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147. <br /> <br />RESOLUTION NO. 2003- 94 R <br /> <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />SAN MARCOS, TEXAS, APPROVING THE ASSIGNMENT OF <br />PROPERTY EXCHANGE AGREEMENTS PERTAINING TO <br />FREDERICKSBURG STREET AND COMANCHE STREET BY <br />THE TEXAS STATE UNIVERSITY SYSTEM AND AMERICAN <br />CAMPUS (SWT II), LTD.; AND DECLARING AN EFFECTIVE <br />DATE. <br /> <br />RECITALS: <br /> <br /> 1. The City Council adopted a resolution on May 28, 2003 approving property exchange <br />agreements pertaining to Fredericksburg Street m~d Comanche Street with the Texas State Ut~iversity <br />System ("TSUS") and with American Campus (SWT II), Ltd. ("American Campus"). <br /> <br /> 2. TSUS and American Campus are proposing to assign their rights and obligations m~der <br />their respective agreements to the Texas State University System Foundation, Inc., or a wholly <br />owned subsidiary of the Texas State University System Foundation, Inc., and in addition, American <br />Campus is proposing to assign its rights and obligations under its agreement to Compass BarLk for <br />collateral purposes. <br /> <br /> 3. The property exchange agreements provide that the consent of the City is required for <br />assigm:qents of this nature, and the City wishes to express its consent to these assignments. <br /> <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br />TEXAS: <br /> <br /> PART i. The assigurnent by TSUS and American Campus of their rights and obligations <br />under their respective property exchange agreements as described in Recital 2 above is approved. <br /> <br /> PART 2.. This Resolution is in full rome and effect in2nediately from and after its adoption. <br /> <br /> // ~ontoya <br /> Mayor Pro-Tern <br />Attest: ~ ~, ~ <br /> <br />City Clerk <br /> <br /> <br />