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<br />",j12 <br />i'" 0 <br /> <br />~c" ::/) <br />~ <br />=> <br />=> <br />C-...I <br /> <br />I <br /> <br />I <br /> <br />f- <br />a <br />('") <br /> <br />l',) <br />o <br />C) <br /> <br />.; <br /> <br />n ~ <br />-<0 l> <br />0- C ~ <br />~:;! C') <br />D)(') ........ -r- <br />:3r- ........ ~m <br />s:m '" r-e <br />D):::D c:::J <br />a"':;: c:::J <br />0 C) !: <br />en <br /> <br />. "i"_ <br /> <br />- <br />, - <br /> <br />U- <br /> <br />i.LJ ~L_ <br />1--"-,- <br />.r~~ ._'b._ <br /> <br />ORDINANCE NO. 2006 - 44 <br /> <br />{~) ~::: <br /> <br />,;-_(n.~ <br />;"..,~~ !.' '.1 <br />~=; cj~~; : <br /> <br />.- \J ,j, <br /> <br />AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS APPROVING AN EXCHANGE OF REAL <br />PROPERTY BETWEEN THE CITY AND JQH - SAN MARCOS <br />DEVELOPMENT, LLC; APPROVING A FOURTH <br />MODIFICATION TO THE CHAPTER 380 ECONOMIC <br />DEVELOPMENT GRANT AND LOAN AGREEMENT WITH <br />JOHN Q. HAMMONS, TRUSTEE; AUTHORIZING THE CITY <br />MANAGER TO EXECUTE A SPECIAL WARRANTY DEED AND <br />OTHER RELATED DOCUMENTS; AND PROVIDING AN <br />EFFECTIVE DATE. <br /> <br />u )-. <br />0.1 <br /> <br />RECITALS: <br /> <br />1. JQH-San Marcos Development, LLC ("JQH") and the City are pursuing ajoint project (the <br />"Project") whereby (i) JQH would construct and operate a full service upscale hotel (the "Hotel") of <br />at least ten (10) stories in height with a minimum oftwo hundred fifty (250) guest rooms and (ii) the <br />City would construct, and lease to JQH, a first class conference center facility and l"elated <br />improvements (the "Conference Center") adjacent to the Hotel, which Conference Center would <br />contain one large ballroom sufficient to lawfully accommodate one thousand (1,000) people for a <br />banquet style event. <br /> <br />2. In July of2005, the City, in connection with an Economic Development Grant and Loan <br />Agreement (the "Chapter 380 Agreement") with John Q. Hammons, as Trustee of the Revocable <br />Trust of John Q. Hammons dated December 28, 1989, as amended and restated ("Hammons"), <br />acquired a five acre tract of property at the intersection oflH-35 and McCarty Lane, and Hammons <br />purchased an adjacent ten acre tract of property for the development the Project. Hammons, by deed <br />dated August 3, 2006 and recorded in Volume 2981, page 257 of the Hays County Official Public <br />Records, conveyed the ten acre tract of property to JQH. <br /> <br />3. The site plan for the Project has been finalized to the point that the exact sites for the <br />Conference Center and the Hotel have been identified, and the City and JQH need to exchange <br />certain parcels of property in order to match property ownership with the location of the <br />improvements to be owned by each of the parties. <br /> <br />4. State law (Local Government Code g272.001(a)) provides that the exchange of real <br />property must normally be performed through a sealed bid process. However, there is an exception <br />to this requirement (Local Government Code g272.001(b)(6)) for a property exchange that occurs <br />within a tax increment reinvestment zone as part of the project plan for the zone; and in such a <br />situation, the City must obtain an appraisal to ensure that the value of the property obtained by the <br />City in the exchange equals or exceeds the value of the property conveyed by the City. <br /> <br />5. The exchange of real property to be accomplished by this Ordinance is authorized in the <br />Project Plan and Reinvestment Zone Financing Plan for the Project which was approved by the City <br />