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RESOLUTION
WHEREAS, on the 16th day of February, 1982, the City of
Georgetown entered into that certain Agreement with the
Industrial Corporation of Georgetown, a copy of such agreement
being atf--ached hereto as Exhibit A, and incorporated herein by
reference; and
WHEREAS, Paragraph 6 of said agreement contained a
restrictive covenant as follows: "As long as the herein
described property shall be owned by the Corporation (Industrial
Corporation of Georgetown) said property shall not be developed
or disposed of for residential purposes;" and,
WHEREAS, Georgetown Industrial Corporation has requested
that in consideration of its immediate payment to the City of
Georgetown of $51,851.50 being the sum due said City under the
terms of the aforementioned agreement which was the cost
Georgetown Industrial Corporation is obligated to pay City that
such corporation be released and discharged from such agreement
and that the said restrictive covenant prohibiting residential
use of said land be terminated; and
WHEREAS, the City Council of the City of Georgetown deems it
in the best interest of said City to recover such costs for
installation of utility lines to service said property, as
provided in said agreement attached hereto; now therefore
BE IT RESOLVED by the City Council of the City of Georgetown
that that certain agreement dated February 16, 1982, entered into
by and between the City of Georgetown and the Industrial
Corporation of Georgetown, is hereby terminated effective upon
payment within 15 days from date hereof by said Corporation to
the City of $51,851.50 and said corporation, upon such payment,
is hereby released and discharged from the terms of such
agreement. Further, CorporF.tion, its successors and assigns, may
connect to said water and sewer lines but City makes no
representations as to availability of such utilities. Such
termination shall not create any obligations whatsoever upon the
City of Georgetown.