No. 2175 approving transfer of property located in the south side development area and authorizing execution of documents necessary to effect transfer of the property

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Z • RESOLUTION NO. 2175 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING THE TRANSFER OF PROPERTY LOCATED IN THE SOUTH SIDE DEVELOPMENT AREA AND AUTHORIZING EXECUTION OF DOCUMENTS NECESSARY TO EFFECT TRANSFER OF THE PROPERTY WHEREAS, pursuant to the powers granted under Indiana Code § 36 -7 -14, the South Bend Redevelopment Commission ( "Commission ") has previously declared an area within the City of South Bend, Indiana to be a redevelopment area commonly known as the "South Side Development Area "; and WHEREAS, pursuant to an intergovernmental transfer from the City of South Bend acting through its Board of Public Works anticipated on June 20, 2005, the Commission will take title to certain property located within the South Side Development Area, said property being more particularly described at Exhibit A attached hereto and incorporated herein ( "Property "); and WHEREAS, the Commission and Anchor Acquisitions, Ltd. ( "Developer ") are parties to an agreement dated April 8, 2004 ( "Agreement ") related to the Erskine Commons retail development project ( "Proj ect "); and WHEREAS, in accordance with Section 5 of the Agreement, the Commission agreed to facilitate the Project by assisting Developer in assembling real property necessary to accomplish the Project and further, to sell the Property to the Developer for use in the Project; and WHEREAS, based upon a value established by independent appraisals of the Property obtained for the Commission, the Commission is willing to sell and Developer is willing to buy the Property for the sum of $123,500; and WHEREAS, the Commission meets in regular sessions on a semi - monthly basis and completion of the paperwork related to the real estate transaction may require immediate action from the Commission or its authorized representative, including the execution of certain documents; and WHEREAS, the Commission believes that it is in the best interests of the public that the Property transfer be completed and that all necessary approvals are taken 40 in a timely manner.