Res 2023-094R/Approving contract with Methodist church of SM for .23 of an acre for public right of way and the fee simple purchase acres 4,364 sq. feet N Guadalupe and University Drive price $900,439.00 plus closing cost

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Project: Pat Garrison Imps from Comanche to Guad #372 Parcel: 00002.00001 & 00002.00002 LETTER AGREEMENT This Letter Agreement (the "Agreement") is made by and between First United Methodist Church ("Grantor"), 129 W Hutchinson Street (address), and the City of San Marcos, Texas ("City"), 630 East Hopkins Street, San Marcos, Texas 78666 to be effective as of the date executed by both parties below (the "Effective Date"). I. Recitals 1. The City requires a Right of Way Dedication Deed for a 0.23 -acre (10,163 square foot) area and a General Warranty Deed for a 0.10 -acre (4,346 square foot) acquisition area for a Capital Improvement Project owned by Grantor in connection with the Pat Garrison Improvements Project from Comanche to Guadalupe Street. 2. Grantor has agreed to Grant a Right of Way Dedication Deed and a General Warranty Deed to the City, subject to the terms of this Agreement. H. Agreement 1. Together with this Agreement, Grantor has executed a General Warranty Deed and a separate Right of Way Dedication Deed in favor of the City, which is attached. In addition, the City has agreed to the following conditions. 2. As compensation to the Grantor for the purchase, the City agrees to pay Grantor the total sum of $900,439.00 for 0.33 -acre (14,509 square feet), within 90 days after the receipt of this Agreement. The City will deliver this Agreement, copy of the Filed Deeds and payment under this paragraph to the Grantor. The City will pay for all expenses associated with the recording of the Deeds. 4. The City's obligation to accept the Deeds and pay Grantor is subject to the City's review and acceptance, in its sole discretion, of the state of title of the Area, including evidence of Grantor's authority to grant the Area and subject to the completion of any environmental investigations. If the City determines that the state of title or condition of the Area is unacceptable, it may extend the time for payment of compensation to Grantor by the amount of time reasonably necessary to cure any objections the City may have or terminate this Agreement, in which event the Deeds will not be accepted or recorded by the City. 5. Subject to Approval: The effectiveness of this agreement is subject to its approval by the San Marcos City Council, in its sole discretion. This contract is contingent on Grantor obtaining final approval by the Church on May 14, 2023. If the contract is not approved, the contract shall be null and void.