Res 2023-178R approving an agreement with the Estate of Eleanor Tuttle Cates providing for the city to purchase approximately 6.982 acres of land in the vicinity west of the intersection of Hunter Road and Dixon Street,

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Project:Purgatory Creek Parcel: 00033.0001 LETTER AGREEMENT This Letter Agreement(the"Agreement") is made by and between Allan Wilson Cates,as Independent Executor of the Estate of Eleanor Tuttle Cates, AKA Eleanor B. Tuttle, Deceased ("Grantor"), 1620 Hofheinz Street, San Marcos, Texas 78666 (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"). 1. Recitals 1. The City requires a 6.982-acre (304,136 square foot) area for a Fee Simple Acquisition owned by Grantor in connection with the Purgatory Creek Project. 2. Grantor has agreed to Grant a 6.982-acre (304,136 square foot) area to the City, subject to the terms of this Agreement. II.Agreement 1. Together with this Agreement, Grantor has executed a Deed in favor of the City, which is attached hereto and made a part hereof for all purposes (the"Deed"). The Deed grants all rights to the City of real property sold by Grantor,described in the Deed. In addition,the City has agreed to the following conditions. 2. As compensation to the Grantor for the Easement, the City agrees to pay Grantor the sum of$650,000.00 for a total 6.982-acre (304,136 square foot) area for a Fee Simple Acquisition, within 90 days after the receipt of this Agreement and the Recorded Deed. The City will deliver this Agreement,the Deed and payment under this paragraph to the Grantor. 3. The City will pay for all expenses associated with the recording of the Deed. 4. The City's obligation to accept the 6.982-acre(304,136 square foot)area for a Fee Simple Acquisition and pay Grantor is subject to the City's review and acceptance, in its sole discretion, of the state of title of the 6.982-acre (304,136 square foot) area for a Fee Simple Acquisition, including evidence of Grantor's authority to grant the Deed and subject to the completion of any environmental investigations. If the City determines that the state of title or condition of the 6.982- acre (304,136 square foot) area for a Fee Simple Acquisition 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 Deed will not be accepted or recorded by the City. Capital Improvements Department-630 East Hopkins-San Marcos,Texas 78666.512/393-8130-FAX 512/396-3796