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147 regular meeting october 10, 1977 page two The City Manager outlined proposal which had been made to the Chamber of Commerce for lease of City property for their new office building as follows: 1. The Chamber of Commerce will pay an annual amount of rent on the property equal to twice the amount of taxes due at the current value of the land and the current tax rate (.15,450 sq. ft. X $3.00 per sq. ft. X .70 X .013 = $421.79). This would amount to $843.58 if an assessed value of $3.00 per square feet is used. 2. Length of the contract will be 50 years with an option for renewal of 50 years. I 3. Rent will be revalued in 25 years based upon the value of the land at the time and the current tax rate. 4. Any improvements on the land will become the property of the City at the termination of the contract and; 5. The Chamber will be liable for all taxes on any improvements or personal property. Mr. Herbert A Yarbrough, Jr., president of the Chamber of Commerce, informed the Council that the Board of Directors had approved the lease proposals. Dr. Craddock suggested it might be more appropriate to revalue the rental amount every ten years instead of 25. Mr. Breihan pointed out that most cities contribute funds to the Chamber of Commerce since its activities were designed to stimulate the economy in the City. The Mayor asked the staff to place the lease agreement on the agenda as proposed by the City Manager. The read the caption of an ordinance as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AMENDING SECTION THREE OF THAT ORDINANCE WHICH REGULATES AND RESTRICTS THE LOCATION AND USE OF BUILDINGS, STRUCTURES AND LAND, DATED MAY 23, 1966, (VOL. 32) BY CHANGING THE ZONING OF PARI OF BLOCK THREE IN THE ORIGINAL TOWN OF SAN MARCOS, LOCATED ON C.M. ALLEN PARKWAY, FROM "P_l" (PUBLIC) TO "c" (COMMERCIAL). I Mr. Breihan moved the ordinance be adopted on third and final reading. Mr. Hansen seconded the motion which passed unanimously. Directed by the Mayor the City Secretary read the caption of an ordinance as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS AMENDING THAT SECTION OF CHAPTER 29 OF THE CODE OF ORDINANCE ENTITLED "TRAFFIC" WHICH WAS ADOPTED BY ORDINANCE 1975-14, DATED MARCH 24, 1977, LOCATED IN VOLUME 44, PAGE 185 OF THE MINUTES OF THE CITY COUNCIL BY CHANGING THE SECTION NUMBER FOR DESIGNATED STOP SIGNS FROM SECTION 29-119 TO SECTION 29-122, AS NOW CODIFIED, AND BY ESTABLISHING ADDITIONAL INTERSECTIONS FOR THE AUTHORIZED LOCATION OF STOP SIGNS. Mr. Breihan moved the Ordinance be approved on second reading. Mr. Hansen seconded the motion which passed unanimously. The Secretary read the caption of a companion ordinance as follows: I AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, AMENDING THAT SECTION OF CHAPTER 29, OF THE CODE OF ORDINANCES ENTITLED "TRAFFIC" WHICH WAS ADOPTED BY ORDINANCE 1975-14 DATED MARCH 24, 1975, LOCATED :i:N,VOLUME 44, PAGE 185, OF THE MINUTES; OF THE CITY COUNCIL, BY CHANGING THE SECTION NUMBER FOR DESIGNATED YIELD SIGNS FROM SECTION 29-118 TO SECTION 29-121 AS CODIFIED, AND BY ESTABLISHING ADDITIONAL INTERSECTIONS FOR THE AUTHORIZED LOCATION OF YIELD SIGNS.