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WHEREAS, pursuant to Ordinance 97-292, the City of Denton (the "City") authorized
the City Manager to execute a Real Estate Contract — Option to Acquire Additional Real Estate
(the "Option Agreement") to acquire an option to purchase a certain 18,969 acre tract located in
the David Hough Survey, Abstract No, 646, City of Denton, Denton County, Texas (the "Subject
Property"); and
WHEREAS, the owner of the Subject Property (the "Owner") has provided notice under
the Option Agreement, allowing the City to confirm the existence of a written third -party bona -
fide offer to owner for the Subject Property on August 23, 2017, triggering the City's option
period; and
WHEREAS, the City has performed its due diligence regarding the potential acquisition
of the Subject Property; and
WHEREAS, the City finds it is in the public interest to acquire the Subject Property
[• Option Agreement; NOW THEREFORE;
SECTION -1. The City of Denton intends to exercise its option to purchase the Subject
Property pursuant to the Option Agreement for a purchase price of Four Million One and no/100
Dollars ($4,000,001.00).
SECTION 2. The City Manager, or his designee, and the City Attorney, or his designee,
are directed to perform all necessary steps to provide notice of the City's intent to the Owner of
the Subject Property, and to further perform all necessary steps to consummate and close the
contemplated real estate transaction as provided in the Option Agreement and Exhibits thereto,
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Agreement as Exhibit D and the expenditure of funds.
' SE - CTION -_ 3 -, This Resolution shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the _ day of'
2017,
S, MAYOR
ATTEST:
JFN ;I R, WALTERS. C11"Y SECRETARY
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APP � VED TO LEGAL FORM:
r i )N LEAL, INTERIM"1'°1 ATTORNEY
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