Res 1998-053 - Laserfiche WebLink

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74 FUNDING AGREEMENT FOR HIGHWAY IMPROVEMENT PROJECT 1. Parties. This Agreement is between the City of San Marcos, Texas (the " City ") and San Marcos Factory Shops, Ltd. ("SMFS"). 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 to Je made by TXDOT at the intersection ofInterstate 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 consists 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. Notwithstanding any other existing agreement between the partieson this subject, SMFS is willing to contribute $200,000, as its sole obligation, towards this donation to be made by the City to TXDOT for these improvements. Other private contributions to the City towards the Project by Sac-N- Pac Food Stores, Inc. and Tanger Properties Limited Partnership total $500,000. 3. SMFS's Agreement. SMFS agrees to pay the City the sum of $200,000 within ten days of the City's delivery to SMFS of a copy of TXDOT'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 SMFS 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 SMFS's payment under this Agreement for any other purpose. The City's execution of the TXDOT Agreement is subject to the execution of this agreement, and similar agreements with Sac-N-Pac Food Stores, Inc. and with Tanger Properties Limited Partnership. In the event TXDOT decides not to implement the Project for any reason after SMFS makes its payment ) the City, the City will refund this payment in full to SMFS within ten days of TXDOT's decision. 5. Miscellaneous. This Agreement is governed by the laws of the State of Texas, and it may not 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 SAN MARCOS FACTORY SHOPS, LTD. By: Prime Retail, L.P., Inc., its general partner . "'. 'I.;}.~. By: p~~ail, rr¿:~s ge~eral partner By. f(--/.L. i~~ By. LJ{) <J.ÊL Larry D. illef),City"Mana r Signature Date: March 17, 1998 (;te.M.1t. b.~Jvf..Þt.J¿)«(c-...f:.V'f. IJP Printed name 1 title Date: f/J 18