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RESOLUTION NO. 2011- 13 0 R <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br />MARCOS, TEXAS, AUTHORIZING THE CITY MANAGER TO <br />EXERCISE AN OPTION UNDER A COMMERCIAL LEASE <br />AGREEMENT BETWEEN THE CITY OF SAN MARCOS, TEXAS AND <br />TRICO PARTNERS, L.L.C. TO PURCHASE THE PROPERTY AT 214 <br />EAST HUTCHISON STREET IN THE AMOUNT OF $216,576.00, LESS <br />$46,653.98 PREVIOUSLY GRANTED BY THE CITY UNDER A <br />CHAPTER 380 ECONOMIC DEVELOPMENT AGREEMENT FOR <br />DEMOLITION ACTIVITIES ON THE PROPERTY; AND DECLARING <br />AN EFFECTIVE DATE. <br />Recitals <br />1. Pursuant to Resolution No. 2010 -122R, the City entered into a Commercial lease <br />Agreement with Trico Partners, L.L.C. (the "Lease ") providing for the lease of the property at <br />214 East Hutchison Street for a period of five years with an option to purchase the property for a <br />stated price of $216,576.00. Under the Lease, the City provided a Chapter 380 Economic <br />Development Grant to Trico for demolition activities in the amount $46,653.98.00 which amount <br />shall be deducted from the purchase price if the City exercises its option to purchase. <br />2. The City now wishes to exercise its option to purchase the property. <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br />PART 1. The City Manager is authorized to exercise the City's option under the <br />Lease to purchase the property at 214 East Hutchison Street for a price of $216,576.00, less <br />$46,653.98 granted to Trico for demolition activities as provided in the Lease. <br />PART 2. This Resolution shall be in full force and effect immediately from and <br />after its passage. <br />ADOPTED this the 18 day of October, 2011. <br />aniel Guerrero <br />Mayor <br />