� the finan�ing an� consti°uctic�iz af TIRZ Improt�rernents to serve �ancl �vithin the Zoi1e. T��e Zoa1e �ncl the IVlaster De��elo�,�ei� �a�ve c�efertr�ined to proce�� vitll the c�esign an�� coilstructio�z a� the follol� in� TIRZ Irnpro��er7l�i�ts in �ccart�7i�ce ��it�l tlze Reirnbtr��sement �greeineilt: D'csco��er�r &�� Ex�ension to SH 2��; TIRZ Praje�t NQ. 1�1-06-Ofll Att�ched to t�1is lettei• is a n�� sho"�in�; thc� �r��l whicll is �eilefitec�i bv tlze TIRZ ImprQZ�eizl�nts o�:�er ��ThTCl1 tl�e ��-ail�l�le `�'ax Increment will be applied for pu��as�s o� deterrnining wh�n r�eimbursEZr�e�zt is made. Tl1e Maste�� Devel�per has abreec.� to pr�- Finance the c.��ign �nc� �ans�ruction of th� TIR� Im�roven�er�ts to l�e rein�l�ursec in aceordance �vith the Reiml�ursern�nt A�reet3z��1t. Tl1e ZQne here}��T gives its ��r�rval to proce�c.� �vith the cc�nst�ucEion of th� a��o��e t�escri�ed TIRZ Impro��emenfs. �11 proc�dures s�t �orth in tl�e c�ocunler�t ez�tit[�d "TIRZ Praject Implem��lta�ion az1c.� P.eiin}�ursernent P'r�c�ss" m��st �e ft�Ilow�� nt ��Eters frc�in tl�e Zone's Engineer Certif��ii��; t�� co��apl��ic�n of tize TIRZ Impro�rements, frc�m the Zc�ne's �udito�°, an�j fi�t�zn ti�� TI�Z ConshL�ction �uc�itor must be iss�ie�� before th� Zc�t�� wil� i��iii�burse khe M�ster• De�relop�r. The Zone's En�,ineer h�s determine�i tlzat the budget (usin� 199t) d��ll�r�} �st�Ulishe�i irt the Zone's Prnjec� Plan �nd I�ein�jest�nent Zont �in�ncing Pi�n te�r the �k�a�� ciescri�ed TIRZ Iinpxa��en��ts is Sb,2,{�O�Q plus "de��elc�p�� interest" c��1cL�latec.� per the Reiz�zk�urseaaler�t t�gre�ment. Tl3e Zoi�� uncl�rst�nds �� a�rees �h�t the �ft�ster 2'�G6_�S �� _ 4 I' �{ ci J �"� ,.' �_� d� , �;' � , __-:.'.�.-"_�?,'_ ___�-__ Z � l - - i � _ . - T $ De`7e�oper m�y en�er into �nuitiple contracts for the cons�ructic�n af khe aba�re descri�ec.� TIIiZ Improvements. Tl�e Zo�e is nat cat�ligated to reiin�urse the M�ster De�jeloper fc�r any amo�nt in excess of th�t bu�igete�� arnounk plus "c�e�.Tel�per interest" c�lculated by the Reimbursert�etlt Agree�nent. In acco�dance �rith t�1e Zone's Proj�ct Plan anci Reinvestxnent Zon� Financing Plan an<� the DeveIoprnent Agr��ment �etween the Ci�y anci the Master I�eveloper c�atecl Se}�kemher 1'�,1999, "developer ai�terest" for the cost o� these TIRZ Imp�oti�em�nts will be sirr�ple i�zterest czlculatec� ak 6.5°l� per aruzum until reiml�ursed. T'his �gree�nenE �nras du�y au�horizec� at a meeting of the Baaz�� af I7ir�ctors of the �one helc. on the 7th c�ay o# June, 2010. Very trul�� y�aurs, ATTEST: B�°: ,. , Secre �ry, B ar�� af Directors REINVES'�M�NT Z�OI�E NC�. 2, CITY C)F PEAR:LAND, TEXAS (S�IADOW CR�EK RAN�CH) _.---� �� . - B ----__;_ _ Ch�ir, Baarc� of Dir�ctars AGREEL3 TC7 ANL) ACCEPTED THIS �� DAY OF June ,�p10. SHADO�V CREEK RANCH DEVELQPMEI�iT CC}MPANY LIMITE� PARTNERSHIP � 1'�e�ra�la I�imiter� P�r��ership Bv: Shado�v Cre�k Ranch, Inc. a Nevada corporation, its general p�►rkner � � Bv. � � �C-�ry V. �ook, President as��a � r��1�vv�s�r��rT za�E �ro. °rwo CITY QF PEARI,AI�D T�x�,s �SHt�D�W ��EEI� I�ANCH} Jun� 7, 2O1Q 'S11�c.