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ORDINANCE NO. 2012 - 03 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS APPROVING THE ABANDONMENT OF A 0.203 ACRE, MORE OR LESS, PORTION OF LIVE OAK STREET, COMMONLY KNOWN AS ACORN STREET, FROM ITS INTERSECTION WITH CHESTNUT STREET TO ITS INTERSECTION WITH WEST SESSOM DRIVE IN CONNECTION WITH THE CHESTNUT STREET LOFTS PDD DEVELOPMENT; APPROVING THE CONVEYANCE OF THIS ABANDONED STREET SECTION TO THE OWNER OF ABUTTING LOTS; AUTHORIZING THE CITY MANAGER TO EXECUTE DEEDS TO SUCH ABUTTING LOT OWNER UPON PAYMENT OF THE FAIR MARKET VALUE OF SAID ABANDONED STREET SECTION; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. The City Planning and Zoning Commission conducted a public hearing on an application requesting the abandonment of a 0.203 acre, more or less, portion of Live Oak Street, commonly known as Acorn Street, from its intersection with Chestnut Street to its intersection with West Sessom Drive as shown in Exhibit "A," and voted to recommend City Council approval of the request. 2. On May 3, 2011 the City Council directed staff to obtain an appraisal for further consideration of the request for abandonment. 3. The fair market value of the street section subject to the abandonment request, as established by an appraisal, is $14,000.00. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. The abandonment of a 0.203 acre, more or less, portion of Live Oak Street, commonly known as Acorn Street, from its intersection with Chestnut Street to its intersection with West Sessom Drive, as shown in Exhibit "A," is approved. SECTION 2. Subject to the requirements of Division 3 of Chapter 74 of the San Marcos City Code, the City Manager is authorized to execute a deed conveying the property comprising the abandoned street section to the owner of the abutting lots upon payment by such owner of the fair market value of said property to the City. SECTION 3. If any word, phrase, clause, sentence, or paragraph of this ordinance is held to be unconstitutional or invalid by a court of competent jurisdiction, the other provisions of this ordinance will continue in force if they can be given effect without the invalid portion.