Agreement - Near Northwest Neighborhood, Inc. - Real Property Transfer Agreement

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REAL PROPERTY TRANSFER AGREEMENT This Real Property Transfer Agreement is entered into as of September 26, 2017 (the "Effective Date"), by and between the City of South Bend, acting by and through its Board of Public Worics, of 1300 N. County -City Building, 227 W. Jefferson Blvd., South Bend, Indiana 46601 (the "City") and Near Northwest Neighborhood Inc., an Indiana nonprofit corporation, with its registered address being 1007 Portage Avenue, South Bend, Indiana 46616 (the "Organization") (each a "Party," and together the "Parties"). RECITALS A. The City is a municipal corporation existing and operating pursuant to the laws of the State of Indiana. B. The City owns the certain real property described in attached Exhibit A (the "Property"), and the Organization desires to acquire ownership of the Property from the City in furtherance of its efforts to offer affordable housing to low and moderate income residents of the City and, specifically, for use in connection with the construction of an affordable 56-unit multi- family project for senior residents (the "Project"). The Organization expects to fund the Project in part by obtaining and selling certain tax credits granted to the Organization by the Indiana Housing and Community Development Authority (the "IHCDA") based on the Organization's application to the IHCDA to be submitted on or before the IHCDA's deadline on or about November 6, 2017, C. Pursuant to Ind. Code 36-1 -1 1-1(b)(7), a sale or lease of property by the City to an Indiana non-profit corporation organized for' educational, literary, scientific, religious, or charitable purposes that is exempt from federal income taxation under Section 501 of the Internal Revenue Code is not subject to the disposition requirements of Ind. Code 36-1-11. D. The Organization is an Indiana non-profit corporation and is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code. E. The City, acting by and through the Board of Public Works, has determined that conveying the Property to the Organization under the terms of this Agreement is in the best interests of the residents of the City. NOW, THEREFORE, in consideration of the mutual covenants stated herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and the Organization agree as follows: I . Qualifications of Organization. The Organization represents and warrants that (a) it is a non-profit corporation organized under the laws of the State of Indiana; (b) the Organization's articles of incorporation dated September 3, 1974, as amended on November 20,