�ativ Creek Rancll Dez�elopment Comp�n�� Lirrlited P�rt�aersllip Attn: Gar�T C�ok ?9�7 East Broad�-�ra�', S�7�te 30� Pearl�,nc�, T�xas 7%581 Re: Fin�ncing fo� TII�Z Il��pra�temei�ts: Slzac�law� Creek P.ancl� SCH-� Site; T�RZ P� N�. �O-Ob-f��C3 Dear M�•. Cook; The Cit�- �f Pe�rl�n� Tex�s {the "Cit�,= R�investa�ent Zon� Nc�. Tcvo, City of P�arl�nd, Texas (the ":Zc�ne"), �nd Shacio��- Creek Ranch �e��elc�pment Cnmp�r��,T LiiniEec�I P�rtnerslli� {the "Nlaster De�.�eloper") eFZterer� ii��c� a Reir�lbur��ment A�;r�einen� (�I�e "Peim�ursen�en� Agreemerzt") date�� Octo�er 2�, 199�, to �r��it�e taz the tinai�cing and e�nstructdan of TIRZ ��ro4�ement� �Q ser�re lai�c. ��rithin tlze Zo�ze. Tl�e Zone an�� the ivlaster Devel��er �Z�.��e c�eterz��ine��i to �rocee� �vit�� tE1e ��si�;� �azd con�truction of �he folio�vii�g TIRZ Tmpro�-einealts izz accor�.�ance with the Rein�bursement Agreement: Shar� Cre�k R�r�ch S�H Site; TI�Z Prc�j�ct No. 1�-(�6-C�C�3 Attached t� this lett�r �s a map sho�ving the ��`ea �,4°hich is benetitet� U�' the T�RZ Im�ro��emei�ts over �n�hich the a��ail�vie T�x Incr�inent �,�.Till lae a��tied toi• �ur�oses of determining titifhen reinaUursemet�t is maci�. The d��lastei �evc�loper• h�� gr�eci tc� pre- fi�zancc �lze� d�s�bn aild constrtzctioaz o# �h� T�P�Z I�Zpro�-em�nts to �e reinlbLflas�d iiz acco�•c��tn�e ��rith the Reiml�ursei�ent Abteem�nt. The Zc�i�e I�ereviT ��es its ��prc��r�l tu ��roce�� rith th� cor�structio�� c�f tlle �bove deseri�ed TIPZ Irnpro��ments. All ��rc�redures s�t fort�t �n tlle dacu�3�ent entitle��i "TIRZ Pr�j�ct Im�I�inentatic�zl �n��l I�eim�ursern�nt Prac�ss" mLtst b� fc�1Io��ec.�I an� lett�rs fran� khe Zon�'s �ngii�.eer ce�tifz�ing the cozllpletion of khe TI�Z It�l�rav�ments, �r�m �he Zone's t�u��it�r, �nt�i from�the TIRZ Const�uctic�n fluditar in�z�t be issue�i be�c�re t11� Zor�e tivill reiTnburse the �.-1��sttr L�e��l�per. Tlz� Zc�ne's E�Zaiize�r ��as c�eterinirae�� th�� the bue��,et {usin� 1999 ��oll�z �stabtishe�.� ia� the Zane's Pra�ect P��n ai�� Rein�T�stme�t Zc��1e Finai�cin� Pl�n for tlze abot�� describe�� TIRZ Impro��71�nts is �3,-�19,�2� pi�as "`develo��er int�r�s�" calcttl�ted per the Reiml�ursement A�reement. �he Zc�i�� is not c�}�ligat�d to rezznburse the �v�ast�r �sbb�-� �Z = T� . _ � J �--;�� _ '___� � ' ' , , � i � 9 I , � �� - ��, �1�,�� ,�', �- ,�' � - � - � ��' � '' � i �� ', � � � � � � y � fi r � � i 1� [�� /�� /�\��/'-- � k ` ' .:V �� `�� +' W ' I �d � �.. �' � G ` �I . I �\ � — d „" . I � - . ' i f __ � � � , ��---� p � - �� , s� i — Z , �'�� I � T ,� �'.�, y � � F . 1 y . � ! L _ F ; �'�� . !1 t - � r t � t! � � � ;' Jr �"� _ t ,, . —; ts:.� � ,�-`� 1 = , �`_' ,�' � _ ,� tj ' - � � � , �, " - -- -=� - � - � i - . ; — ~ r �_ �: ;' �i ! ff�k - , �� . . � , =--_ , _ _� I - � , Developer for any amount in excess of that budgeted amount plus "developer interest" calculated by the Reimbursement Agreement. In accordance with the Zone's Project Plan and Reinvestment Zone Financing Plan and the Development Agreement between the City and the Master Developer dated September 13, 1999, "developer interest" for the cost of these TIRZ Improvements will be simple interest calculated at 6.5% per annum until reimbursed. The Zone acknowledges that the purchase of land for Alvin Independent School District school sites may be paid from that portion of funds generated from Alvin Independent School District's participation in the Zone that is retained by the Zone pursuant to the Interlocal Agreement among the Zone, Alvin Independent School District, and the