Res 2006-014 - Laserfiche WebLink

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I I I 55. AGREEMENT BETWEEN THE CITY OF SAN MARCOS, HAYS COUNTY AND THE NATURE CONSERVANCY This Agreement (this "Agreement") is entered into by and between The Nature Conservancy, a nonprofit corporation organized and existing under the laws of the District of Columbia ("TNC"), the City of San Marcos, a Texas municipal corporation (the "City"), and Hays County, a political subdivision ofthe State of Texas (the "County"). Recitals A. TNC has entered into an agreement dated effective December 28, 2005 (the "TNC Purchase i\greement") with RYS, Ltd. (the "Seller") for the acquisition of approximately 250.7 acres of land in Hays County, Texas (the "Property"), owned by the Seller and located adjacent to Spring Lake Hills and the Texas Rivers Center. TNC desires to protect the Property due to its high biodiversity significance for terrestrial and aquatic species. The TNC Purchase i\greement contains a more specific description of the Property and is attached hereto as Exhibit "A" and incorporated herein by reference. B. The City desires to acquire the Property for use as a public park and nature preserve, and TNC desires to sell the Property to the City for such use if TNC acquires the Property from Seller. In furtherance of the City's desire to acquire the Property, the City had I) entered into a Memorandum of Understanding, dated May 17, 2005 (the "Cooperative Agreement") with the County and Texas State University-San Marcos ("TSUSM") for cooperation and assistance in this project, and 2) placed on the ballot for the City's November 8, 2005 election a proposition for the issuance of bonds by the City (the "City Bonds") to provide funds for the purchase for the Property by the City. C. Voters approved the issuance of the City Bonds at the City's November 8, 2005 election in the amount of $2,000,000.00, and the Hays County Commissioners Court has authorized the County's commitment of $700,000.00 from the sale of open space bonds for the acquisition (the "County Funding"). D. TNC, the City, and the County acknowledge that the City Bonds and County Funding do not provide sufficient funding for the City's purchase of the Property, and TNC, the City, and the County desire to cooperate to pursue funding from other sources for the City's purchase of the Property. E. TNC, the City, and the County have as a common goal the protection of the Property, and, to that end, set forth their agreement below on the acquisition of the Property. NOW THEREFORE, in furtherance of their common goal, the City, the County and TNC agree as follows: