1996-06-24 Regular Meeting - Laserfiche WebLink

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• STATE OF TEXAS S S COUNTY OF HARRIS S AGREEMENT 0 c(OFIly This Agreement, made and entered into by and between the City of La Porte, a municipal corporation of Harris County, Texas, hereinafter referred to as "City," and Southern Pacific Transportation Company, a Delaware Corporation, hereinafter referred to as "S.P." WHEREAS, S.P. owns a 219 Acre tract in the City of La Porte; all of which is more fully shown on a plat thereof attached hereto as Exhibit "A", incorporated by reference herein and made a part hereof for all purposes, with said property being sometimes hereinafter referred to as "the S.P. Property"; and WHEREAS, S.P. currently operates a railroad facility, known as "Strang Yard" adjacent to said 219 Acre tract; and WHEREAS, S.P. has previously filed with the City of La Porte Planning and Zoning Commission a General Plan for Development of said 219 Acre tract, which said plan in part proposes an addition to S.P.'s existing Strang Yard Facility; and WHEREAS, S.P., in said General Plan for development, has further proposed closure of certain existing City of La Porte street rights -of -way, in exchange for dedication of rights -of -way to the City of La Porte; and WHEREAS, said right-of-way exchange facilitates development of said 219 Acre tract and further provides for future street locations within said tract; and WHEREAS, said right-of-way exchange also allows for acquisition by the City of La Porte of land needed to facilitate proposed drainage improvements within the City of La Porte; and WHEREAS, the parties find it mutually beneficial to proceed with the exchange of rights -of -way as proposed in said General Plan in order to facilitate development of the property and drainage improvements in La Porte; NOW, THEREFORE, BASED UPON THE PREMISES AND THE MUTUAL COVENANTS HEREIN CONTAINED, CITY AND S.P. HAVE AGREED, AND DO HEREBY AGREE TO THE COVENANTS HEREIN CONTAINED, ALL AS AFFECT "THE S.P. PROPERTY";