1988-060CITY OF SOUTHLAKE, TEXAS
RESOLUTION NO. 88-60
A RESOLUTION OF THE CITY OF SOUTHLAKE,
TEXAS, ACCEPTING THE DONATION FROM IBM OF A
1-1/2 ACRE TRACT OF LAND, SUBJECT TO A
REVERSIONARY INTEREST TO BE HELD BY IBM
CONDITIONED UPON THE CITY'S CONSTRUCTION OF
A FIRE STATION ON SUCH LAND WITHIN A PERIOD
OF FIVE (5) YEARS; DECLARING AN EFFECTIVE
DATE.
WHEREAS, International Business Machines Corporation
IBM") has requested the City Council of the City of
Southlake, Texas (the "City"), to accept its donation of a
tract of land consisting of one and one-half (1-1/2) acres,
more or less, located north of Dove Road on Sam School Road,
subject to a reversionary interest to be held by IBM which is
conditional upon the City's construction of a fire station on
such land within a period of five (5) years from the date of
such donation; and
WHEREAS, the City Council understands that title to such
land will revert in fee simple to IBM on the date which is five
5) years from the date of such donation in the event the City
has not constructed a fire station upon such land on that date;
and
WHEREAS, in accordance with V.T.C.A., Local Government
Code, Section 51.076, the City is authorized to accept and hold
property that it receives by gift, deed, devise or other manner.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF SOUTHLAKE, TEXAS:
Section 1. That all of the above premises are found to
be true and correct and are incorporated into the body of this
resolution as if copied in their entirety.
Section 2. That the City hereby accepts the donation
from IBM of a tract of land consisting of one and one-half
1-1/2) acres, more or less, located north of Dove Road on Sam
School Road, subject to a reversionary interest to be held by
IBM which is conditional upon the City's construction and
operation of a fire station on such land within a period of
five (5) years from the date of such donation.
Section 3. That the City Manager is hereby authorized
and directed to receive and execute all instruments necessary
to effect the transfer of title in such land to the City.
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Section 4. That this Resolution shall be in full force
and effect from and after its passage.
PASSED, APPROVED AND
June, 1988.
All
City Secretary,
CitX...gfSouthlake, Texas
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