No. 1921 approving execution of an addendum to contract for purchase/sale of real estate and other related documents concerning acquisition of property located in the SBCDA

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RESOLUTION NO. 1921 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA REDEVELOPMENT COMMISSION APPROVING THE EXECUTION OF AN ADDENDUM TO CONTRACT FOR PURCHASE AND SALE OF REAL ESTATE AND OTHER RELATED DOCUMENTS CONCERNING ACQUISITION OF PROPERTY LOCATED IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA WHEREAS, pursuant to the powers granted under Ind. Code § 36- 7 -14 -1, et seq., the South Bend Redevelopment Commission ( "Commission ") has been engaged in the process of acquiring several separate parcels of real property in the general vicinity of Main Street and Jefferson Boulevard in the South Bend Central Development Area in order to facilitate a development project on the combined site; and WHEREAS, V Source Corporation ( "Seller ") is the owner of one of the parcels sought to be acquired that is located at 207 -211 S. Main Street ( "Property"), said parcel currently used by Seller as a parking lot for use by tenants and customers at Seller's office building located on Jefferson Boulevard ( "First Bank Building "); and WHEREAS, Commission and Seller have previously entered into a Contract for Purchase and Sale of Property dated February 24, 1998, as amended on February 4, 2000 ( "Contract "), wherein the Commission agreed to purchase and Seller agreed to sell the Property for the sum of One Hundred Five Thousand and 00 /100 Dollars ($105,000.00); and WHEREAS, in accordance with the Contract, the Commission also agreed to meet certain conditions including, but not limited to, replacement of an equal number the parking spaces now located on the Property by relocating said parking to an area on or around the general vicinity of Main and Jefferson Boulevard in order not to impair Seller's use and enjoyment of First Bank Building; and WHEREAS, it has subsequently been determined that the Commission can not meet the conditions expressed in the Contract and thereafter, Seller and Commission have continued to negotiate to reach an amended agreement related to Commission's acquisition of the Property; and WHEREAS, in order to resolve all outstanding issues, Seller has proposed that the Contract be amended to (i) increase the sales price from $105,000.00 to $170,000.00 and (ii) convey portions of vacated alleys in the Project area and a portion of the newly- assembled site at the southwest corner of Main Street and Jefferson Boulevard and (iii) has proposed that Seller would construct at its own expense the improvements and landscaping depicted in the best site plan for the area; and WHEREAS, after careful consideration, the Commission has determined that the $170,000.00 APN purchase price is reasonable, that the conditions proposed by Seller are reasonable and that acquisition of the Property is necessary to and consistent with the South Bend Central Development Area Development Plan; and