No. 2583 terminating the transfer of real property form the SBRC to the SB Public Transportation Corp.

Home Browse Search

• RESOLUTION NO. 2583 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION TERMINATING THE TRANSFER OF REAL PROPERTY FROM THE SOUTH BEND REDEVELOPMENT COMMISSION TO THE SOUTH BEND PUBLIC TRANSPORTATION CORPORATION. WHEREAS, pursuant to I.C. 36- 7 -14 -3, the South Bend Redevelopment Commission ( "Commission ") is the governing body of the City of South Bend Department of Redevelopment ( "City ") and, pursuant to I.C. 36 -7 -14 -12.2 and -19, may acquire and dispose of interests in property; and WHEREAS, pursuant to I.C. 36- 9 -4 -12, the South Bend Public Transportation Corporation ( "Transpo ") is a separate municipal corporation and, pursuant to I.C. 36- 9 -4 -30, Transpo, acting through its Board of Directors ( "Board "), may acquire interests in property; and WHEREAS, Transpo and the City, acting through the Commission, are parties to an agreement entitled "Contract for Purchase and Sale of Real Estate" (the "Agreement") related to the acquisition of certain properties located at and commonly known as the South Bend Stamping Plant described as a part of the Northeast Quarter of Section 14, Township 37 North, Range 2 East in the City of South Bend, Indiana, containing 38.23 acres more or less ( "Property"); and WHEREAS, a portion of the Property (approximately 20 acres) was intended to be the location of TRANSPO's new corporate and facilities campus (the "Operations Facility "); and • WHEREAS, the Agreement provided that approximately 18 acres of the Property would be leased back to the Commission for commercial development; and WHEREAS, pursuant to the Agreement, Transpo provided to the City, acting through the Commission, an earnest money deposit of One Million Dollars ($1,000,000.00)(the "Earnest Money Deposit "; and WHEREAS, the City, acting through the Commission, has requested that Transpo locate the Operations Facility on property different from the Property (the "New Property"); and WHEREAS, Commission has determined that relocating the Operations Facility to the New Property is in the best interests of Transpo and the City; and WHEREAS, the Commission and Transpo have agreed to terminate the Agreement on the Property and return the Earnest Money Deposit to Transpo and enter into a new purchase and sale agreement on the New Property; and WHEREAS, Transpo has or will consider a substantially similar resolution approving the termination of the Agreement and the return of the Earnest Money Deposit. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission that: 1) Transpo shall execute an agreement with the City, acting through the Commission, substantially in the form attached hereto as Exhibit A, to terminate the Agreement which shall provide for the return of the Earnest Money Deposit to Transpo. 2) This Resolution shall be in full force and effect upon its adoption by the governing body of Transpo and upon the adoption of a substantially similar resolution by the Commission. 3) Don Inks or Jeff Gibney is authorized to execute on behalf of the Commission any documents necessary to carry out the intent of this Resolution.