No. 2545 approving/accepting a counteroffer for the acquisition of property in the AEDA (Burton, 1515 S. Franklin, 1519 S. Franklin, 513 W. Indiana, 1519 S. Taylor, 429 W. Indiana, 1517-1518 Taylor, v/1 7 & 10 Indiana Ave.)

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RESOLUTION NO. 2545 RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER FOR THE ACQUISITION OF PROPERTY IN THE AIRPORT ECONOMIC DEVELOPMENT AREA WHEREAS, under the authority granted by Indiana Code § 36 -7 -14, et seq. and in furtherance of the Airport Economic 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 Airport Economic 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 December 19, 2008, the Commission adopted a Resolution setting the offering price (the "Offering Price ") and authorizing staff to present an offer to Burton Investments, LLC., an Indiana Corporation, and to Barry Burton and Ilene Burton, husband and wife, as owners 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 authorized, which the Owner rejected; and WHEREAS, the Owner has provided a counteroffer to the Commission for Six Hundred Eighty Thousand and Seventy -Seven Dollars and Fifty Cents ($688,077.50), plus all expenses related to the acquisition. The counter offer will be split between Burton Investments, LLC. for a value of $388,077.50, and Barry Burton and Ilene Burton for a value of $300,000.00; and WHEREAS, three of the properties that are part of this acquisition are on the acquisition list for the Area. The properties contained within the Plan are listed in Exhibit A. Seven additional properties are being donated to the City of South Bend Board of Public Works to further the acquisition effort in the area; 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: