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72. RESOLUTION NO. 2001 - 170 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS APPROVING AN AGREEMENT FOR THE EXCHANGE OF PROPERTY WITH CAPSTONE DEVELOPMENT, RELATED TO A SEGMENT OF MEINERS STREET RIGHT-OF- WAY; AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT; AND DECLARING AN EFFECTIVE DATE. RECITALS: I. Capstone Development is in the process of constructing an apartment project for the Texas State University System Foundation on the property known as the Satterwhite property near the intersection of Aquarena Springs Drive and Mill Street. 2. Capstone has applied for the abandonment of an unimproved, deadend segment of Meiners Street that leads into the Satterwhite property, and Capstone is proposing to exchange an area of property at the intersection of Mill Street and Third Street, to be developed as a neighborhood park, for the Meiners Street right-of-way. Appraisals for the two tracts show that the value of the proposed park property exceeds the value of the right-of-way. 3. Under the attached letter agreement, the City and Capstone would agree to an even exchange ofthe two areas of property, and in addition, Capstone would pay the City $25,000 to make improvements to the proposed park. 4. The City has complied with the requirements of TEX. LOCAL GOV'TCODE ANN. S272.001(b)(l) and (3) regarding the sale of surplus real property. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: PART 1. The attached letter agreement for the exchange of property between the City and Capstone is approved. PART 2. The City Manager, Larry D. Gilley, is authorized to execute the attached letter agreement on behalf of the City. PART 3. This Resolution is in full force and effect from and after its passage. ADOPTED on October 8, 2001.i~~ I p~; David Chiu Mayor C:\TEMP\Capstone prop exch.doc