City. This agreement was duly authorized at a meeting of the Board of Directors of the Zone held on the 7th day of June, 2010. ATTEST: By: Secretary, oard of Directors Very truly yours, REINVESTMENT ZONE NO.2, CITY OF PEARLAND, TEXAS (SHADOW CREEK RANCH) By: Chair, Board of Directors AGREED TO AND ACCEPTED THIS 7 t h DAY OF June SHADOW CREEK RANCH DEVELOPMENT COMPANY LIMITED PARTNERSHIP a Nevada Limited Partnership By: Shadow Creek Ranch, Inc. a Nevada corporation, its general partner By: 4 Gary ook, President 2010, 286654 2 REINVESTMENT ZONE NO. TWO, CITY OF PEARLAND, TEXAS (SHADOW CREEK RANCH) June 7, 2010 Shadow Creek Ranch Development Company Limited Partnership Attn: Gary Cook 2947 East Broadway, Suite 303 Pearland, Texas 77581 Re: Financing for TIRZ Improvements: Discovery Bay Extension to SH 288; TIRZ Project No.10-06-001 Dear Mr. Cook: The City of Pearland, Texas (the "City"), Reinvestment Zone No. Two, City of Pearland, Texas (the "Zone"), and Shadow Creek Ranch Development Company Limited Partnership (the "Master Developer") entered into a Reimbursement Agreement (the "Reimbursement Agreement") dated October 25, 1999, to provide for the financing and construction of TIRZ Improvements to serve land within the Zone. The Zone and the Master Developer have determined to proceed with the design and construction of the following TIRZ Improvements in accordance with the Reimbursement Agreement: Discovery Bay Extension to SH 288; TIRZ Project No.10-06-001 Attached to this letter is a map showing the area which is benefited by the TIRZ Improvements over which the available Tax Increment will be applied for purposes of determining when reimbursement is made. The Master Developer has agreed to pre - finance the design and construction of the TIRZ Improvements to be reimbursed in accordance with the Reimbursement Agreement. The Zone hereby gives its approval to proceed with the construction of the above described TIRZ Improvements. All procedures set forth in the document entitled "TIRZ Project Implementation and Reimbursement Process" must be followed and letters from the Zone's Engineer certifying the completion of the TIRZ Improvements, from the Zone's Auditor, and from the TIRZ Construction Auditor must be issued before the Zone will reimburse the Master Developer. The Zone's Engineer has determined that the budget (using 1999 dollars) established in the Zone's Project Plan and Reinvestment Zone Financing Plan for the above described TIRZ Improvements is $632,000 plus "developer interest" calculated per the Reimbursement Agreement. The Zone understands and agrees that the Master 286638 Developer may enter into multiple contracts for the construction of the above described TIRZ Improvements. The Zone is not obligated to reimburse the Master Developer for any amount in excess of that budgeted amount plus "developer interest" calculated by the Reimbursement Agreement. In accordance with the Zone's Project Plan and Reinvestment Zone Financing Plan and the Development Agreement between the City and the Master Developer dated September 13,1999, "developer interest" for the cost of these TIRZ Improvements will be simple interest calculated at 6.5 % per annum until reimbursed. This agreement was duly authorized at a meeting of the Board of Directors of the Zone held on the 7th