Title
Ordinance - Second Reading of an Ordinance Vacating and Abandoning a Portion of Hospital Drive in the City of Mansfield, Tarrant County, Texas
Requested Action
Approval of ordinance.
Recommendation
Staff recommends that the council approve second reading of the Ordinance.
Description/History
At the last regular City Council meeting on Jan. 13, 2014, Council approved first reading of the Ordinance vacating and abandoning a portion of Hospital Drive with the understanding that there would be additional changes necessary on the second reading. The final version of the Ordinance, which includes the Deed Without Warranty has been revised as follows:
1. The date of the Third and Final Reading of the Ordinance has been revised to reflect passage at the Special Council meeting scheduled for January 28th.
2. Paragraph 5. has been added to the section titled Reservations from and Exceptions to Conveyance: of the Deed Without Warranty “other than temporary closures needed for construction purposes, Grantee covenants that it will not close the portion of Hospital Drive being conveyed to it for traffic flow from Miller Drive until after a point where there is ingress and egress to and from public parking located on either the North or South side of Hospital Drive as generally depicted in Exhibit C.”
3. Additional language has been added to the section titled Additional Evidence of No Right of Reversion: of the Deed Without Warranty, “It is expressly agreed that if the Grantee desires to undertake any action that would trigger the Grantor’s right of reversion provided hereinabove that arises from bond financing, Grantee shall have the right, but not the obligation, to provide the Grantor with sufficient funds required to redeem/pay off that portion of the bonds then outstanding that are allocable to the Property Conveyed and to pay any and all costs and expenses for partially redeeming/paying-off such bonds, and upon payment of such amount, the Grantor’s right o...
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