Res 2003-025 - Laserfiche WebLink

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SECTION C - EXPLANATIONS Alan Holt owns all of Alta Falls Subdivision (also known as Blanco Shoals Planned Development District). Alan Holt has or is in the process of donating to the City of San Marcos, Lots 5, 6, 7, 8, and 9 as per the Aha Falls Preliminary Plat on file at the City of San Marcos Planning and Development Services. The Lots 5, 6, 7, 8, and 9 consist of 81.2:f: and have been appraised at $467,000 (copy of appraisal is attached to this grant request). Alan Holt wants to sell to the City of San Marcos, and the City of San Marcos has agreed to purchase Lots 3 and 4 of the same subdivision (see attached Resolution adopted January 27, 2003). The purchase is contingent upon getting assistance using the Texas Recreation and Parks Grant Program and dedicated access to both lots. Lot 3 consists of 11.36 acres and has been appraised at $550,000. Lot 4 consists of 4.36 acres and has been appraised at $43,500 (copy of appraisal is attached to this grant request). Alan Holt has agreed to "bargain" sell Lot 3 for $510,500 and Lot 4 for its full appraised value of $43,500. The City of San Marcos will make available $54,000 cash to complete the transactions. A Waiver of Retroactivity has been obtained for all lots described in this grant request. Therefore, the City of San Marcos will use the value of the approximate 81.2:f: acres (Lots 5, 6, 7, 8, and 9 which is or will be donated with an appraised value of $467,000) and $54,000 from funds to be determined by the City of San Marcos Finance Director to purchase Lot 3 (for $510,500) and Lot 4 (for $43,560) with a $500,000 grant ($1,000,000 project cost) assistance using the Texas Recreation and Parks Account Regional Parks Program.