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RESOLUTION NO. 2019-223R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS APPROVING A PURCHASE AND SALE AGREEMENT <br />WITH PURSUANT VENTURES DEVELOPMENT, LLC PROVIDING FOR <br />THE CITY TO PURCHASE APPROXIMATELY 30 ACRES OF LAND IN <br />THE VICINITY OF CENTERPOINT ROAD AND IH -35 SOUTH TO BE <br />IMPROVED WITH A MULTI -USE SPORTSPLEX FACILITY WITH <br />EIGHT FIELDS FOR AN ESTIMATED PRICE OF $19,372,217 FUNDED <br />BY BONDED INDEBTEDNESS INTENDED TO BE PAID FROM HOTEL <br />OCCUPANCY TAX COLLECTIONS AND LEASE REVENUES; <br />APPROVING A LEASE OF SUCH PROPERTY TO SM BASEBALL <br />INVESTMENTS, LLC UPON CLOSING ON THE PURCHASE OF THE <br />PROPERTY; AUTHORIZING THE CITY MANAGER, OR HIS <br />DESIGNEE, TO EXECUTE EACH OF THE AGREEMENTS; AND <br />DECLARING AN EFFECTIVE DATE. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The attached Purchase and Sale Agreement with Pursuant Ventures <br />Development, LLC, together with the form of Commercial Lease of Real & Personal Property <br />with SM Baseball Investments, LLC, is approved. <br />PART 2. The City Manager, or his designee, is authorized to execute each of said <br />agreements on behalf of the City in accordance with the terms of the Purchase and Sale Agreement. <br />PART 3. This resolution shall be in full force and effect immediately from and after <br />its passage. <br />ADOPTED on November 6, 2019. <br />..) <br />6A_P_.4L+ 60' <br />Jane Hughson <br />Mayor <br />Attest: <br />,wM <br />Jamie ee Case <br />ty. rk <br />