No. 2522 approving/accepting a counteroffer for acquisition of property in the SBCDA (GMS Realty, Inc., SW corner of Wayne & William Sts.)

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• RESOLUTION NO. 2522 RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER FOR THE ACQUISITION OF PROPERTY IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA WHEREAS, under the authority granted by Indiana Code § 36 -7 -14, et seq. and in furtherance of the South Bend Central Development Area Development Plan (the "Plan "), the South Bend Redevelopment Commission (the "Commission ") has determined that it is necessary to acquire unencumbered fee simple interest in certain property located within the area heretofore designated as the South Bend Central Development Area (the "Area ") within the City of South Bend, Indiana (the "City "), which property is more particularly described at Exhibit A attached hereto and incorporated herein (the "Property "); and WHEREAS, on October 17, 2008, the Commission adopted a Resolution setting the offering price (the "Offering Price ") and authorizing staff to present an offer to GMS Realty, Inc., an Indiana corporation, as owner of the Property (the "Owner ") in an amount not to exceed the Offering Price along with the payment of expenses incidental to the conveyance and determination of the title of the Property; and WHEREAS, the staff has presented the Owner an offer for the Offering Price as IDauthorized, which the Owner rejected; and WHEREAS the Owner has p rovided a counteroffer to the Commission for Eighty five and 00 /100 Dollars ($85,000.00), plus all expenses related to the acquisition; and WHEREAS, the staff has reviewed the counteroffer and determined that the proposal is reasonable in light of the appraisal amount, conditions in the area, and the amount of announced development in the immediate area; and WHEREAS, the Commission has completed its acquisition procedures for the Property and sufficient funds are available for the purchase of the Property; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission that: 1. The Commission hereby finds that the consideration set forth in the Purchase Agreement is reasonable considering the circumstances and that it is in the best interest of the citizens of the City and the South Bend Redevelopment District and consistent with the purposes and requirements set forth in Indiana Code § 36 -7 -14 to accept the counteroffer evidenced in the Purchase Agreement. 2. The Commission hereby approves and accepts the Purchase Agreement and authorizes the President and the Secretary to execute and attest, respectively, the Assignment of the Purchase Agreement and /or the Purchase Agreement with such