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<br />Special Meeting <br /> <br />July 14, 2005 <br /> <br />94. <br />Page 3 <br /> <br />twenty year note at 4.25 percent interest rate and the paYments will begin <br />on February 1, 2006. Mr. Diaz stated the original figures have not <br />changed, since negotiations began. Mayor Narvaiz stated the original <br />figures have not changed other than the Council has agreed to add <br />$1,000,000.00 to the conference center due to the rising cost of <br />construction. The Council then voted unanimously for adoption of the <br />Resolution. <br /> <br />Mayor Narvaiz introduced for consideration adoption of a Resolution, the <br />caption which was read as follows: <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS <br />ACCEPTING A DONATION OF A TRACT OF PROPERTY BY GILMORE-AUSTEX <br />PROPERTIESr LTD. FOR A CONFERENCE CENTER SITE RELATED TO THE HOTEL AND <br />CONFERENCE CENTER PROJECT; AND DECLARING AN EFFECTIVE DATE. <br /> <br />Mr. Taylor moved for adoption of the Resolution, and Mr. Guerrero seconded <br />the motion. Mayor Narvaiz stated this project is a mile stone for San <br />Marcos. She stated she feels this project will have a larger economic <br />impact on San Marcos than the Outlet Malls. She also thanked the Economic <br />Development Council, San Marcos Area Chamber of Commerce, Convention and <br />Visitor Bureau and City Staff for all their efforts contributing to the <br />wonderful success of the Hotel and Conference Center project. The Council <br />then voted unanimously for adoption of the Resolution. <br /> <br />The meeting adjourned at 6:55 p.m. on motion made by Mr. Mihalkanin and <br />seconded by Mr. Guerrero. <br /> <br />~rv~ <br /> <br />Mayor <br /> <br />G)fi;?1f2j/ <br /> <br />JO~"~iaz' . <br />Council Member <br /> <br />