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<br />Office of the City Manager <br /> <br /> <br />73. <br /> <br />October 9, 2001 <br /> <br />Kent T. Campbell <br />Capstone Development <br />431 Office Park Drive <br />Birmingham, AL 35223 <br /> <br />Re: Exchange of Real Property - Meiners Street Right-of- Way/Park Property <br /> <br />Dear Mr. Campbell: <br /> <br />This letter, upon your countersignature below, will be an agreement between the City of San Marcos <br />(the "City") and Capstone Development (the "Developer") for the exchange of real property. The <br />effectiveness of this agreement is contingent upon the approval by the City's governing body of an <br />ordinance approving the abandonment and conveyance ofthe Meiners Street right-of-way tract (the <br />"Right-of-Way Tract") in San Marcos, Hays County, Texas, as shown on the attached map. <br /> <br />The City agrees to convey the Right-of-Way Tract to the Developer in exchange for the Developer's <br />conveyance to the City of the tract of property at the corner of Mill Street and Third Street (the <br />"Proposed Park Tract"), in San Marcos, Hays County, Texas, as shown on the attached map. The <br />following terms and conditions will apply to this exchange: <br /> <br />1. The Developer has provided appraisals to the City to substantiate that the fair market value of <br />the Proposed Park Tract is equal to or greater than the value of the Right-of-Way Tract. <br />2. The Developer will provide, at its cost, metes and bounds descriptions for the two tracts to be <br />exchanged, prior to closing of the conveyances. <br />3. Both conveyances will be by special warranty deed. <br />4. The Developer will make a cash payment to the City in the amount of $25,000 at the time of <br />the closing of the conveyances. The City agrees to use these funds only for the construction and <br />installation of recreational and park improvements to the Proposed Park Tract. <br /> <br />Please indicate your acceptance of this agreement by countersigning below. <br /> <br /> <br /> <br />City of San Marcos <br /> <br />Date: October 9, 2001. <br />C:\TEMP\Capstone Itr K-property swap. doc <br /> <br />l::'I:N-:rl. C.h4P6'f.Ll. :S(l:.1/,,,~ Pgf!'&oIO(tH' <br />. <br />Printed name, )itle / <br />Date: II!) ~~ It? I <br /> <br />City Hall- 630 East Hopkins - San Marcos, Texas 78666 - 512/393-8100 - FAX 512/396-4656 <br />