06/10/74 Board of Public Works Minutes

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REGULAR MEETING JUNE 10, 1974 Resolved, that the President of Landmark of Indiana is hereby authorized and empowered to enter into, make, execute and deliver in the name and on behalf of Landmark of Indiana, Inc., any contract, agreement, conveyance or other instrument pertaining to the sale, purchase or lease of real estate without further act or resolution of this Board, and that the secretary is hereby authorized and directed to attach the corporate seal thereto and to attest the same by her signature. IN WITNESS WHEREOF, said corporation has caused this certificate to be signed by its president and its secretary, and its corporate seal to be hereto affixed, this 24th day of July, 1973. LANDMARK OF INDIANA, INC. sl James P. Conboy, Jr., President s/ M. Maureen Conboy, Secretary The resolution was properly notarized. Mr. Farrand explained to the Board that this property was being made available to the City at a very attractive price and they felt an offer to purchase it should be made since it appears real estate values in the area will be going up. Upon motion made, seconded and carried, the following agreement was approved and will be submitted to the Common Council: PURCHASE AGREEMENT This Agreement entered into this loth day of June, 1974, by and between Landmark of Indiana, Inc., hereinafter referred to as Landmark, and the Civil City of South Bend, a municipal corporation of the State of Indiana, hereinafter referred to as City. WITNESSETH: WHEREAS, Landmark is party to a contract with American Turners of South Bend for the purchase of the hereinafter described real estate; and WHEREAS, the City will, in the near future, undertake the construction of a connector between Michigan and Main Streets in South Bend, Indiana in the vicinity of Marion Street and will in such construction require a taking of a portion of said real estate; and WHEREAS, the parties hereto have by means of appraisals established a fair market value of said real estate and have agreed upon a selling price for the same; and WHEREAS, Landmark has incurred expenses in the negotiation of the purchase of said real estate from American Turners of South Bend and in negotiation of a contract for development of said real estate, including the plot development plans, surveys, negotiation of contracts for development, and obtaining of financing commitments, which expenses are in the sum of Three Thousand Dollars ($3,000.00). NOW, THEREFORE, it is agreed by and between the parties hereto and for and in consideration of the premises and the mutual covenants herein contained, as follows: 1. Landmark agrees to sell and the City agrees to buy Lots 148, 149 and 150 of the original plat of the City of South Bend for the sum of One Hundred Sixty-three Thousand Dollars ($163,000.00). 2. The City agrees to pay 1975 payable 1976 taxes assessed against said real estate.