Res 2020-187/approving the First Amendment to Purchase and Sale Agreement with Pursuant Ventures Development, LLC relating to the development of a new multi-use Sportsplex Facility in the vicinity of Centrepoint Road and IH-35 South to revise the descrip

Home Browse Search

Investors, Ltd., a Texas limited partnership ("OWI") has the right (but not the obligation), pursuant to the Underlying Contract, to elect to construct those certain Public Improvements as more particularly described in that certain Construction Funding (Escrow) Agreement dated August 6, 2014 (the "2014 Construction Funding Agreement"); (ii) if OWI elects to construct such Public Improvements following such failure, OWI shall send written notice of such election to Seller, with a copy to the City; and (iii) following delivery of such notice from OWI of its election to become the constructing party, OWI shall have the right to obtain disbursement of the Escrowed Funds (or any balance thereof) from the City to pay for the applicable portion of the costs of the Public Improvements in accordance with the terms of the 2014 Construction Funding Agreement. Upon request of OWI or the Seller, the City and Seller hereby agree to execute a mutually acceptable tri -party agreement by and among OWI, Seller, and the City acknowledging the Escrowed Funds and any other fiscal held by the City for the construction of those certain Public Improvements to be constructed from the centerline of Cottonwood Creek to (and along) Centerpoint Road shall be disbursed to Seller (or OWI, if OWI is the constructing party) for the costs related to such Public Improvements." 3. SPP. Section 12.c. of the Contract is hereby deleted in its entirety and replaced with the following: "c. SPP. Seller shall submit its SPP application for the Project to the City within fourteen (14) months following the Effective Date of this Contract, subject to Excusable Delays." 4. Lease,• Parkland Dedication. In accordance with Section 13 of the Contract, the City requested guidance from the Attorney General of the State of Texas regarding the financing structure for the Sportsplex as set forth in this Contract and the Lease. The Attorney General has provided its final comments, all of which have been addressed by the City. As such, Section 13 of the Contract is hereby deleted in its entirety and replaced with the following: "Lease. At Closing, the City, as landlord, and SMBI, as tenant, shall execute and enter into the Lease, in the form approved by the Parties as of the Effective Date of this Contract (such approved form being attached to the Lease as Exhibit E), wherein SMBI shall lease the Sportsplex Property and shall have the right to operate, manage, and maintain the Sportsplex, all as further set forth in the Lease. Seller, in its sole discretion, shall have the right to market, and to permit SMBI to market, the Sportsplex during the term of this Contract. Seller and the City hereby agree and acknowledge (a) in accordance with that certain Resolution No dated , 2020, as approved by the City Council for the City of San Marcos, the City shall dedicate the Sportsplex Land as parkland following the Closing of this transaction and the full execution of the Lease; and (b) subject to the foregoing parkland dedication, the Page 2 11t Amendment/City of San Marcos/Pursuant