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RESOLUTION NO. 2018-142R <br /> A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN <br /> MARCOS, TEXAS APPROVING A CONTRACT WITH THE SAN MARCOS <br /> RIVER FOUNDATION, INC. FOR THE CITY TO PURCHASE <br /> APPROXIMATELY 249 ACRES OF LAND, COMMONLY REFERRED TO <br /> AS THE "MILLICAN TRACT," IN THE VICINITY OF PALOMINO LANE <br /> AND COUNTRY ESTATES DRIVE FOR A PRICE OF 53,062,700.00 TO BE <br /> REIMBURSED THROUGH A PARTIALLY FORGIVABLE LOAN FROM <br /> THE TEXAS WATER DEVELOPMENT BOARD; AUTHORIZING THE <br /> CITY MANAGER TO EXECUTE SAID CONTRACT AND RELATED <br /> CLOSING DOCUMENTS ON BEHALF OF THE CITY; AND DECLARING <br /> AN EFFECTIVE DATE. <br /> BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, <br /> TEXAS: <br /> PART 1. The attached Real Estate Sales Contract with the San Marcos River <br /> Foundation, Inc. (the "Contract") is hereby approved. <br /> PART 2. The City Manager is authorized to execute the Contract and all related closing <br /> documents on behalf of the City. <br /> PART 3. This resolution shall be in full force and effect immediately from and after its <br /> passage. <br /> ADOPTED on August 7, 2018. <br /> John omaides <br /> Mayor <br /> Attest: <br /> tor ,111 t <br /> Jami- e- Case <br /> City Cle k <br />