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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Upon determination that the Commission could not meet the condition expressed in the Contract, 1 st Source and Staff entered into discussions on how best to accommodate 1 st Source's parking needs and, at the same time, not impair the Commission's potential for a high quality, large scale development. Based upon discussions with Staff, 1 st Source has proposed that the sales contract be amended to: (a) increase the sales price from $105,000 to $170,000; (b) establish the closing date as no later than December 24, 2002; and (c) convey portions of vacated alleys adjacent to the Seller's Jefferson parking lot and a portion of the "assembled site at the southwest corner of Main and Jefferson." In addition, Seller has proposed that it would construct at its own expense the improvements and landscaping depicted in the best site plan for the area. A copy of the draft amendment proposed by 1" Source is attached for review. The Property is essential to the successful conclusion of assembling the Main & Jefferson Project for ultimate disposition as part of a development project. This Property is the last remaining parcel required to complete the assembly of the site. The Main & Jefferson Project, in turn, is vital to achieving the goals of the South Bend Central Development Area Development Plan. Resolution of the parking space issue has been the subject of lengthy negotiations with the Seller starting in February 1998. During the site design/redesign process it was determined that meeting the original required number of parking spaces cannot physically be done. The alternative is to remove the Property from the acquisition list and start the acquisition process anew with the potential for a condemnation action in order to acquire the Property. Action Requested: The Commission is requested to approve Resolution 1921. By approving the Resolution the Commission is: (a) declaring that it has found the new price of $170,000 is reasonable, the Seller's other conditions are reasonable, and the acquisition of the parking lot is necessary to and consistent with the South Bend Central Development Area Development Plan; (b) approving the form of the Addendum to Contract for Purchase and Sale of Real Estate attached to this staff report: and (c) authorizing the President of the Commission to execute and the Vice President or Secretary to attest, with advice of legal counsel, both the addendum in the form presented in this meeting and any and all other documents relating to the purchase of the Property. HAWpdata\Main dJeff.6.wpd What We Do Today Makes A Difference!