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2010-208ORDINANCE NO. 2010-208 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, DBT PORCUPINE, Ll, A DELAWARE BUSINESS TRUST AND BDC FAMILY LIMITED PARTNERSHIP, A TEXAS LIMITED PARTNERSHIP; 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 FUNDS THEREFOR; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the City of Denton, Texas and DBT Porcupine, Ll, 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, Ll; and the City shall obtain the easement at no charge from DBT; and WHEREAS, on April 20, 2010 this matter was presented to the Council in a Closed Meeting; and on September 7, 2010 a final presentation was made regarding this settlement in a Closed Meeting; and; 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 Agreement 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 Attorney 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. 1 SECTION 4. This ordinance shall become effective immediately upon its passage and approval. PASSED AND APPROVED this the day of '2010. MARK A. URROUG ",OR ATTEST: JENNIFER WALTERS, CITY SECRETARY By: APPROVED AS TO LEGAL FORM: ANITA BURGESS, CITY ATTORNEY By: 2