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ORDINANCE NO. 2012 - 55 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS APPROVING THE ABANDONMENT OF A 0.076 ACRE PORTION OF SOUTH FREDERICKSBURG STREET AT THE NORTHWEST CORNER OF CENTRE STREET AND SOUTH FREDERICKSBURG STREET, AND SOUTH OF THE INTERSECTION WITH VALLEY STREET; APPROVING THE CONVEYANCE OF A PORTION OF THIS STREET TO THE OWNER OR OWNERS OF PROPERTY ABUTTING THE STREET SUBJECT TO A RESERVATION OF A PUBLIC UTILITY DRAINAGE EASEMENT; AUTHORIZING THE CITY MANAGER TO EXECUTE ONE OR MORE QUITCLAIM DEEDS TO SUCH ABUTTING OWNERS; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. On November 13, 2012, the City Planning and Zoning Commission conducted a public hearing on an application requesting the abandonment of approximately 0.076 acres of an unopened portion of South Fredericksburg Street at the northwest corner of Centre Street and South Fredericksburg Street and south of the intersection with Valley Street, as shown in the map attached as Exhibit "A ", and voted to approve the request with the condition that the City reserve a public utility drainage easement within the street section abandoned. 2. On December 4, 2012 the City Council conducted a public hearing and considered whether to authorize the abandonment of approximately 0.076 acres of an unopened portion of South Fredericksburg Street to the abutting property owner(s). 3. The fair market value of the 0.076 acre street section subject to the abandonment request, as established by an appraisal, is $4,470.00. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS.) TEXAS: SECTION 1. The abandonment of a portion of South Fredericksburg Street at the northwest corner of Centre Street and South Fredericksburg Street and south of the intersection with Valley Street consisting of approximately 0.076 acres ( "Property "), as shown in the map attached as Exhibit "A" and described in the survey attached as Exhibit "B ", is approved. SECTION 2. The City Council determines that the proposed abandonment of the Property complies with the requirements of Chapter 74, Division 3, of the San Marcos City Code. SECTION 3. The City Manager is authorized to execute a quitclaim deed conveying the Property to the owner or owners of the "Property" upon payment by such owner(s) of the fair market value of $4,470.00. The City shall reserve a public utility drainage easement over the Property from the conveyance in the quitclaim deed.