01/18/93 Board of Public Works Minutes

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V Q REGULAR MEETING JANUARY 18, 1993 to the Housing Development Corporation of St. Joseph. County, Inc., ("HDC"), an Indiana not -for -profit corporation exempt from federal income taxation under Section 501 of the Internal Revenue Code and on October 21, 1991, executed said Sublease; and WHEREAS, the Real Estate is a vacant parcel of land; and WHEREAS, HDC has received a request from Southhold Restorations, Inc. ("Southhold"), an Indiana not -for -profit corporation exempt from federal income taxation under Section 501 of the Internal Revenue Code, to sublease the Real Estate; and WHEREAS, Southhold has proposed to relocate to the Real Estate a single family home that would otherwise have been demolished in order to allow for business growth and development; and WHEREAS, Southhold has proposed to rehabilitate the house it desires to relocate to the Real Estate in order to add to the number of affordable housing units available within the City; and WHEREAS, the use to which Southhold intends to put the Real Estate is consistent with the purposes for which the Real Estate is being subleased to HDC; and WHEREAS, Section 16 of the Sublease requires the City's written approval of any sublease of the Real Estate by HDC. NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF SOUTH BEND BOARD OF PUBLIC WORKS AS FOLLOWS: 1. The sublease by HDC to Southhold of the following described property situated in St. Joseph County, Indiana: A parcel of land in the Southwest Quarter of Section 12, Township 37 North, Range 2 East, City of South Bend, Portage Township, St. Joseph County, Indiana, being platted as Denniston & Fellows Addition as recorded in Book 2, Page 48, at the St. Joseph County Recorder's office in South Bend, Indiana, and described as follows: Beginning at an iron at the intersection of the East right-of-way line of Carroll Street and the South right-of-way line of South Street; thence South 89039147" East (bearing assumed), 141.50 feet along said South right-of-way line to the Point of Beginning; thence continuing South 89*39147" East, 50.00 feet along said South right-of-way line; thence South 00000'00" East, 115.50 feet to the North right-of-way line of a 14.00 foot alley; thence North 89039147" West, 50.00 feet along said North right-of-way line; thence North 00000100" West, 115.50 feet to the South right-of-way line of South Street and the Point of Beginning, and containing 0.1326 acres, more or less, and is subject to all easements, restrictions and or covenants of record, commonly known as 312 East South Street, South Bend, shall be and hereby is approved, subject to the following conditions: 1. Southhold shall locate on the Real estate a single family house, shall rehabilitate said house and shall make said house available as affordable rental housing. 2. That the terms of any sublease between Southhold and HDC shall be substantially similar and not inconsistent with the terms of the Sublease between the City and HDC dated October 21, 1991.