Approving sale of Real Estate for less than the appraised value

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RESOLUTION NO. $CD ( - go A RESOLUTION APPROVING SALE OF REAL ESTATE FOR LESS THAN THE APPRAISED VALUE WHEREAS, real estate located at 1245 Van Buren Street, South Bend,described as Lot Numbered Five (5) as shown on the recorded Plat of Ward's Subdivision of Lots Numbered One Hundred and Six (106), One Hundred and Seven (107), One Hundred and Eight (108), One Hundred and Nine (109) and One Hundred and Ten (110) in Cushing's Fifth Addition of the City of South Bend, St. Joseph County, Indiana, is now vacant and the Common Council has heretofore approved its sale as surplus city real estate; and WHEREAS, this real estate has been appraised for Five Hundred Fifty Five Dollars ($555.00) and has been offered for sale by the City; and WHEREAS, the prospective purchaser of said real estate, being a neighbor who desires to construct a garage on the property, has sought to obtain title insurance on the property preparatory to purchase, but the title has been determined to be unmerchantable because of certain defects in the filing of the original mechanic's lien by the contractor hired by the City to demolish a substandard structure thereon, and the City fore- closure action on the mechanic's lien and purchased by the City at sheriff's sale, has, therefore, resulted in the City obtain- ing title to the real estate which is defective and unmerchantable; and WHEREAS, the City has expended court costs in the amount of $55.00 in the mechanic's lien foreclosure action, and a $65.00 appraisal fee, and the prospective purchaser has offered to pay this expense of $120.00 to the City as purchase price for this property; and WHEREAS, Section 14.5 of the Municipal Code of the City of South Bend requires approval of the Common Council for the City to sell surplus real estate for less than its full appraised value. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana: SECTION I. The Common Council of the City of South Bend has hereby authorized the sale of real estate located at 1245 Van Buren Street, South Bend, Indiana, and described as Lot Num- bered Five (5) as shown on the recorded Plat of Ward's Sub- division of Lots slumbered One Hundred and Six (106), One Hundred and Seven (107), One Hundred and Eight (108), One Hundred and Nine (109) and One Hundred and Ten (110) in Cushing's Fifth Addition in St. Joseph County, Indiana, for the sum of One Hundred Twenty Dollars ($120.00), being less than the full appraised value thereof. SECTION II. This Resolution shall be in full force and effect from and after its passage by the Common Council, and its approval by the Mayor. 4 leber of A . iLt_ Z,_, the Common Counci FILED IN CLL►('S OFFICE 'fit €5ENTE.0 -� NOT 4PROY0 AUG 2 0 1980 ADOPTED' Irene Gammon CITY CLERK, SOU IN BEND, IND.