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<br />135. <br /> <br />RESOLUTION NO. 2005-~R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, TERMINATING A PAYMENT IN LIEU OF <br />TAXES AGREEMENT BETWEEN THE CITY AND EOP SAN <br />MARCOS EXCHANGE, LLC; AUTHORIZING THE CITY <br />MANAGER TO EXECUTE A RELEASE OF TillS AGREEMENT; <br />AND DECLARING AN EFFECTIVE DATE. <br /> <br />RECITALS: <br /> <br />1. In October, 2004, the American Housing Foundation ("AHF") approached the City about <br />its proposed acquisition of The Exchange at San Marcos student apartment complex at 1610 North IH-35 <br />in San Marcos. <br /> <br />2. On November 8, 2004, the City Council approved an agreement (the "PILOT <br />Agreement") with EOP San Marcos Exchange, LLC (AHF's subsidiary that was purchasing the <br />Exchange) under which EOP San Marcos Exchange, LLC would make payments in lieu of taxes on the <br />apartment complex, and the PILOT Agreement was executed and recorded in the official County records. <br /> <br />3. The City was recently informed by the owner of the apartment complex that the sale to <br />EOP San Marcos Exchange, LLC did not go through, and the owner requested that the City execute a <br />release of the recorded PILOT Agreement. <br /> <br />4. The City Council wishes to terminate the PILOT Agreement and authorize the City <br />Manager to execute a release of the PILOT Agreement. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> <br />PART 1. <br />terminated. <br /> <br />The PILOT Agreement between the City and EOP San Marcos Exchange, LLC is <br /> <br />PART 2. The City Manager, Dan O'Leary, is authorized to execute the attached release of <br />the PILOT Agreement on behalf of the City. <br /> <br />PART 3. <br />passage. <br /> <br />This Resolution shall be in full force and effect immediately from and after its <br /> <br />ADOPTED on July 19, 2005. <br /> <br />~~ ' <br /> <br />SusanNarvaiz ~ <br />Mayor <br /> <br />;JJ~.(ro~ <br /> <br />Y~i~K. Womack <br />City Clerk <br />