Res 2011-160 - Postponed indefinitely

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MEMORANDUM OF UNDERSTANDING This Memorandum of Understanding (the "Agreement), dated to be effective January 17, 2012, is entered into by and between the City of San Marcos, Texas (the "City ") and Casey Development, Ltd. (the "Developer "). The parties cited above may be individually referred to as a "Party," and collectively referred to as "the Parties." ARTICLE I. RECITALS 1.1 Developer intends to construct a mixed use project on approximately 14 acres along Sessom Drive in the vicinity of Comanche Street and Loquat Street consisting of approximately 420 multiple - family residential units and approximately 17,000 square feet of retail space (the "Project "). A preliminary site plan for the Project is shown in Exhibit "A," attached hereto and made a part hereof for all purposes (the "Project Site "). 1.2 The City maintains a 12 inch waterline that runs through an unimproved area right -of -way known as Peachtree Street (the "Peachtree Street ROW "), a portion of which runs through the Project Site. The City intends to construct an additional water transmission main in connection with what has been referred to as the "Comanche 24 -Inch Waterline" (the "New Water Main "). The preliminary plans for the New Water Main call for a section to also run through the Peachtree Street ROW within the Project Site. 1.3 Developer has proposed to the City that the City abandon sections of the Peachtree Street ROW and certain other public rights -of -way and alleys that run through the Project Site (the "ROW Abandonments "). In exchange, the Developer would provide new easements and/or right -of -way acceptable to the City for the City to reroute its existing 12 inch waterline and to construct a section of the New Water Main. City staff is amenable to Developer's proposal provided Developer, at Developer's cost, constructs a replacement for the existing 12 inch waterline and a portion of the New Water Main. 1.4 Developer has also requested that the City provide access to the Project Site across a portion of adjacent property owned by the City. 1.5 Before the City may agree to ROW Abandonments and any instrument permitting the right of access across the property of the City, it must obtain the approval of the San Marcos City Council, subject to applicable City of San Marcos ordinances and procedures. The Parties wish to enter into this Agreement to identify the obligations of each Party necessary for the City to consider approval of the ROW Abandonments and the approval of an instrument granting rights of access across the property of the City. ARTICLE II. AGREEMENT 2.1 Agreement. In consideration of the mutual benefits to and obligations of the Parties as set forth in this Agreement, the Parties agree to the terms and conditions below.