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HomeMy WebLinkAbout1986-1635 - Ordinance - 02/13/1986ORDINANCE NO. 1635 AN ORDINANCE AUTHORIZING THE MAYOR TO EXECUTE A CONTRACT WITH THE COLLEGE STATION ECONOMIC DEVELOPMENT FOUNDATION FOR THE SALE OF THE INDUSTRIAL PARK TRACT TO THE FOUNDA- TION. WHEREAS, on the 13th day of February, 1986, the City Coun- cil met in its regular meeting and considered a proposed contract between the City of College Station and the Col- lege Station Economic Development Foundation for the sale to the Foundation of the land described in the attached Ex- hibit "A", said land currently held in a proprietary capac- ity by the City of College Station; WHEREAS, the City of College Station City Council has de- termined that the College Station Economic Development Foundation has the expertise and is authorized by law to market and develop the property; and WHEREAS, the City of College Station has found that the sale of the property to the Foundation is necessary to market and develop the property; THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF CITY OF COLLEGE STATION, TEXAS: That the Mayor is hereby authorized to enter into the con- tract attached hereto in order to effect the sale of the property to the College Station Economic Development Foun- dation. PASSED, ADOPTED and APPROVED this 13th day of February, 1986. ATTEST: ity S~t ary COUNTY Or R~ZOS * This agreement dated this the _o~dsy of June, 1986 is entered into between the College Station Economic Develooment Foundation, THC., a Texas Non-profit Corporation, hereinafter ferred to as "Foundation", and the City of College Station, a T~xas Municipal Corporation, hereinafter referred to as "City'. WITNESSETN= The Foundation agrees, sub,est to the terms and provisions hereof, to take any snd all actions necessary to promote, adver- tise and develop the economic and physicsl growth of the City of College Station in accordance with the Charter and by-laws of the IT. This Agreement is entered into by the parties concurrently wtth the execution by the appropriate parties of a Special Warranty Deed with Vendors Lien, Deed of Trust, and Secured Promissory Note for the purpose of conveying property to the Poundation to be developed into an ~ndustrial park. rtl. Th~s Agreement is further entered into by City and Founda- tion to expressly ratify and confirm the terms of the Contract to Sell and Convey Real Property entered into by the parties on the 23rd day o~ Nay, 1986, so that to the greatest extent possible that the terms contained in the Contract to Sell and Convey Real Property do not merge with the instruments described in paragraph TI. That ~f the Foundation at any time defaults on any of its fznanc~al obhgat~ons, the Board of Directors shall make reason- able attempts to cure such default and to ensure the ~lnsncial stability necessary to continue the purposes for which the Foun- dation was established. However; in the event of defsult and ability of the Board of Directors to cure such default and to provide the necessary ~lnancial stability withzn ninety (90) days of default, such t~me may be extended by the written approval of the lender(s) upon whose financial obligstion there has been a default. The City covenants and agrees that it shall accept and assume, and the Foundation covenants and agrees that it shall ~ransfec, assign, grant snd convey, all rights, assets and lia- bilities of the Poundatio~ to the City prior to or concurrently with any foreclosure of any liens securing the payment of shy ~ndebtedness of the Poundatton. J - 1 - The City and the Poundation agree that they she1] execute ~ff-ctuate the cigh~s and obligations of the parties stated he~e- ATTEST- DrAN JON~,,,~ity Secretarg ATTEST: WTLLIAM SENSIBAUGE ~ CITY OF COLLEGE STATION COLLEGE STATION ECONOMIC DEVELOPMENT ~OUNDAT I ON DENNIS GOESRING~ PreSident STATE OF TEXAS * CORPORATE ACKNOWLEDGMENT COUNTY OF BRAZES This instrument was acknowledged before me on the 4- c day of , 1986, by LARRY J. SINGER as Mayor of the C~ty of College S~atlon, a Texas Mun~eipal Corporation, on behalf of sa~d Corporation, NOTARY PUSLIC IN AND FOR THE STATE OF TEXAS Printed Name= ~,~F ~ ~' My Comm. Exp.