Res 2017-167/approving a Lease-Purchase Agreement with the Trust for Public Land providing for the City to lease with an option to purchase approximately 102 acres of land west of the City off of Derby Court, which agreement provides for payment by the C

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LEASE — PURCHASE AGREEMENT This Lease — Purchase Agreement (the "Agreement") is entered into between THE TRUST FOR PUBLIC LAND, an nonprofit California corporation, qualified to transact business in Texas as TPL-Texas, Inc. (hereinafter referred to as "Lessor" or "Seller"), and the City of San Marcos, Texas, ("City"), (hereinafter referred to as the "Lessee," or "Buyer"). WHEREAS, the Lessee has identified that certain property in Hays County, more particularly described in Exhibit "A" attached hereto and by reference incorporated herein, (hereafter, the "Property" or the "Leased Premises") as property the Lessee desires to obtain for public parks, open space, and conservation uses; WHEREAS, Lessor intends to purchase the fee simple title to the Property for the purpose of a public park and open space; and WHEREAS, the Lessee and Lessor mutually desire to enter into a Lease—Purchase Agreement for the Property. NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the Lessee and Lessor have entered into this Agreement on the terms and conditions as set forth below. PART I 1. LEASE TERM AND CANCELLATION RIGHT. (a) Lessor hereby leases to Lessee the Property for Lessee's use as a public park, open space and conservation purposes (the "Permitted Uses") for a term of two (2) years commencing on the day the Lessor purchases the Property from the current owner, (the "Commencement Date") and ending two years thereafter (the "Lease Term"). (b) Lessor and Lessee hereby agree that Lessee is granted the right to cancel this Agreement at the end of each year of the Lease Term on the conditions set forth below if, but only if, the Lessee makes a formal determination that moneys from ad valorem taxes, fees, other taxes or assessments, or from other revenue sources are insufficient to pay the rent or purchase payments required hereunder and monies are not appropriated by Lessee for the continuation of the Lease and the payment of the rents required by this Agreement. 2. BASE RENT AND CREDIT FOR RENT (a) Lessee agrees to pay to Lessor annual Base Rent in the following amounts: (i) On the Commencement Date: Four Hundred and Twenty Three Thousand Three Hundred and Thirty Three and 00/100 Dollars ($423,333.00) (the "First Base Rent Payment"). (ii) YEAR ONE. On the Pt anniversary of the Commencement Date: Four Hundred and Twenty Three Thousand Three Hundred and Thirty Three and 00/100 Dollars ($423,333.00) (the "Second Base Rent Payment").*