PERSONAL AND COl.

/FIDENTJAL

OPTION AGREEMENT

This Option Agreement (this "Agreement") is executed as of fe.b. ' 2017 (the
"Effective Date"), by and between Kay L. Taggart ("Owner") and the City of El Paso, Texas, a
Texas municipal corporation ("City").

WHEREAS, the City desires to secure a site for construction of a new voter-approved
Multipurpose Cultural and Performing Arts Center (the "MPC Project");

WHEREAS, Owner is the owner of that certain real property located in El Paso County,
Texas, and described as follows:

West 30 feet of Lot 149 and the West 30 feet of the North 13 feet 4 inches of Lot
150, Block 32, MILLS MAP ADDITION, an addition to the City of El Paso, El
Paso County, Texas., with a street address of 224 W. Overland, El Paso, Texas (the
"Property"), which Property includes the land and all buildings, fixtures and other
improvements on the land;

WHEREAS, the Property is within the boundaries of a site the City is considering for the
location of the MPC Project;

WHEREAS, the City has made an offer to purchase the Property from Owner (the "Offer")
for the sum of Two Hundred Sixty-Two Thousand Nine Hundred and No/100 Dollars
($262,900.00) (the "Purchase Price") in an lpitial Offer Letter dated feb. 71 2.DJ7 and
Owner has agreed to sell the Property subject to this Agreement; and

WHEREAS, Owner agrees to grant the City an exclusive option to purchase the Property
in return for payment of One Thousand Dollars ($1,000.00) (the "Option Payment") pursuant to
the terms set forth herein; and

WHEREAS, Stewart Title Company of El Paso ("Stewart") shall serve as the title company
and escrow agent for the purchase of the Property.

NOW, THEREFORE, in consideration of the Option Payment by the City to Owner, the
receipt and sufficiency of which are hereby acknowledged, it is agreed by and between the City
and Owner as follows:

1. Option. Owner hereby grants to the City an exclusive right to purchase the Property
(the "Option") during the Option Period (as defined below). The total price that the City will pay
for the Property is the Purchase Price.

2. Option Payment. Upon execution of this Agreement, the City shall direct Stewart
to pay Owner the Option Payment. Ov.'Iler agrees to comply with any requirements by Stewart to
issue the Option Payment and facilitate the purchase of the Property.

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