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RESOLUTION NO. 2017-167R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS APPROVING A LEASE -PURCHASE AGREEMENT <br />WITH THE TRUST FOR PUBLIC LAND PROVIDING FOR THE CITY TO <br />LEASE WITH AN OPTION TO PURCHASE APPROXIMATELY 102 <br />ACRES OF LAND WEST OF THE CITY OFF OF DERBY COURT, WHICH <br />AGREEMENT PROVIDES FOR PAYMENT BY THE CITY OF THREE <br />ANNUAL INSTALLMENTS OF $423,333 TO BE APPLIED TOWARD THE <br />PURCHASE OF THE PROPERTY AT A PRICE OF $1,270,000; <br />AUTHORIZING THE CITY MANAGER TO EXECUTE SAID <br />AGREEMENT ON BEHALF OF THE CITY; AUTHORIZING THE CITY <br />MANAGER OR HIS DESIGNEE TO SUBMIT APPLICATIONS FOR <br />GRANTS TO OFFSET THE COSTS TO THE CITY OF LEASING AND <br />PURCHASING SUCH PROPERTY; AND DECLARING AN EFFECTIVE <br />DATE. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The attached Lease -Purchase Agreement between the Trust for Public Land <br />and the City of San Marcos (the "Agreement") is hereby approved. <br />PART 2. The City Manager is authorized to execute the Agreement on behalf of the <br />City. <br />PART 3. The City Manager, or his designee, is authorized to submit applications for <br />grants that may be applied to offset the costs of leasing and purchasing the property subject to the <br />Agreement. <br />PART 4. This resolution shall be in full force and effect immediately from and after <br />its passage. <br />ADOPTED on November 8, 2017. <br />John Thomaides <br />Mayor <br />