AGENDA CAPTION:
Title
Consider approval of Resolution 2019-223R, approving a purchase and sale agreement with Pursuant Ventures Development, LLC providing for the City to purchase approximately 30 acres of land in the vicinity of Centerpoint Road and IH-35 South to be improved with a Multi-Use Sportsplex Facility with eight fields for an estimated price of $19,875,383.51 funded by bonded indebtedness intended to be paid From Hotel Occupancy Tax Collections and Lease Revenues; approving a lease of such property to SM Baseball Investments, LLC upon closing on the purchase of the property; authorizing the City Manager, or his designee, to execute each of the agreements; and declaring an effective date.
Body
Meeting date: November 6, 2019
Department: City Manager's Office, Steve Parker, Assistant City Manager
Amount & Source of Funding
Funds Required: $19,875,383.51
Account Number: Click or tap here to enter text.
Funds Available: Certificates of Obligation will be issued at a later date TBD
Account Name: Click or tap here to enter text.
Fiscal Note:
Prior Council Action: The San Marcos City Council has discussed this in Executive Session on June 6, 2017; November 8, 2017; August, 7, 2018; September 18, 2018; February 19, 2019 and September 17, 2019
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Background Information:
The City of San Marcos is proposing to enter into a partners...
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