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I I I 54. RESOLUTION NO. 2006 - 14 R A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS APPROVING AN AGREEMENT WITH THE NATURE CONSERVANCY AND HAYS COUNTY RELATED TO THE CITY'S ACQUISITION OF A 250.7 ACRE, MORE OR LESS, TRACT OF PROPERTY IN THE ROGERS RIDGE AREA AND THE SPRING LAKE/SINK CREEK WATERSHED; AND DECLARING AN EFFECTIVE DATE. RECITALS: 1. City voters on November 8, 2005 approved a proposition for the issuance of$2 million in general obligation bonds for the purchase of greenspace land in the Rogers Ridge area and the Spring Lake/Sink Creek watershed. 2. The Nature Conservancy executed a purchase agreement with R YS, Ltd. for the purchase of a 250.7 acre tract of property (the "Property") in this area in December of2005. This agreement provides for a purchase price is $4,869,000, earnest money in the total amount of $150,000 - $25,000 from The Nature Conservancy, and $62,500 each from the City and Hays County, and a closing deadline of May 15,2006. 3. The City Council wishes to approve an agreement between the City, The Nature Conservancy and Hays County covering the following points: A. The City and Hays County will contribute the shares of earnest money called for in the purchase agreement. B. The Nature Conservancy will close on the purchase of the property by the closing deadline under the purchase agreement. C. Upon closing, The Nature Conservancy will enter into a new purchase agreement with the City, with the same purchase price. Under this purchase agreement, the City will have two years to secure the full amount of funding needed for the purchase. The Nature Conservancy will coordinate and facilitate the fundraising effort. D. The City would pay The Nature Conservancy a fee of$60,000 for its services related to the property acquisition (12 when Nature Conservancy purchases and 12 when the City purchases), plus out-of-pocket expenses such as survey and appraisal costs, plus holding costs (interest, insurance, etc.). E. Hays County will make a contribution of$700,000 (including the $62,500 in earnest money) to the City towards the purchase. F. Upon closing the purchase from The Nature Conservancy, the City would limit its use ofthe property to passive recreational uses, such as hiking and bike trails, camping areas, and roadways and parking areas needed for these uses. BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: P ART 1. The attached agreement between the City, The Nature Conservancy and Hays