No. 2191 approving transfer of property located at 117 W. South St. to South Bend public transportation corporation

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E E (2) Transpo shall accept transfer of the Property and shall develop the Property consistent with use of its South Street Station; and (3) In consideration of the transaction, Transpo shall pay the sum of One Hundred Fifty Eight Thousand Seven Hundred Fifty and 00/100 Dollars ($158,750.00), such sum to be paid to Meridian Title Corporation at closing. (4) This transaction is conditioned upon and subject to closing of the transaction memorialized in that certain "Agreement for Purchase and Sale of Property" by and among the Commission and John Colley, Patricia Colley, P.L., Inc. d/b/a "Teasers Show Bat", Ace-Hi, Inc., d/b/a "Lipsticks" and/or "Quarterback Lounge", and Ramona's Car Wash, Inc. d/b/a "Glo Worm" and/or "Glo Worm Lounge" dated October _?21, 2005. WHEREAS, pursuant to I.C. 36- 1 -11 -8, the City, acting through the Commission, and Transpo acting by and through its Board of Directors, may exchange or transfer property with another governmental entity upon terms and conditions agreed upon by the two (2) entities as evidenced by the adoption of substantially identical resolutions of each entity; and WHEREAS, Transpo's Board of Directors has adopted or will adopt a resolution substantially equivalent to this resolution setting forth the terms and conditions of this transfer of Property. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission shall direct that the deed conveying title and interest in the Property situated in St. Joseph County, Indiana, as described at Exhibit "A 11 be issued in the name of Transpo as assignee of the Commission. 2. The assignment of the Commission's rights in the Property to Transpo is hereby approved. 3. This Resolution shall be in full force and effect -upon its adoption by the South Bend Redevelopment Commission. ADOPTED at a meeting of the South Bend Redevelopment Commission held on 2