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36. Regular Meeting November 8, 2004 Page 4 inevitable, and she applauds San Marcos in its efforts to move forward in this growing market. She also stated she feels the Council has performed I a sufficient and diligent study over the last twelve months to ensure the safeguards are in place to protect the interests of our diverse community in going forward with this project. 12) Jeri Philson stated she wished to speak regarding Item 18, adoption of the Hotel/Conference Center MOU. She stated she is favor of growth, but feels the citizens should have the right the vote on the Hammons project. She stated she has some concerns that the University would be allowed to buy this project and take it off the tax rolls. She stated she also feels the Convention Centers in San Antonio and Austin are not making money. She encouraged the Council to delay voting on this MOU and take additional time to review this project. Mayor Narvaiz introduced the Staff Report. 1) Mr. O'Leary stated Staff will walk the neighborhoods of Sagewood and Cedar Grove to discuss concerns and violations. He stated the residents of this neighborhood will receive citations after they have received a warning citation. Mayor Narvaiz introduced for consideration adoption of a Resolution, the caption which was read as follows: A RESOLUTION OF THE CITY COUNCIL OF THE APPROVING A MEMORANDUM OF UNDERSTANDING TRUSTEE, REGARDING A PROPOSED HOTEL AND AND DECLARING AN EFFECTIVE DATE. CITY OF SAN MARCOS, TEXAS, WITH MR. JOHN Q. HAMMONS, CONFERENCE CENTER PROJECT; I Mr. Mihalkanin moved for adoption of the Resolution, and Mr. Guerrero seconded the motion. Mr. O'Leary stated this is a Memorandum of Understanding between the City of San Marcos and Mr. John Q. Hammons of Springfield, Missouri. He stated this Memorandum is a non-binding agreement, which sets up certain parameters for the City and Mr. Hammons to pursue negotiations of a possible detailed, definitive agreement pertaining to the project. He stated this MOU is a nonbinding framework for focusing those negotiations, and the basic terms of this MOU include that the Hammons Trust would acquire the site for the Hotel and the City would acquire the Conference Center site, the Hammons Trust would construct and own a ten-story Marriott Renaissance or Embassy Suites Hotel with a minimum of two hundred fifty rooms, the City would construct and own a Conference Center with capacity to seat at least one thousand people banquet-style, the City would lease the Conference Center to the Hammons Trust, the Hammons Trust would operate the Conference Center at its profit or loss, the Hammons Trust would make lease payments for the Conference Center in an amount equal to thirty percent of the debt payments on the Conference Center and a hundred percent of the debt payments on Bert Brown Road extension, and the City would construct water-wastewater lines to the I perimeter of the Hotel and Conference Center site. He also stated the project would include water quality controls during and after construction to ensure protection of the environment. Mr. Thomaides stated the MOD