Authorizing the execution of a contract for the purchase of certain disposition parcels inthe Urban Renewal Central Downtown Project

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-2- WHEREAS, the Agency believes that the staged redevelop- ment of the Property in accordance with the Urban Renewal Plan and the Agreement, and the fulfillment generally of the Agree- ment, are in the vital and best interests of the City and its residents, and in accord with the public purposes and provisions of the applicable Federal, State and local laws and requirements under which the Project has been undertaken and is being carried out: NOW THEREFORE, each of the parties hereto, for and in consideration of the premises and the mutual obligations herein, does hereby covenant and agree with the other as follows: ARTICLE I . GENERAL TERMS OF SALE AND CONVEYANCE OF PROPERTY Sec. 1. Sale of Property and Purchase Price. The Agency agrees it will take such actions as may be necessary pursuant to applicable Federal, State and local law to acquire any and all of the parcels of land which comprise the Property being sold under this Agreement. Subject to all the terms, covenants and conditions of this Agreement, the Agency will sell the Property to the City for, and the City will purchase the Property from the Agency at such time as the City has successfully sold revenue bonds for the purchase of land and construction of municipal parking structures and pay to the Agency therefor the aggregate amount as determined by the average of three independent appraisers in accordance with Indiana law in the total estimated sum of One Million Two Hundred Eighty-four Thousand Ninety-six Dollars ($1, 284, 096) , hereinafter called the "Purchase Price" , being the sum total of the separate Parcel Prices set forth-in Schedule B, each Parcel Price to be paid in cash or by such check as shall be satisfactory to the Agency simultaneously with the delivery of each deed con- veying the respective Parcels identified in the said Schedule B to the City. Sec. 2 . Conveyance. The Agency shall convey to the City good and merchantable fee simple title to each Parcel by quit- claim deed, hereinafter individually or collectively called the "Deed" . Such conveyance shall, in addition to all other conditions, covenants and restrictions set forth or referred to elsewhere in the Agreement, be subject to: (a) Such easements as it shall have been necessary for the Agency to dedicate or grant, or shall be necessary at the time of the conveyance for the Agency to dedicate, grant or reserve for future dedication or grant, all pursuant to the Urban Renewal Plan, for sewers, drains, water and gas distribution lines, electric, telephone and tele- graph installations, rights-of-way and access, walks, planting and other public or private utilities or facilities necessary to carry out the objectives of the Urban Renewal Plan;