Res 1998-053 - Laserfiche WebLink

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73 FUNDING AGREEMENT FOR HIGHWAY IMPROVEMENT PROJECT 1. Parties. This Agreement is between the City of San Marcos, Texas (the "City") and Tanger Properties Limited Partnership ("Tanger"). 2. Background and Purpose. The City is executing an agreement (the TXDOT Agreement") 'vith the Texas Department of Transportation ("TXDOT"), attached as Exhibit A, for improvements 0 be made by TXDOT at the intersection of Interstate Highway 35 and Centerpoint Road (the Project") in San Marcos, Hays County, Texas. The TXDOT Agreement requires the City to donate $1,000,000 towards the cost of the Project, which consist of the elevation of the Interstate Highway 35 main lanes over Centerpoint Road, and to provide 100% of all costs of right-of-way and utility adjustments for the Project. Tanger is willing to contribute $250,000 towards this donation to 6ê made by the City to TXDOT for these improvements. Other private contributions to the City towards the Project by San Marcos Factory Shops, Ltd. and Sac-N-Pac Food Stores, Inc. total $450,000. 3. Tanger's Agreement. Tanger agrees to pay the City the sum of $250,000 within ten days of the City's delivery to Tanger of a copy ofTXDOT's written request for payment of the $1,000,000 cash contribution to be made by the City towards the Project. 4. City's Agreement. The City agrees to pay to TXDOT the full amount paid by Tanger to the City under this agreement, by the deadline established by TXDOT for receipt of the City's cash contribution. The City agrees not to use Tanger's payment under this Agreement for any other purpose. The Cit):"s execution of the TXDOT Agreement is subject to the execution of this agreement, and similar agreements with San Marcos Factory Shops, Ltd. and with Sac-N-Pac Food Stores, Inc. In the event TXDOT decides not to implement the Project for any reason after Tanger makes its payment to the City, the City will refund this payment in full to Tanger within ten days of TXDOT's decision. 5. Miscellaneous. This Agreement is governed by the laws of the State of Texas, and it may at be assigned or modified without the written consent of both parties. The execution of this Agreement and the TXDOT Agreement is not to be construed as forming any type of joint venture or partnership between the parties to the agreements. CITY OF SAN MARCOS, TEXAS By: L Date: -