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RESOLUTION 2010 - 95R <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 303 CORDERO DRIVE AT A PRICE NOT <br />TO EXCEED $118,900.00 PLUS CUSTOMARY CLOSING COSTS FOR A <br />TOTAL EXPENDITURE UNDER THE CONTRACT NOT TO EXCEED <br />$122,000.00 FOR REHABILITATION AND RESALE TO A QUALIFIED <br />BUYER UNDER THE REQUIREMENTS OF THE CITY'S <br />NEIGHBORHOOD STABILIZATION PROGRAM GRANT; <br />AUTHORIZING THE CITY MANAGER TO EXECUTE SUCH <br />DOCUMENTS REASONABLY NECESSARY CONSUMMATE THE <br />PURCHASE OF SAID PROPERTY; AND DE NG AN EFFECTIVE <br />DATE. h rN0;" :... <br />RECITALS: <br />ee tuyno'. T'i','a tll'hU' <br />1. The City is eligible to receive fund* "gt tl�� ease and rehabilitation of <br />foreclosed homes for the purpose of resa eligi o4ow aril moderate income homebuyers <br />under a Neighborhood Stabilization Program P ") the State of Texas. <br />grrT' :s 91ip:.. <br />2. The home located at 303 rdero " is a foreclosed property eligible for <br />purchase, rehabilitation and resale under t grant. <br />3. The <br />is $118,900.00. <br />BE IT RESOLVED BY THE T COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS:` <br />PART 1. City ,ger, Rick Menchaca, is hereby authorized to enter into an <br />agreement for the purchase o home at 303 Cordero Drive for a price not to exceed <br />$118,900.00, plus customary c sing costs for a total expenditure under the contract not to <br />exceed $120,000.00 to be paid or 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 <br />