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No. 1146 approving and accepting the transfer of real property from the St. Joseph County Airport Authority
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No. 1146 approving and accepting the transfer of real property from the St. Joseph County Airport Authority
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0 0 <br />PURCHASE AGREEMENT <br />THIS AGREEMENT, entered into this 11th day of March, 1993, <br />by and between the City of South Bend, Indiana, for the use and <br />benefit of its Department of Redevelopment, acting by and through the <br />South Bend Redevelopment Commission ( "Redevelopment ") and the St. <br />Joseph County Airport Authority ( "Airport "); <br />WITNESSETH: <br />WHEREAS, the Airport is the owner of approximately 26.354 <br />acres of real property situated in St. Joseph County, Indiana, in an <br />area commonly known as the Airport Economic Development Area, and <br />more particularly described at Exhibit "A," attached hereto ( "Airport <br />Land "); and <br />WHEREAS, Redevelopment is the owner of approximately 170 <br />acres of real property situated in St. Joseph County, Indiana, in an <br />area commonly known as the Airport Economic Development Area, <br />( "Redevelopment Land "); and <br />WHEREAS, Redevelopment and Airport desire to have the <br />Redevelopment Land and Airport Land (collectively referred to <br />hereinafter as the "Project Site ") developed as a planned business <br />campus, composed of corporate office; support office and research; <br />and general business uses and associated facilities, ( "Blackthorn <br />Corporate Center "); and <br />WHEREAS, Airport and Redevelopment agree that the <br />development of Blackthorn Corporate Center would be facilitated if <br />the Project Site were under common control and ownership; and <br />WHEREAS, Airport and Redevelopment agree that the <br />development of Blackthorn Corporate Center would be facilitated if <br />the Project Site were under the common control and ownership of <br />Redevelopment, which has expertise in economic development of the <br />type contemplated; and <br />WHEREAS, Redevelopment is desirous of acquiring the Airport Land <br />in order to allow for the development of Blackthorn Corporate Center; <br />and <br />WHEREAS, the Airport is desirous of selling the Airport Land to <br />Redevelopment in order to allow for the development of Blackthorn <br />Corporate Center, but is equally desirous of being fairly and <br />equitably compensated for the Airport Land and protecting the current <br />and future interests of the Airport and its development and <br />expansion; and <br />WHEREAS, the Airport and Redevelopment have reached an agreement <br />concerning the sale of the Airport Land to Redevelopment, the terms <br />and conditions of which agreement they are desirous of memorializing <br />herein. <br />
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