04/23/01 Board of Public Works Minutes

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REGULAR MEETING APRIL 23, 2001 Upon a motion made by Mr. Inks, seconded by Ms. Roemer and carried, the above referred to Addenda were approved and executed. ADOPT RESOLUTION NO. 25-2001- THE SALE OF CERTAIN PROPERTY TO THE CITY OF SOUTH BEND BUILDING CORPORATION Upon a motion made by Mr. Roemer, seconded by Mr. Inks and carried, the following Resolution was adopted by the Board of Public Works: RESOLUTION NO. 25-2001 A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, REGARDING THE SALE OF CERTAIN PROPERTY TO THE CITY OF SOUTH BEND BUILDING CORPORATION WHEREAS, the City of South Bend, Indiana (the "City"), has previously executed a lease (the "Lease") whereby the City of South Bend, Indiana (the "City"), shall lease the new public works service center facility to be constructed and located at 730 United Drive in the City (the "Project") from the City of South Bend Building Corporation (the 'Building Corporation"); and WHEREAS, construction of the Proj ect is to be financed by the Building Corporation through the issuance of its county option income tax lease rental revenue bonds; and WHEREAS, the City desires to sell the property upon which the Project will be located to the Building Corporation, said property being described as set forth in the Lease (the "Property"); and WHEREAS, the Board of Public Works of the City (the 'Board") previously approved the appointment of two (2) appraisers professionally engaged in making appraisals to appraise the Property, the average of which appraisals equals One Million One Hundred Twenty-five Thousand and 00/100 Dollars ($1,125,000.00); and WHEREAS, the City purchased the Property within the three (3) years preceding the date of the appointment of the appraisers for the purchase price of One Million One Hundred Thirty- two Thousand Five Hundred and 00/100 Dollars ($1,132,500.00) (the "Original Purchase Price"); and WHEREAS, pursuant to I.C. 36-1-10-11, the price to be paid by the Building Corporation may not be less than the Original Purchase Price; NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works of the City of South Bend, Indiana, that: 1. The Board hereby approves and authorizes the sale of the Property for the price of One Million One Hundred Thirty-two Thousand Five Hundred and 00/100 Dollars ($1,132,500.00). The Mayor and Clerk are hereby authorized to execute and attest, respectively, a deed transferring title to said property to the Building Corporation. 2. This Resolution shall be in full force and effect from and after its adoption by the Board. ADOPTED at a meeting of the Board of Public Works of the City of South Bend, Indiana, held on April 23, 2001, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana. ATTEST: s/Angela K. Jacob, Clerk BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA s/Gary A. Gilot, President s/M. Catherine Roemer, Member s/Donald E. Inks, Member