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I I I 138 ORDINANCE NO. 1974 - 22 AN ORDINANCE APPROVING AND AUTHORIZING THE MAYOR TO EXECUTE A ~OURTH AMENDED COOPE~TION AGREEMENT WITH THE URBAN RENEWAL AGENCY OF THE CITY OF SAN MARCOS, TEXAS, IN CONNECTION WITH AN URBAN RENEWAL PROJECT, TEX. A-6, FURTHER DIRECTING THE CITY MANAGER TO ESTABLISH A SINKING FUND TO BE FUNDED OUT OF GENERAL FUNDS FOR CITY TO PURCHASE DISPOSITION PARCEL NO. lA-2 AS AGREED TO IN SAID ~OURTH AMENDED CO- OPE~TION AGREEMENT, AND DECLARING AN EMERGENCY. WHEREAS, the City desires to enter into an agreement with the Urban Renewal Agency of the City of San Marcos, Texas, for the purpose of expediting and assuring the completion of the Urban Renewal Project, NDP Project, Tex. A-6, located within the city limits of the City of San Marcos, Texas; and WHEREAS, included within said Fourth Amended cooperation Agreement is an obligation on the part of the City to purchase Disposition Parcel No. lA-2 for public and semi-public use for the Police and Courts Building site in accordance with the approved Urban Renewal Plan, as amended at a price of $1.30 per square foot, based upon two independent fee appraisals and approved by the Agency's Board of Commissioners and HUD, which Agreement recognizes a credit of $10,000.00 in favor of City previously paid and applied to the purchase price of this parcel; and WHEREAS, the city has agreed to create a sinking fund to be funded out of general funds to comply with this obligation; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, THAT: SECTION 1. The Mayor is hereby authorized to execute a Fourth Amended Cooperation Agreement with the Urban Renewal Agency of the City of San Marcos, Texas, for the undertaking and completion of the Urban Renewal Project, NDP project, Tex. A-6, within the City of San Marcos, Texas. SECTION 2. The Fourth Amended Cooperation Agreement is attached hereto as Exhibit "A" and made a part hereof and hereby approved. SECTION 3. The City Manager is hereby directed to establish a sinking fund to be funded annually out of the general funds of the City in a sufficient amount in order for the City to comply with the obligation referred to herein and contained in the Fourth Amended Cooperation Agreement concerning Disposition Parcel lA-2, NDP Project, Tex. A-6. SECTION 4. The importance of this Ordinance creates an emergency and an imperative purpose necessary that the provisions of the Charter requiring that all Ordinances be read at three separate meetings and that no Ordinance shall become effective until the expiration of lO days following the date of its final passage, be suspended, and this provision is hereby suspended, and this Ordinance shall take effect and be in force from and after its adoption, and publication in a newspaper of general publication wi thin the City.