No. 2242 approving a form of memorandum of understanding to provide acquisition of right of way Ireland Road project

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west and adjacent to the Wennigsen Full Parcel in exchange for the Right of Way Parcel, and is owned by Lock Joint Tube, LLC ( "Lock Joint Parcel'); and WHEREAS, Lock Joint is willing to convey the Lock Joint Parcel to the City, which would enable the City to make the exchange with Wennigsen; and WHEREAS, in turn, the conveyance of the Lock Joint Parcel is conditioned upon the ability of Lock Joint (or its designee which may be Steel Warehouse, Inc.) to enter into a 1031 Like -Kind exchange whereby it acquires from the City a certain parcel of property located on Walnut Street, South Bend, Indiana ( "Walnut Street Parcel') in exchange for the Lock Joint Parcel and WHEREAS, the City is interested in acquiring the Walnut Street Parcel for the purpose of exchanging the Walnut Street Parcel with Lock Joint for the Lock Joint Parcel in order to obtain the Right of Way Parcel by exchanging the Lock Joint Parcel with Wennigsen for the Right of Way Parcel; and WHEREAS, the Walnut Street Parcel is currently the subject of a foreclosure action filed by the IRF and it was sold to the IRP at sheriffs sale in March 2006 ( "Sheriffs Sale "); and WHEREAS IRF is interested in selling the Walnut Street Parcel to the City; and WHEREAS, the Commission desires to enter into certain formal agreements with the various parties that are consistent with the concepts expressed in this Resolution and in the form of Memorandum of Understanding that has been presented to the Commission at its meeting of April 21, 2006; and WHEREAS, the Commission recognizes that time is of the essence in order to accomplish certain actions relating to the transaction. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby approves and endorses the transaction as described and presented to the Commission at its meeting of April 21, 2006. 2. The Commission hereby approves the form of Memorandum of Understanding as presented to the Commission at its meeting of April 21, 2006. 3. The Commission hereby directs and .authorizes staff and legal counsel to negotiate and prepare documentation consistent with and necessary to accomplish the transaction as presented including, but not limited to, preparation of a final form of Memorandum of Understanding and necessary access agreements that are acceptable to legal counsel H:\ WPData \Resolutions\RESCOMMPR2242 SSDAKokokuWireTransaction.doc