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38. Regular Meeting December 2, 2002 Page 6 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE TERMS AND CONDITIONS OF AN AGREEMENT BETWEEN THE CITY, BENNETT REALTY GROUP, PERRY FINANCIAL CORPORATION, CHUCK NASH, AND DAM BLANCO PARTNERSHIP FOR THE NORTH IH-35 WASTEWATER IMPROVEMENTS PROJECT¡ AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT¡ AND DECLARING AN EFFECTIVE DATE. Mr. Mihalkanin moved for adoption of the Resolution and Ms. Narvaiz seconded the motion. Mr. Steve Ramsey, Baker-Aicklen & Associates, Inc., stated he wanted to express his gratitude to Mark Taylor, Laurie Anderson and Dan O'Leary for their assistance with this project. He stated this project would be a positive benefit to the City. There will be 14,000 new jobs created and $32 million per year will be generated as a result of this project. He also stated he will be back before Council in January, 2003, to ask the Council for approval of the Water Improvements Project. Laurie Anderson, Director of Engineering, stated this agreement is a pro-rata cost agreement. She stated each developer will share the improvements to service their facilities. She stated if more parties participate, the City's cost will go down. The City will manage reservation of capacity. She also stated there is reservoir capacity for property not platted. She feels this is a different way for the City to finance infrastructure to growth areas. Mr. O'Leary stated the City's portion is $735,000 and hopes the City will recover some of their money. He also stated this area is the preferred growth area for the City. Mr. Mark Taylor stated there are gaps in property ownership where the City is reserving capacity. The pro- rata assessments will allow the City to recover their costs. The Council then voted unanimously for adoption of the Resolution. Mayor Habingreither introduced a discussion regarding the September, 2002 Quarterly Investment Report. Linda Patterson, Patterson and Associates, handed out a summary and gave a presentation of the Quarterly Investment Report. She stated there has been little change in the market. She stated the interest rates are low now, but will be going back up. Mayor Habingreither introduced the City Council's Report. make a report. No one wished to Mayor Habingreither introduced an Executive Session pursuant to the Government Code, Section 551.071 to seek the City Attorney's advice regarding pending litigation, contemplated litigation, a settlement offer, or matter involving attorney-client privilege (Burkett Bus Bench/Shelter Agreement¡ disannexation of Southwest San Marcos area) ¡ and Section 551.074, to discuss evaluation of public officers (City Manager, City Attorney, City Clerk, Municipal Court Judge). Mr. Mihalkanin moved the Council adjourn into Executive Session at 10:20 p.m. and Ms. Tatum seconded the motion, which passed unanimously. Mr. Montoya moved the Council reconvene at 12:06 a.m. and Ms. Tatum seconded the motion, which passed unanimously.