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<br />I <br /> <br />I <br /> <br />I <br /> <br />89. <br /> <br />RESOLUTION NO. 2004- 190 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, APPROVING A PAYMENT IN LIEU <br />OF TAXES AGREEMENT BETWEEN THE CITY AND EOP <br />SAN MARCOS EXCHANGE, LLC; AUTHORIZING THE <br />CITY MANAGER TO EXECUTE THIS AGREEMENT ON <br />BEHALF OF THE CITY AND DECLARING AN EFFECTIVE <br />DATE. <br /> <br />RECITALS: <br /> <br />1. On October 11, 2004, the City Council discussed a proposed payment in <br />lieu of taxes ("PILOT") agreement with representatives of American Housing Foundation <br />(AHF) in connection with its acquisition and financing of the Exchange at San Marcos <br />student apartment complex by AHF's subsidiary, EOP San Marcos Exchange, LLC. <br /> <br />2. The City wishes to enter into the attached PILOT Agreement with EOP <br />San Marcos Exchange, LLC. <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br />PART 1. The attached PILOT Agreement between the City and EOP San <br />Marcos Exchange, LLC is approved. <br /> <br />PART 2. The City Manager, Dan O'Leary, is authorized to execute the <br />Agreement on behalf of the City. <br /> <br />PART 3. This Resolution shall be in full force and effect immediately from <br />and after its passage. <br /> <br />ADOPTED on November 8, 2004. <br /> <br /> <br />Attest: <br /> <br />1(J},~ cx1J'j~WJJ/ <br /> <br />Janis K. Womack <br />City Clerk <br />