2010-079ORDINANCE NO. 2010-079
AN ORDINANCE OF THE CITY OF DENTON, TEXAS APPROVING AND
AUTHORIZING THE COMPROMISE, SETTLEMENT AND RELEASE OF ALL CLAIMS
BY AND BETWEEN THE CITY OF DENTON, TEXAS AND DBT PORCUPINE, L1, A
DELAWARE BUSINESS TRUST; AUTHORIZING THE CITY MANAGER AND CITY
ATTORNEY TO ACT ON THE CITY'S BEHALF IN EXECUTING ANY AND ALL
CONVEYANCES AND OTHER SUPPORTING DOCUMENTS PERTAINING THERETO,
AND TO TAKE SUCH OTHER ACTIONS AS ARE NECESSARY TO EFFECTUATE AND
FINALIZE THE SETTLEMENT; AUTHORIZING THE CITY MANAGER TO RECEIVE AN
EASEMENT ON BEHALF OF THE CITY OF DENTON, TEXAS; AUTHORIZING THE
EXPENDITURE OF ANY FUNDS FOR INCIDENTAL EXPENSES; AND DECLARING AN
EFFECTIVE DATE.
WHEREAS, the City of Denton, Texas and DBT Porcupine, L1, a Delaware Business
Trust ("DBT") have each advanced their claims of ownership regarding a certain tract of realty
upon which the City wishes to construct electric transmission line facilities in the future;
negotiations have occurred and the parties are now ready to consummate their settlement; and
WHEREAS, the City of Denton, Texas will acquire an easement of the necessary tract of
land for its electric easement from DBT Porcupine, L1; the City will execute a Quit Claim Deed
to extinguish its claim and clear title to DBT Porcupine, LI; and the City shall obtain the
easement at no charge from DBT; and
WHEREAS, on December 7, 2009 this matter was presented to the Public Utilities
Board, and Staff received direction that so long as the electric transmission line easement could
be obtained for no monetary consideration that the authority to negotiate was granted to Staff;
WHEREAS, the City Council, having considered the transaction is of the opinion that
this compromise, settlement and release of all claims is well-taken and is the best interests of the
citizens of the City, NOW THEREFOR
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS:
SECTION 1. The City Council hereby approves the "Compromise, Settlement and
Release of All Claims" (the "Agreement") attached hereto as Exhibit "A" and made a part hereof
by reference; and authorizes the City Manager to execute said Agreement on behalf of the City
of Denton, Texas.
SECTION 2. The City Manager and City Attorneys are hereby authorized to act on the
City's behalf in approving, executing and receiving any and all documents, and to take other
actions as are necessary or appropriate, to finalize the Agreement.
SECTION 3. The City Manager is hereby authorized to expend funds, if any, which
might be necessary or incidental, in accordance with the Agreement.
SECTION 4. This ordinance shall become effective immediately upon its passage and
approval.
PASSED AND APPROVED this the 0
ATTEST:
JENNIFER WALTERS, CITY SECRETARY
By:
APPROVED AS TO LEGAL FORM:
ANITA BURGESS, CITY ATTORNEY
By:
day of '2010.
MAIkK B RR U HS, MAYOR
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