6C(11) Real Estate Donation Agreement (Ivy Tech)

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REAL ESTATE DONATION AGREEMENT By and Between South Bend Redevelopment Commission Community Enterprises Properties, LLC (412 E. Sample Street) July , 2010 Section 1. Parties. This Real Estate Donation Agreement ("Agreement") is entered into this day of July, 2010, by and between the City of South Bend, Department of Redevelopment, acting by and through the South Bend Redevelopment Commission (referred to as "Donor" in this Agreement) and Community Enterprises Properties. LLC (referred to as '`Donee'' in this Agreement), which is a single member, member managed LLC with Ivy Tech Foundation, Inc. (referred to as "Foundation"' in this Agreement) as its only member. Foundation is an institutionally related foundation that exists to secure, administer, and distribute donations that benefit Ivy Tech Community College of Indiana (referred to as ``College'" in this Agreement). Foundation is an Indiana non-profit corporation and is exempt from federal income taxation under Section 501 (c) (3) of the Internal Revenue Code. For income tax purposes, Donee is a disregarded entity and thus has the same tax status as Foundation. College is an instrumentality of the State of Indiana established under IC 21-22 and is exempt from federal income taxation under Section 115 of the Internal Revenue Code. Donor is a body corporate and politic established and acting pursuant to the authority granted by IC 36-7-14. Donor is authorized to enter into this agreement by IC 36-7-14-12.2. Section 2. Recitals. Donor owns the real property (referred to as "Property"' in this Agreement) described in "EXHIBIT A" that is attached to and made a part of this Agreement. Donor desires to donate the Property to Donee for the purposes and uses hereinafter specified, and Donee desires to accept the Property, and any and all improvements located on the Property, subject and according to the teens and conditions of this Agreement. Section 3. Scope of Agreement. Donor agrees to convey the Property to Donee as a gift and for no consideration, and Donee agrees to accept the Property from Donor. Section 4. Use of Property. At the appropriate time, Donee intends to transfer the Property to College as a gift for use by College in conjunction with its plans for the growth and development of its main campus in South Bend, Indiana. College will use the Property to help carry out its mission to provide access to educational programs and training services for students, employees, and employers from the City of South Bend. St. Joseph County, and sun•ounding COII1111L11nt1eS. Section 5. Deed and Other Documents. Donor agrees to deliver a Warranty Deed to Donee at closing under «~hich the Property is transfen-ed to Donee. Donor and Donee agree to provide to each other or to the title insurance company that closes the transaction any other documents reasonably required to close the transaction provided for under this Agreement.