08/23/99 Board of Public Works Minutes

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114)�" REGULAR MEETING AUGUST 23, 1999 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 certain improvements to the former O'Brien School located at 321 E. Walter Street in the City (the "Project") from the City of South Bend Building Corporation (the "Building Corporation"); and WHEREAS, construction ofthe Project is to be financed by the Building Corporation through the issuance of its first mortgage 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 City has had said Property appraised by two (2) appraisers professionally engaged in making appraisals, the average of which appraisals equals Five Hundred Twenty-seven Thousand five hundred 00/100 Dollars ($527,500.00); and WHEREAS, the Board of Public Works of the City (the "Board") desires to approve and authorize the execution of an agency agreement whereby the City, by and through the Board of Park Commissioners, shall exercise certain rights with respect to the Property during the term of the Lease; 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 ratifies the appointment of Bernard Diedrich and Philip Krause as appraisers for purposes of appraising the Property. The Board hereby approves and authorizes the sale of the Property for the price of Five Hundred Twenty-seven Thousand five hundred 00/100 Dollars ($527,500.00) or such greater amount determined by the Mayor which amount shall be set forth in a certificate relating to the sale of the Property. The Mayor and Clerk are hereby authorized to execute and attest, respectively, a deed transferring title to said property to the Building Corporation. 2. The Board hereby approves the form of the agency agreement presented to the Board at this meeting and authorizes the Mayor and Clerk to execute and attest, respectively, said agreement in the form presented at this meeting with such changes as may be suggested by counsel and approved by the Mayor and Clerk with such approval evidenced by the execution and attestation, respectively, thereof. 3. 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 August 23, 1999, at 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana. BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA s/James R. Caldwell, President s/Lew Powell, Member s/M. Catherine Roemer, Member ATTEST: s/Angela K. Jacob, Clerk ADOPT RESOLUTION NO.41-1999 - DISPOSAL OF CITY -OWNED PROPERTY Upon a motion made by Ms. Roemer, seconded by Mr. Powell and carried, the following Resolution was adopted by the Board of Public Works: RESOLUTION NO. 41-1999 WHEREAS, I.C. 36-9-6-1 gives the Board of Public Works of the City of South Bend the right and duty to have custody of, control of, use of, and dispose of in accordance with Indiana statutes, all real and personal property owned by the City of South Bend; and