Common use of Development Objectives Clause in Contracts

Development Objectives. 2.1 The Parties agree that the Property is to be conveyed in its entirety to one or more purchasers (“Developer”) with a demonstrated capability of developing the project in a comprehensive manner as a whole. Proceeds from the sale of the Property are to be disbursed as has previously been agreed by the Parties in separate instruments attached hereto as Exhibit B. 2.2 The Parties agree that the developer of the Project shall be responsible for designing and constructing the Project’s infrastructure (e.g., water, wastewater, streets, and drainage). Any public conveyance or dedication of that infrastructure shall be to the City for operation and maintenance unless contractual provisions are made between the City and developer for the assumption of responsibility by a property owners association or the Bastrop County Water Control and Improvement District No. 2 (WCID #2). 2.3 The Parties agree that the Property is to be wholly annexed into the incorporated municipal boundary (i.e., City Limits) of the City as part of the comprehensive development process. 2.4 The Parties agree that the development of the Project will be governed by the sections, language, and applicable requirements of City’s regulations related to subdivision, replatting, and infrastructure improvements.