09221958 Special Meeting - Laserfiche WebLink

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~ 14,1 ~ 2: l.l 0.:.' o and the cost of the work shall include, in addition to all other costs, an amount equal to five (5) per cent of the total cost of the work, such 5% charge to cover engineering, overhead and administration furnished by City. Periodically, at times selected by City, First Party shall pay to City one-half of the cost of said work as shown by said records, to the end that one-half of the total cost of said work, as shown by said records, shall be paid by First Party during the progress of the work. I 6. Notwithstanding any other provision hereof, it is understood and agreed that the agreement of City to pay one-half of the cost of the work is based upon the belief that the advalorum tax revenues paid to the City during the five year period beginning in 1959 and ending in 1963, both years inClusive, on the properties served by the work here contemplated, will be a sum equal to or greater than the one-half of the cost of the work to be borne by City; and First Party guarantees to City that the said tax revenues during said period will be equal to or greater than the one-half of the cost of the work to be borne by City; and on December 31, 1963, calculation shall be made as to the amount of money collected by City during said period from advalorum taxes on properties served by the work, and First Party agrees to pay to City upon demand any amount of money, if any, by which one-half of the cost of the work exceeds such tax collections. 7. There is attached hereto, and made a part hereof, a map or plat of a portion of the property owned by First Party, said plat showing a proposed subdivision of a portion of said property; and on said plat is shown what is known as Lamar Avenue and West Mimosa Circle; and in said streets is shown a red line indicating the location of utility installations to be installed hereunder; First Party grants and conveys unto City, its successors and assigns, an easement along said streets for the purpose of enabling the installation, repair, and reconstruction of such utility installations as City desires to construct therein and thereon, including the work here contracted for. I 8. All payments hereunder are payable at the offices of City of San Marcos, Hays County, Texas, and the venue in any cause of action arising out of or in connection with this contract shall be in the appropriate State court of Hays County, Texas, having jurisdiction thereo f . This contract is executed by City, acting herein by and through C. M. Allen, its Mayor, with its corporate seal affixed, all as authorized by the governing body of City, and is executed by First Party in his individual capacity, on this the ,I"~ day of /,lo':_:'/" , 1958. ATTEST ~ CITY OF SAN MARCOS, TEXAS ("II -7'" J\ -~ c f BY~ "-' (/l/Ii,,' Mayor /,;*__ p' . ;;/, /c/ Secret y ~~ I