Res 2007-164 - Laserfiche WebLink

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e THE CITY OF SAN MARCOS e LETTER AGREEMENT This Letter Agreement (the "Agreement") is made effective as OfthlS 26th day of July, 2007, by and between Texas State University-San Marcos ("Grantor") and the City of San Marcos, Texas ("City"). WHEREAS, pursuant to a Utility Easement Agreement (the Easement) of even date herewith between Grantor and City (copy attached hereto), Grantor has granted to City certain rights to lands described in the Easement, and WHEREAS, the parties desire to set forth their agreement with respect to the consideration provided Grantor pursuant to the Easement, and to compensate Grantor for damages sustained to Grantor's property as a result of the rights granted to the City therein; NOW THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows; 1. Subject to City Council approval, the City agrees to pay the sum of $41,817.60 as the cash compensation including consideration and damages paid for the easement [$1.60 X 26,136 square feet (0.60 acres)]. 2. Subject to full compliance by the City to the terms of this agreement, Grantor consents to the future annexatIOn of the Easement area. It is understood and agreed that the consent to annexation is restricted solely to the easement area and not the parent tract in its entirety. 3. The City will use the procedures in Chapter 2260 of the Texas Governmental Code to resolve disputes arising from this easement. IN WITNESS WHEREOF, this instrument was executed as of the date first written above. Texas State University-San Marcos v L):eL'la_~ 1/ t1.-tLt.~ William A. Nance Vice President for Finance and Support Services Date: ~lJ/ t l cl11 Dan O'Leary City Manager Date: q (;2-11 ot- Environment & Engineering Dept. 630 East Hopkins San Marcos, Texas 78666'512/393-8130.FAX 512/396-3796