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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C CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE THIS AGREEMENT is made and entered into by and between CITY OF SOUTH BEND, by its Redevelopment Commission, the governing body of the City of South Bend Department of Redevelopment ( "Seller ") and SOUTH BEND PUBLIC TRANSPORTATION CORPORATION, a municipal corporation existing under the laws of the State of Indiana ( "Purchaser "), for and in good consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and legal sufficiency of which is hereby acknowledged, the parties hereto agree as follows: I. The Property. Seller hereby agrees to sell and Purchaser hereby agrees to purchase, upon the terms and conditions herein set forth, the tract of land, improvements thereon, easements used in connection therewith, property under streets and sidewalks owned by Seller, and appurtenances thereunto belonging, in the City of South Bend, Indiana, containing 21.6 acres more or less ( "Property"), which, upon plat committee approval, shall be referred to as Lot 2 of the Transpo Minor Subdivision, and is more particularly described in Exhibit A attached hereto and made a part hereof. 2. Purchase Price. Purchaser agrees to pay for the Property at Closing the sum of Six Hundred Forty-Eight Thousand Dollars ($648,000.00) (the "Purchase Price "). 3. Summary of Transaction. Purchaser and Seller are entering into this Agreement for the purchase and sale of the Property which shall include substantial site and infrastructure work by Seller. Seller shall clear all existing structures, complete environmental analysis and, if required, complete remediation, and make such provisions for infrastructure (street way, sewer, water, and utilities) necessary to support Purchaser's future relocation to the site, as more particularly described on attached Exhibit B attached hereto and made a part hereof (collectively, the "Site Work"). Through this Agreement and the Closing, Purchaser shall receive the value of 21.6 acres of fully remediated land. The commitment to perform the Site Work shall be deemed a representation and warranty of Seller which shall survive the Closing of the Property. 4. Date of Closing. The Closing of this purchase shall take place at the offices of Meridian Title Corporation, KeyBank Building, South Bend, Indiana or at such other place mutually agreeable to the parties within five (5) days after Purchaser approves the environmental assessments of the Property provided to Purchaser by Seller, but in no event later than June 18, 2009, or such other date as is agreed to in writing by the parties. 5. Obligations of Parties at Closing. At the Closing, the parties hereby shall satisfy and perform the following: A. Seller shall: (1) Deliver a Quit -Claim Deed conveying marketable title to the 10 Property to Purchaser, subject to those items which are set forth in this Agreement as to which Purchaser has agreed shall be part of the title which Purchaser accepts at the Closing, and also subject to all covenants, easements, restrictions and OPERATIONS FACILITY