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PURCHASE AGREEMENT <br />By and Between <br />South Bend Redevelopment Commission <br />Cari Shein <br />(325-329 South Lafayette Boulevard) <br />December 4, 2009 <br />THIS PURCHASE AGREEMENT, dated as of the 18th day of December, 2009, is <br />made and entered into between the South Bend Redevelopment Commission, for and on behalf <br />of the City of South Bend, Deparhnent of Redevelopment (the "City") and Cari Shein, as owner <br />of the Property (the "Owner"'). <br />RECITALS <br />WHEREAS, the City desires to acquire a parcel of real property, including all <br />improvements thereon, currently owned by the Owner for the redevelopment purposes of the <br />City, which parcel is more particularly described at Exhibit A (the "Property"'): and <br />WHEREAS, the Property is within the boundaries of the City, the South Bend <br />Redevelopment District, and the South Bend Central Development Area; and <br />WHEREAS, the City has completed its acquisition procedures for the Property and has <br />appropriated funds for the purchase of the Property; and <br />WHEREAS, the City has presented the Owner an offer in the amount of $333,000.00, <br />which is the average of two (2) appraisals obtained by the City, for the Property; and <br />WHEREAS, the Owner have provided the City a relocation value of $14,000.00 which <br />would make the total offer for the acquisition be $347,000.00; and <br />WHEREAS. the City desires to accept the Owner's offer and the parties desire to <br />complete the transaction pursuant to the terms and conditions set forth in this Agreement; <br />NOW, THEREFORE, the Parties hereby agree and represent as follows: <br />