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RESOLUTION NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, PARIS, TEXAS, AUTHORIZING THE EXECUTION OF A WARRANTY DEED OF ABANDONMENT TO LAMAR COUNTY AS THE ADJACENT PROPERTY OWNER OF A FORTY (40) FOOT STREET KNOWN AS W. PRICE STREET IN CITY BLOCKS 10 AND 41, ABANDONED BY ORDINANCE NO. 2002- , BETWEEN N. MAIN STREET (U.S. HWY 271) AND 1ST STREET N.W., BEGINNING AT THE WEST BOUNDARY LINE OF N. MAIN STREET GOING WEST TO THE EAST BOUNDARY LINE OF 1ST STREET N.W.; AUTHORIZING THE ACCEPTANCE OF A WARRANTY DEED FROM LAMARCOUNTY TO A 100 FOOT RIGHT-OF- WAY NECESSARY FOR THE EXTENSION OF HEARNE STREET FROM 1ST STREET S.W. TO 4TH STREET S.W. AS CONSIDERATION IN EXCHANGE FOR THE CITY'S INTEREST IN THE PRICE STREET RIGHT-OF-WAY CONVEYED BY WARRANTY DEED AUTHORIZED HEREIN; CONDITIONING SAID DEED OF ABANDONMENT ON RECEIPT OF THE WARRANTY DEED FROM LAMAR COUNTY FOR THE HEARNE STREET RIGHT-OF-WAY; MAHING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, it has been called to the attention of the City Council of the City of Paris that there is a street known as W. Price Street running east and west, beginning at the west boundary line of N. Main Street (LJ. S. Hwy 271), going west to the east boundary line of 1 st Street N. W.; and, WHEREAS, it has been called to the attention of the City Council by request of Lamar County as the adjacent property owner that the street is not desired by Lamar County as the adjacent property owner that said street is of use and necessary to the City of Paris and its citizens for enhy and access, drainage, and utility easement purposes; and, WHEREAS, the City Council, by prior Ordinance No. 2002- , adopted Apri14, 2002, has authorized the City to abandon the City's interest in the aforesaid street and, WHEREAS, Section 272.001 of the Texas Local Government Code authorizes political subdivisions of the State of Texas, such as Lamar County and the City of Paris, to exchange real property, including street right-of-way, where the exchange is with abutting property owners who hold clear title to said abutting property, for other street right-of-way, with a finding by the governing bodies of both political subdivisions that the fair market value of the respective properties is essentially equal and the exchange is in the best interests of the citizens of each respective political entity; and,