= COSPORATE ACKNOWLEDGMENT Th~s ~nstrument was acknowledged before me on the . ~7~" day of ~..= , 1986, by DBNNIS GOEMRING as President of the College Station Economic Develooment Foundation, · Texas Non- Pro~tt Corporation, on behalf of said Corooration. My Comm. Exp.: .~--;;-W? - 2 - EXHIBIT "A" Being all that certain 1265.370 acres tract or parcel of land lymng and being smtuated in the S. W. ROBERTSON SURVEY, Abstract No. 202, BraiDs County, Texas, and being part of the 3836.811 acres tract conveyed to Hm, ard L. Terry et al in the Deed recorded mn ¥olume 316, page 416, of the Deed Records o£ Bra:os County, Texas, and being more particularly described as follows' BEGINNING at an iron rod £ound marking a northeast corner of the beforement~oned 3836.811 acres tract, said iron rod being located ~n a fence found marking the southwest right-of-way line of Rock Pramrle Road, said iron rod also marking a north,,est corner of a 612.88 acres tract now or formerly owned by Ray Cowart, THENCE S 00° 43' 36" E along a northeast line of the beforementioned 3836 811 acres tract, same being a southwest lmne o£ the beforementmoned o13.88 acres tract for a distance of 4181.21 feet to an mron rod found for corner, said Iron rod marking the northeast corner of a 1296.535 acres tract of land out of the beforementmoned 3836.811 acres tract and being described tn the Deed recorded mn Volume 395, page 91, of the Deed Records of BraiDs County, Texas, THENCE S $9' 11' 09" IV along a northwest line of the beforementioned 1396.533 acres tract for a distance of 7218.55 feet to an mron rod found for corner, samd Iron rod being located mn a 100 feet wide power line easement belonging to Gulf States Utilities, sazd iron rod also markmng a northeast corner of a 830 00 acres tract out of the beforementioned 3816.811 acres tract, THENCE N 37° 12' OS" W along the beforementioned Gulf States Utilities, 100 feet wide power lmne easement, same being the northeast line of the beforementmoned 530.00 acres tract and the northeast line of a S00.00 acres tract out of the beforementloned 3836.811 acres tract for a distance of 7435.66 feet to an iron rod found for corner, said iron rod being located mn a fence found marking a northwest line of the beforementmoned $836.811 acres tract, THENCE N 44' 30' 16" E along the beforementioned fence found markmng the northwest line of the 3836.811 acres tract for a dmstance of 2623.44 feet to a 24 in. Post Oak tree for corner, samd 24 mn. Post Oak tree being located in the beforement~oned fence found markmng the southwest rmght-o£-way lmne of Rock Prairie Road, said 24 mn. Post Oak tree also marking a northwest corner of the said 3836.811 acres tract, THENCE ~LONG the beforementtoned fence found marking the southwest right-of-way lmne of Rock Pramrme Road, same bemng the northeast lines of the beforementloned 3836.811 acres tract for the followmng calls. S 55~ 25' 33" E for a dmstance of 1195.48 feet to a 12 in. Post Oak stump for angle pomnt $ 47° 42' 19" E for a distane of 761.00 feet to a 12 in. Pin Oak tree for angle po:nt S 59° 1S' 22" E for a dzstance of 381.23 feet to an 8 mn. Pin Oak tree for angle point S 73' 08' 54" E for a distance of 70.42 feet to an 18 mn. oaL post for angle pomnt S 51° $3' 24" E for a d~stance of 171.40 feet to an 8 in. creosote post for angle point S 86° 25' $5" E for a d~stance of 736.17 feet to an 8 mn. cedar post for angle point S 84° $7' 46" E for a d~stance of 894 3S feet to an 8 in c~eosote post for angle poznt S 74° 58' 30" E for a d:stance of 1370 87 feet to an 8 creosote post for angle po:or S 77e 24' 14" L for a distance of 874.82 feet to an 8 zn. creosote pos: for angle point S 69° 36' SA" E for a d~stance of 314.95 feec to an 8 zn creosote post for angle po:nt S 58° 56' 24" E for a dzstance of 610.87 feet to a poxnt for angle point S 59° 03' $9" E for a dzstance oE 1024.72 feet to an 8 zn. creosote post Eot angle poznt S 64° 25' 23" E for a dlstance of 398.99 feet to an 8 creosote post for angle poznt S 71° gl' $6" E £or a dtstance of 326.5g feet to an 8 creosote post for angle point S 83° 29' 30" E £or a distance of 629.61 feet to an 8 creosote post for angle S 88° 34' 02" E for a dzstance of 950 21 feet to the PLACE OF BEGINNING contaioxng 126S.370 acres of land more or less.