day of June, 2010. Very truly yours, REINVESTMENT ZONE NO.2, CITY OF PEARLAND, TEXAS (SHADOW CREEK RANCH) ATTEST: Chair, Board of Directors Secretary, Board of Directors AGREED TO AND ACCEPTED THIS DAY OF , 2010. SHADOW CREEK RANCH DEVELOPMENT COMPANY LIMITED PARTNERSHIP a Nevada Limited Partnership By: Shadow Creek Ranch, Inc. a Nevada corporation, its general partner In Gary W. Cook, President 286638 2 i SCALE 1*-MAFEET LJL i I PAVING REINVESTMENT ZONE NO.2, LE4E� CITY OF PEARLAND, TEXAS i SHADOW CREEK RANCH i IW ROW WITH 2 26 PAVEA£NT SECTIONS J DISCOVERY BAY EXTENSION TO SH 288 PROJECT NO. 10-06-001 LJA ingkwwAnO 6 EurvsIi!!- EMM41f µp. ,pp NQ O�YE PS SCALEP.RMFLE] �� IR DICAL CE E W _ EWER �L YF'T .17 TER li C-te C-22 L CENT C 21B ^ r n' CI ` k46 C 2tA LI 20- Q fic 6 �'r Tf1 1 8FA$ W.,s CJ WAT - S U's SFJA N. SF.IY GF20 \ \AF.21 Bfi / S SFa C-10 C.il ssas U WAS �']1-K C / EFJG us sFa N.3 c_12 cu 6FK - 6i-21 SF i SFJM 2 SF2S C-It SF.SO (fir SF Y-S SFSt U 3F"13 SF11 _ SF .S� SiKB Sf_2< �iFiO S Ct6 S SF"]. 6F 13 GF.SS SF 52 Sf SO I{. 'C 466' 3F.3A SF . SS SFi, �F—ie":. EG SF.SS YF3 � \ '- YFS �'FT a SFS] 6F-K 8F K YF.1 t c] sru �U' SF.]I L�. SF-12 SF K B SFiI V44 Ds �LEgll BF.NEFITTED AREAS 2� REINVESTMENT ZONE NO.2, :F1i CITY OF.PEARLAND, TEXAS °S Li /S SHADOW CREEK RANCH sF n ern DISCOVERY BAY EXTENSION / TO SH 288 PROJECT NO. 10-06-001 LJA Essglm�ing i Eurwying, Ine. �,� 'v a v:..w, �u, .ceno ogre REINVESTMENT ZONE NO. TWO, CITY OF PEARLAND, TEXAS (SHADOW CREEK RANCH) June 7, 2010 Shadow Creek Ranch Development Company Limited Partnership Attn: Gary Cook 2947 East Broadway, Suite 303 Pearland, Texas 77581 Re: Financing for TIRZ Improvements: Shadow Creek Ranch SCH4 Site; TIRZ Project No. 10-06-002 Dear Mr. Cook: The City of Pearland, Texas (the "City"), Reinvestment Zone No. Two, City of Pearland, Texas (the "Zone"), and Shadow Creek Ranch Development Company Limited Partnership (the "Master Developer") entered into a Reimbursement Agreement (the "Reimbursement Agreement") dated October 25, 1999, to provide for the financing and construction of TIRZ Improvements to serve land within the Zone. The Zone and the Master Developer have determined to proceed with the design and construction of the following TIRZ Improvements in accordance with the Reimbursement Agreement: Shadow Creek Ranch SCH-4 Site; TIRZ Project No.10-06-002 Attached to this letter is a map showing the area which is benefited by the TIRZ Improvements over which the available Tax Increment will be applied for purposes of determining when reimbursement is made. The Master Developer has agreed to pre - finance the design and construction of the TIRZ Improvements to be reimbursed in accordance with the Reimbursement Agreement. The Zone hereby gives its approval to proceed with the construction of the above described TIRZ Improvements. All procedures set forth in the document entitled "TIRZ Project Implementation and Reimbursement Process" must be followed and letters from the Zone's Engineer certifying the completion of the TIRZ Improvements, from the Zone's Auditor, and from the TIRZ Construction Auditor must be issued before the Zone will reimburse the Master Developer. The Zone's Engineer has determined that the budget (using 1999 dollars) established in the Zone's Project Plan and Reinvestment Zone