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r <br /> CONTRACT FOR SALE OF LAND FOR REDEVELOPMENT <br /> BY A, PUBLIC BODY <br /> THIS AGREEMENT, hereinafter called the "Agreement" , • <br /> entered into as of the 16thday of December , 1968 , <br /> by and between the City of South Bend, Indiana, Department <br /> of Redevelopment, hereinafter called the "Agency" , having <br /> its principal office at 120 West LaSalle Avenue, South Bend, <br /> Indiana, and the City of South Bend, Indiana, hereinafter <br /> called the "City" , WITNESSETH: <br /> WHEREAS, in furtherance of the objectives of the <br /> Redevelopment of Cities and Towns Act of 1953, the Agency <br /> has undertaken a program for the renewal of slum and blighted <br /> areas in the City of South Bend, and in this connection is <br /> carrying out an urban renewal project known as the "Central <br /> Downtown Project (Ind. R-66) ", hereinafter called the "Project" , <br /> in an area of the City, hereinafter called the "Project Area" ; <br /> and <br /> WHEREAS, as of the date of this Agreement there has <br /> been prepared an urban renewal plan for the Project, consist- <br /> ing of "the 'Urban Renewal Plan for the Central Downtown Area' , <br /> approved by the Agency on April 4, 1968, by Resolution No. 215, <br /> and by the Common Council of the City of South Bend on September <br /> 10, 1968, by Resolution No. 193-68, which Plan is hereinafter <br /> called the "Urban Renewal Plan" ; and <br /> WHEREAS, in order to enable the Agency to achieve the <br /> objectives of the Urban Renewal Plan, and particularly to make <br /> the land in the Project Area available for redevelopment by <br /> private enterprise and appropriate public bodies in accordance <br /> with applicable provisions of the Urban Renewal Plan, both <br /> the Federal Government and the Agency will undertake to <br /> provide substantial aid and assistance to the Agency through <br /> a Contract for Loan and Capital Grant; and <br /> WHEREAS, the Agency has offered to sell and the City, <br /> subject to the successful sale of revenue bonds, is willing <br /> to purchase in various stages certain real property located <br /> in the Project Area, consisting of four separate parcels of <br /> land (hereinafter called "Property") more particularly described <br /> in Schedule A annexed to this Agreement and made a part hereof, <br /> and to redevelop the Property in various stages for and in <br /> accordance with the uses specified therefor in the Urban <br /> Renewal Plan and in accordance with the Agreement; and <br />