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0 RESOLUTION 2010 -35R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, AUTHORIZING THE CITY MANAGER TO ENTER <br />INTO A CONTRACT FOR THE PURCHASE OF A FORECLOSED <br />SINGLE FAMILY HOME AT 221 CAPISTRANO DRIVE AT A PRICE OF <br />$100,100.00 PLUS CUSTOMARY CLOSING COSTS FOR <br />REHABILITATION AND RESALE TO A QUALIFIED BUYER UNDER <br />THE REQUIREMENTS OF THE CITY'S NEIGHBORHOOD <br />STABILIZATION PROGRAM GRANT; AUTHORIZING THE CITY <br />MANAGER TO EXECUTE SUCH DOCUMENTS REASONABLY <br />NECESSARY TO CONSUMMATE THE PURCHASE OF SAID <br />PROPERTY; AND DECLARING AN EFFECTIVE DATE. <br />RECITALS: <br />1. The City is eligible to receive funding for the purchase and rehabilitation of <br />foreclosed homes for the purpose of resale to eligible low and moderate income homebuyers <br />under a Neighborhood Stabilization Program ("NSP") grant from the State of Texas. <br />2. The home located at 221 Capistrano Drive is foreclosed property eligible for <br />purchase, rehabilitation and resale under the NSP grant. <br />3. The proposed purchase price for the home is $100,100.00. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. City Manager, Rick Menchaca, is hereby authorized to enter into an <br />agreement for the purchase of the home at 221 Capistrano Drive for a price of $100,100.00, plus <br />customary closing costs for a total expenditure amount not to exceed $110,100.00 to be paid or <br />reimbursed with NSP grant funds. <br />PART 2. The City Manager is further authorized to execute any and all documents <br />reasonably necessary to consummate the purchase of said property. <br />PART 3. This Resolution shall be in full force and effect from and after its passage. <br />ADOPTED on March 2, 2010. <br />0 <br />1