01/28/02 Board of Public Works Minutes

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019 REGULAR MEETING JANUARY 28, 2002 September 21, 2002 on the designated route as submitted. Therefore, upon a motion made by Mr. Gilot, seconded by Mr. Inks and carried, the recommendation was approved. R ATTFVTMCCCIMFTRMTMC°T COMPROMISE AND SETTLEMENT AGREEMENT RELATED TO ACQUISITION OF PROPERTIES IN THE STUDEBAKER CORRIDOR Upon a motion made by Mr. Gilot, seconded by Mr. Inks and carried, the following Resolution was adopted by the Board of Public Works: RESOLUTION NO. 1-2002 A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA RATIFYING, CONFIRMING AND APPROVING COMPROMISE AND SETTLEMENT AGREEMENT RELATED TO ACQUISITION OF PROPERTIES IN THE STUDEBAKER CORRIDOR WHEREAS, Allied Products Corporation ("Allied") is the owner of certain properties located within the City of South Bend which are commonly known as the former "Stamping Plant" and the "Oliver Plow Works" ("Property"), and more particularly described in Exhibit "A" attached hereto and incorporated herein; WHEREAS, the City of South Bend, Indiana (the "City") has determined that the acquisition and remediation of the Property ("Project") is in the best interests of the City; and WHEREAS, the City and Allied have reached an agreement whereby the City agrees to buy and Allied agrees to sell the Property to City under the terms and conditions contained in a Compromise and Settlement Agreement ("Agreement") executed by Allied on January 9, 2002 attached hereto and incorporated herein as Exhibit "B"); and WHEREAS, the Agreement between Allied and City is subject to final approval by the Bankruptcy Court for the Northern District of Illinois and a motion seeking Court approval is currently pending before the Court; WHEREAS, the City believes that the Project as described in the Agreement is in the best interests of the health, safety and the social and economic welfare of the City and its residents and that the Project complies with federal, state and local laws under which the Project has been undertaken and is being assisted; and WHEREAS, pursuant to Indiana Code § 36-4-5-3, the Mayor for the City of South Bend is empowered to sign contracts of the City; and WHEREAS, in order to facilitate the Project, the Mayor has heretofore executed the Agreement on behalf of the City pursuant to I.C. § 36-4-5-3; and WHEREAS, the Board of Public Works desires to ratify the Agreement; NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works of the City of South Bend, Indiana as follows: 1. The actions taken by the Mayor of the City of South Bend relating to the Project, including the execution of the Agreement on behalf of the City are hereby in all respects ratified, confirmed and approved. 2. This Resolution shall be in full force and effect after its adoption by the Board of Public Works. ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana held on January 23, 2002 at 1300 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana 46601.