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RESOLUTION N0.2008-104R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, RELEASING THE LIEN ON THE T00 BITTER BUILDING; AUTHORIZING THE CITY MANAGER TO EXECUTE THE RELEASE; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. On June 8, 2005, the City Council approved an Economic Development Agreement between the City of San Marcos and Global Rock Investments, Ltd ("Global Rock"). In exchange for a Chapter 3 80 grant, Global Rock Investments promised to renovate the Too Bitter building providing retail space on the first floor and residential space on the second floor. The renovations were to be completed by December 31, 2008. As part of its guarantee to complete its obligations under the Economic Development Agreement Global Rock granted to the City a lien on its property. 2. Global Rock has completed the renovations and retail space (Sean Patrick's) operating on the first floor for approximately one year. The renovation of the second floor into residential space has also been completed. 3. Global Rock is seeking to secure refinancing using the Too Bitter building as collateral. In that respect, Global Rock has requested that the City release it from the lien. 4. Since Global Rock has completed the renovation of the Too Bitter Building, and has fully performed its obligations under the Economic Development Agreement, it is recommended that the City's lien against the building be released. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The attached Release of Lien held against the Too Bitter Building is approved. PART 2. The City Manager, Rick Menchaca, is authorized to execute the Release of Lien on behalf of the City.