Res 798 4/8/1968r
r
RESOLUTION NO. 91
BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF
WICHITA FALLS, TEXAS, THAT:
That certain agreement dated April 3 , 1968 between the
City of Wichita Falls and Industrial Development, Inc. concerning
reimbursement for part of the cost of constructing certain water
and sewer facilities to serve Expressway East Industrial District
is hereby approved, and either the Mayor or the City Manager is
authorized to execute the same for the City.
PASSED AND APPROVED this the 8th day of April, 1968.
M A Y O R
ATTEST:
A-4PrtX)
ik 0-/-047-1/•(-tor)
City Clerk
i ' h
THE STATE OF TEXAS §
COUNTY OF WICHITA
THIS AGREEMENT made and entered into this the 3rd day
of April, 1968, by and between Industrial Development, Inc. ,
a Texas corporation, hereinafter called "IDI" , and the City
of Wichita Falls, Texas , a municipal corporation, hereinafter
called "City" ,
W I T N E S S E T H:
WHEREAS, City has constructed certain offsite and on-
site water and sewer facilities which will serve the Expressway
East Industrial District which is being developed by IDI , the
location of such facilities being shown on the plat attached
hereto, marked "Exhibit A" ; and,
WHEREAS, IDI and City have previously agreed that IDI
would reimburse City for a portion of the cost of such facilities ,
concerning which the Board of Aldermen adopted Resolution No.
676 on January 9th, 1967; and,
WHEREAS, a question has arisen between City and IDI
as to the manner and amount of the reimbursement by IDI to
City; and,
WHEREAS, City and IDI have agreed to compromise this
question in accordance with the terms of this contract.
NOW, THEREFORE, for and in consideration of the mutual
covenants herein contained, IDI and City do hereby agree as
follows :
1. The title to such water and sewer facilities shall
remain vested in City, and City shall maintain such facilities .
2 . IDI shall pay to City, in cash and property, the
sum of $63, 875.00 . This shall be payable as follows :
A. Upon the execution of this contract, IDI shall
pay to City in cash the sum of $17 ,000. 00 .
B. IDI shall convey to City, by warranty deed,
25 acres of land located in Arrowhead Industrial District to
the City of Wichita Falls. For the purpose of this contract,
this land shall be valued at $1, 875 .00 per acre, for a total
of $46, 875 .00 . Said 25 acres of land shall consist of the
following described tracts situated in the Arrowhead Industrial
District in the City of Wichita Falls, Wichita County, Texas,
to-wit :
1) A certain tract shown as Tract E-2 on the
Proposed Plan of Development, dated October, 1962, prepared by
Forrest and Cotton, Inc. of Dallas, Texas.
2) A certain tract containing 20 acres, bounded
on the southwest by the Burkburnett Highway, on the north by
the north side canal , on the northeast by a line parallel to
and 500 feet from the Burkburnett Highway, and on the southeast
by a line perpendicular to the Burkburnett Highway and a sufficient
distance from the north side canal so as to include within this
tract 20 acres .
IN WITNESS WHEREOF, IDI and City have caused this agreement
to be executed by their duly authorized officers on the day and
year first above stated.
INDUSTRIAL DEVELOPMENT, INC.
By:
President
ATTEST:
Secretary
CITY OF WICHITA FALLS
By:
ATTEST:
City Clerk Approved as to form:
City Attorney