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RESOLUTION N0.2709 <br />RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER <br />FOR THE ACQUISITION OF PROPERTY IN THE <br />SOUTH SIDE DEVELOPMENT AREA <br />WHEREAS, under the authority granted by Indiana Code § 36-7-14, et seq. and <br />in furtherance of the South Side Development Area Development Plan (the "Plan"), the <br />South Bend Redevelopment Commission (the "Commission'') has determined that it is <br />necessary to acquire unencumbered fee simple interest in certain property located within <br />the area heretofore designated as the South Side Development Area (the ``Area") within <br />the City of South Bend, Indiana (the "City''), which property is more particularly <br />described at Exhibit A attached hereto and incorporated herein (the "Property"); and <br />WHEREAS, on June 4, 2010, the Commission adopted a Resolution setting the <br />Acquisition Offering Price and authorizing staff to present an offer to Afifeh A. Bullard <br />by Shabib Fakhouri, Power of Attorney, as owners of the Property (the ``Owner") in an <br />amount not to exceed the Acquisition Offering Price along with the payment of expenses <br />incidental to the conveyance and determination of the title of the Property; and <br />WHEREAS, the staff has presented the Owner an offer in the amount of the <br />Acquisition Offering Price as authorized, which the Owner rejected; and <br />WHEREAS, the Owner has provided a counteroffer to the Commission for <br />$50,000.00, plus all moving expenses related to the acquisition; and <br />WHEREAS, the staff has reviewed the counteroffer and determined that the <br />counteroffer is reasonable in light of the appraisal amount, conditions in the area, and the <br />amount of announced development in the immediate area; and <br />WHEREAS, the Commission has completed its acquisition procedures for the <br />Property and sufficient funds are available for the purchase of the Property; <br />NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment <br />Commission that: <br />1. The Commission hereby finds that the consideration set forth in the <br />Purchase Agreement is reasonable considering the circumstances and that it is in the best <br />interest of the citizens of the City and the South Bend Redevelopment District and <br />consistent with the purposes and requirements set forth in Indiana Code § 36-7-14 to <br />accept the counteroffer evidenced in the Purchase Agreement. <br />2. The Commission hereby approves and accepts the Purchase Agreement <br />and authorizes the President and the Secretary to execute and attest, respectively, the <br />Purchase Agreement with such changes in form or in substance as they deem to be <br />necessary or appropriate to complete the transfer, with such approval to be conclusively <br />evidenced by such execution and attestation, respectively. The President and/or <br />