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South Bend Redevelopment Commission <br />Regular Meeting -October 2, 2006 <br />6. NEW BUSINESS (CONT.) <br />D. Sample-Ewing Development Area <br />() continued... <br />acre. The Purchase Agreement further <br />requires that the transaction to purchase <br />400 W. Sample be closed on or before <br />December 15, 2006. The property owner, <br />ARG Corporation, has until the closing date <br />to remove any non-fixture personal property <br />from the building and is further required to <br />remove the various automobiles and other <br />items that are currently being stored on the <br />property. <br />The Purchase Agreement contains language <br />related to the environmental conditions <br />existing on the property in order to protect <br />the Commission and allows the Commission <br />and City of South Bend to seek cost recovery <br />from any historic insurance policies related <br />to environmental remediation of this <br />property. Staff recommends approval of the <br />Purchase Agreement. Staff believes that the <br />Purchase Agreement memorialized the best <br />deal that staff and legal counsel could make <br />on this property on the Commission's behalf, <br />without resorting to eminent domain <br />proceedings, which can be very uncertain. <br />Ms. Greene noted that the property owner <br />has executed a Corporate Warranty Deed <br />which conveys ARG's interest in the <br />property to the Commission and executed a <br />letter of instruction to Meridian Title <br />Corporation instructing Meridian Title to <br />hold the Corporate Warranty Deed until the <br />December 15 closing, if the Commission <br />approves the terms of sale. All documents <br />necessary to effect the final transfer of <br />3 <br />