No. 2584 approving the execution of a purchase agreement for the transfer of real property from the SBRC to the SB Public Transportation Corp.

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• RESOLUTION NO. 2584 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION, APPROVING THE EXECUTION OF A PURCHASE AGREEMENT FOR 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 0 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, 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 (the "Termination Agreement") and enter into a new purchase and sale agreement on the New Property (the "New Agreement ") related to the acquisition of the New Property for the Operations Facility containing 21.6 acres more or less, which, upon plat committee approval, shall be referred to as Lot 2 of the Transpo Minor Subdivision; and WHEREAS, Commission desires to complete the transfer of the New Property from the City to Transpo pursuant to the terms of the New Agreement; and WHEREAS, pursuant to Ind. Code § 36- 1 -11 -8, the City, by and through the Commission, and Transpo, by and through its governing body, may exchange or transfer property with one another 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 has or will consider a substantially similar resolution approving the execution of the New Agreement. NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission that: 1) Upon the execution of the Termination Agreement by Transpo and the City, acting through the