Res 2004-220 - Laserfiche WebLink

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I I I 111. DEVELOPMENT AGREEMENT CONCERNING BLANCO PARK SUBDIVISION This Agreement is made on December 13 , , 2004 between the City of San Marcos, a Texas municipal corporation (the "City"), 630 E. Hopkins, San Marcos, TX 78666, and Ed Longcope (the "Property Owner"), 400 West Hopkins Street, San Marcos. TX 78666. RECITALS: 1. The Property Owner is the owner of the certain tract of land in San Marcos, Texas, more fully described on the attached Exhibit A (the "Property"), to be platted as the Blanco Park Subdivision (the "Subdivision"). 2. The City Planning and Zoning Commission approved a Final Plat (the "Plat") for the Subdivision on May 11, 1999. 3. The Property Owner desires to record the Plat to enable the sale of lots within the S ubdi vision. 4. The City's development regulations would normally require the Property Owner to construct perimeter road improvements (the "Perimeter Road Improvements") in connection with the platting of the Property. However, there are special circumstances present, including a proposed project by the City to improve River Road (the "River Road Project") in the vicinity of the Property, and a proposed project by the Lower Colorado River Authority ("LCRA") to relocate electric transmission line poles (the "Pole Relocation Project") adjacent to the Property, that create a need to address the Property Owner's responSlbihtIes for Perimeter Road Improvements in a manner that will integrate to the greatest extent with the River Road Project and the Transmission Line Project. AGREEMENT: For and in consideration of the promises and the mutual agreements set forth herein, the City and the Property Owner agree as follows: 1. Agreements by the Property Owner. The Property Owner agrees as follows: A. The Property O\\-TIer will execute and deliver to the City, no later than June 15. 2005, an easement for a seven foot wide pedestrian-bicycle pathway along the River Road frontage of the Property. B. The Property Owner will execute and deliver to the City, no later than June 15, 2005, an electric transmission line easement in favor of LCRA for a 25' wide strip along the River Road frontage of the Property, overlapping the pedestrian-bicycle pathway easement. The Property Owner will be paid the appraised value of the easement area by LCRA, and the form of this easement will be subject to approval by LCRA