Financing Plan for the above described TIRZ Improvements is $1,753,316 plus "developer interest" calculated per the Reimbursement Agreement. The Zone is not obligated to reimburse the Master Developer for any amount in excess of that budgeted amount plus "developer interest" 286631 calculated by the Reimbursement Agreement. In accordance with the Zone's Project Plan and Reinvestment Zone Financing Plan and the Development Agreement between the City and the Master Developer dated September 13, 1999, "developer interest" for the cost of these TIRZ Improvements will be simple interest calculated at 6.5% per annum until reimbursed. The Zone acknowledges that the purchase of land for Alvin Independent School District school sites may be paid from that portion of funds generated from Alvin Independent School District's participation in the Zone that is retained by the Zone pursuant to the Interlocal Agreement among the Zone, Alvin Independent School District, and the City. This agreement was duly authorized at a meeting of the Board of Directors of the Zone held on the 7th day of June, 2010. Very truly yours, REINVESTMENT ZONE NO.2, CITY OF PEARLAND, TEXAS (SHADOW CREEK RANCH) ATTEST: Chair, Board of Directors Secretary, Board of Directors AGREED TO AND ACCEPTED THIS DAY OF , 2010. SHADOW CREEK RANCH DEVELOPMENT COMPANY LIMITED PARTNERSHIP a Nevada Limited Partnership By: Shadow Creek Ranch, Inc. a Nevada corporation, its general partner Gary W. Cook, President 286631 2 i I SCAIE I-20WFEET \4 I I� " I REINVESTMENT ZO NE NO. _, I,99M CITY OF PEARLAND, TEXAS ecHooE a wc�r� SHADOW CREEK RANCII (\ I SCHOOLIW LAND COST PROJECT NO. 10-06-002 I LJAyln hwering i swwylnp, One_ - Z EtNWT Nl r.4 „c, OATE \ P4 P♦ U ENTER �• 1 ;-it a R � 1 SCR CZ2 AL CCNT C2110 uJf C-21A LI 2p 4M6 � � 31 , NGA 4 �� SF � 7 .. TM.1 z CJ Gn, C.i CH., U-32 SF,I IIF S c-a 6F.2, -SF'a�-_.• � aFaa w sF 1a SF 2° I l c.t1 Bfif� U J SFJ 410 SFJf � SF-]7 T� SF.21 --.� C4.2 ^ BF-4] �- S SFJ 6FJ ..- 412 C-i) Siff Sf-N 6F 7 G-11 6F W SFJ W. 6F61 6F12 SF64 , � SF IfB SF'2f O SF 10 D9 C1] sFaf SF-f7 \ SF14 5F }a 6F-SI f5 SF-!f EFJI SFJS fC- // 9FJf W. 6F.S7 5F43 SFi4 SFJ2 0 �LP SF.77 SFJe 1 uis r"'I: Ds sF.n in 6F.$S SF-10 05-2\ VALE 1'.2000FUXT DENEFITTF.D AREAS REINVESTMENT ZONE NO. TWO, CITY OF PEARLAND, TEXAS (SHADOW CREEK RANCH) June 7, 2010 Shadow Creek Ranch Development Company Limited Partnership Attn: Gary Cook 2947 East Broadway, Suite 303 Pearland, Texas 77581 Re: Financing for TIRZ Improvements: Shadow Creek Ranch SCH-5 Site; TIRZ Project No. 10-06-003 Dear Mr. Cook: The City of Pearland, Texas (the "City"), Reinvestment Zone No. Two, City of Pearland, Texas (the "Zone"), and Shadow Creek Ranch Development Company Limited Partnership (the "Master Developer") entered into a Reimbursement Agreement (the "Reimbursement Agreement") dated October 25, 1999, to provide for the financing and construction of TIRZ Improvements to serve land within the Zone. The Zone and the Master Developer have determined to proceed with the design and construction of the following TIRZ Improvements in accordance with the Reimbursement Agreement: Shadow Creek Ranch SCH-5 Site; TIRZ Project No.10-06-003 Attached to this letter is a map showing the area which is benefited by the TIRZ Improvements over which the available Tax Increment will be applied for purposes of determining when reimbursement is made. The Master Developer has agreed to pre - finance the design and construction of the TIRZ Improvements to be reimbursed in accordance with the Reimbursement Agreement. The Zone hereby gives its approval to proceed with the construction of the above described TIRZ Improvements. All procedures set forth in the document entitled "TIRZ Project Implementation and Reimbursement Process" must be followed and letters from the Zone's Engineer certifying the completion of the TIRZ Improvements, from the Zone's Auditor, and from the TIRZ Construction Auditor must be issued before the Zone will reimburse the Master Developer. The Zone's Engineer has determined that the budget (using 1999 dollars) established in the Zone's Project Plan and Reinvestment Zone Financing Plan for the above described TIRZ Improvements is $3,419,425 plus "developer interest" calculated per the Reimbursement Agreement. The Zone is not obligated to reimburse the Master 286654 Developer for any amount in excess of that budgeted amount plus "developer interest" calculated by the Reimbursement Agreement. In accordance with the Zone's Project Plan and Reinvestment Zone Financing Plan and the Development Agreement between the City and the Master Developer dated September 13, 1999, "developer interest" for the cost of these TIRZ Improvements will be simple interest calculated at 6.5% per annum until reimbursed. The Zone acknowledges that the purchase of land for Alvin Independent School District school sites may be paid from that portion of funds generated from Alvin Independent School District's participation in the Zone that is retained by the Zone pursuant to the Interlocal Agreement among the Zone, Alvin Independent School District, and the City. This agreement was duly authorized at a meeting of the Board of Directors of the Zone held on the 7th day of June, 2010. Very truly yours, REINVESTMENT ZONE NO.2, CITY OF PEARLAND, TEXAS (SHADOW CREEK RANCH) ATTEST: By: Chair, Board of Directors By: Secretary, Board of Directors AGREED TO AND ACCEPTED THIS DAY OF , 2010. SHADOW CREEK RANCH DEVELOPMENT COMPANY LIMITED PARTNERSHIP a Nevada Limited Partnership By: Shadow Creek Ranch, Inc. a Nevada corporation, its general partner By: Gary W. Cook, President 286654 2 FM P 4 ` 1 ��-R - scAa 1' . 2000 FEES DICAI CE P.I P.A \�-. U ^ l EHTEII YF l EN NFp � 19 G la acN C2: C21A IC ENT C.216 -li 6F4f ll -x0 ^11 Da C t HCA �. TII-I $f 46 /�sf ]l ypx �. ❑ i �] SSFS C. !Fx _ 1 `sF--4o 6F-31 C.11 SFu, uai�•(.� DF-1 �a aFa C.10 Ya1 � l 47 \\ u• aza i 6F-4a _-- u.11r sFa1 ua SF I.A s] sF.n (�.. _ c-le un sF-]a6 aF'U W-10 S C is aF lD \` SF R1 \ SF.14 SF .I SF S6 $F4, SF 42 Sf 4D CH.. aF'U J/8<11 p 1 \c DS 1 SF-1a J\�l� sF-1S \�_... EC NF'4 aFU SF S] SF.II 6Fi1 �MFx SFN SF.T. NF., C\... c sF-.x sF.,i D V 6F. Tx SF- u.as Ds sFAI i of T4 BENEFITTED AREAS 6F 76 REINVESTMENT' LONE NO. 2, CITY OF PEARLAND, TEXAS u•76 SHADOW CREEK RANCH SF -TT / SFTa SCHOOL BS LAND COST / uao PROJECT NO. 10-06-003 LJA Engl... 9.1 A s ,!nTIn%lne�,� 1 H \� S(iLLC. i'.70W KGFT (It i II `j REINVESTMENT ZONE NO. ?, LEGECIP CITY OF PEARLAND, TEXAS SHADOW CREEK RANCH j sCMM 15 LOCAnM U L - SCHOOL NS LAND COST PROJECT NO 10-06-003 wa en�pi�..n�s a sworn. r�ln one, f� fXN&1 Mi ,IC.q Ml [MiE