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<br /> 71 <br /> RESOLUTION 1998- 53 R <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br /> SAN MARCOS, TEXAS, APPROVING THE TERMS AND <br /> CONDITIONS OF FUNDING AGREEMENTS BETWEEN THE <br /> CITY AND SAC-N-P AC STORES, INC., TANGER <br /> PROPERTIES LIMITED PARTNERSHIP AND SAN MARCOS <br /> FACTORY SHOPS, LTD. FOR THE CENTERPOINT ROAD <br /> OVERPASS PROJECT; AUTHORIZING THE CITY <br /> MANAGER TO EXECUTE THE AGREEMENTS ON BEHALF <br /> OF THE CITY; AND DECLARING AN EFFECTIVE DATE. <br /> RECITALS: <br /> 1. The City is executing an agreement (the "TXDOT Agreement") with the Texas <br /> Department of Transportation ("TXDOT"), attached as Exhibit A, for improvements to be <br /> made by TXDOT at the intersection of Interstate Highway 35 and Centerpoint Road (the <br /> "Project") in San Marcos, Hays County, Texas. <br /> 2. The TXDOT Agreement requires the City to donate $1,000,000 towards the <br /> cost ofth~ Project, which consists of the elevation of the Interstate Highway 35 main lanes <br /> over Cenlerpoint Road, and to provide 100% of all costs of right-of-way and utility <br /> adjustments for the Project. <br /> 3. Sac-N-Pac Food Stores, Inc., Tanger Properties Limited Partnership and San <br /> Marcos Factory Shops, Ltd. are willing to contribute a total of $700,000 towards the City's <br /> cost of the Project under the funding agreements attached to this resolution. <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> TEXAS: <br /> PART 1. The terms and conditions of the Funding Agreements attached to this <br /> Resolution between the City and Sac-N-Pac Stores, Inc., Tanger Properties Limited <br /> Partnership and San Marcos Factory Shops, Ltd. for the Centerpoint Road Overpass <br /> Project are approved. <br /> PART 2. The City Manager, Larry D. Gilley, is authorized to execute these <br /> Agreements on behalf of the City. <br /> PART 3. This Resolution shall be in full force and effect from and after its passage. <br /> ADOPTED this 16 day of March ,1998 <br /> í)J.\ ~* .~ <br /> Billy G. Moore <br /> Mayor <br /> Attest: ~ / <br /> vr ¿1Ml) . . j f)I~), <br /> Jlnis K. Womack <br /> City Secretary <br />