AGENDA CAPTION:
Title
Consider approval of Resolution 2017-167R, approving a Lease-Purchase Agreement with the Trust for Public Land providing for the City to lease with an option to purchase approximately 102 acres of land west of the City off of Derby Court (located within the Country Estates Subdivision), which agreement provides for payment by the City of three annual installments of $423,333 to be applied toward the purchase of the property at a price of $1,270,000; authorizing the City Manager to execute said agreement on behalf of the City; authorizing the City Manager or his designee to submit applications for grants to offset the costs to the City of leasing and purchasing such property; and declaring an effective date.
Body
Meeting date: November 8, 2017
Department: PARDS
Funds Required:
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Funds Available:
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CITY COUNCIL GOALS:
* Goal 2: Beautify and Enhance the Quality of Place for San Marcos.
COMPREHENSIVE PLAN ELEMENT(s):
* Economic Development Goal 7
* Environment and Resource Protection Goals1 and 2
* Land use Goal 3
* Parks, Public Spaces and Facilities Goal 2
BACKGROUND:
This property is a 102 acre undeveloped tract of land that drains into Sink Creek and is located in an environmentally sensitive area west of the City. The property was formerly owned by Grady Early and is now owned by the Texas State University Development Foundation. The Trust for Public Land (TPL) will acquire the property from the Foundation with the ultimate goal of conveying the tract to the City. .
The City and TPL are collaborating to identify grant funding sources to apply toward the purchase of the property. In the interim, however, the parties would enter into this proposed Lease-Purchase Agreement. Although the appraised value of the property is $1,300,000, the purchase price will be $1,270,000. Under the agreement, the City would make three lease installments the amounts of which will be applied toward the fina...
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