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- <br />— EXHIBIT "B" <br />ROG0LDTI0« 0O, I036 <br />December 23, 1991 _ <br />Jon R. Hunt <br />Executive Director <br />Department of Economic Development <br />City of South Send <br />1200 County City Building <br />South Bend, Indiana 46601 <br />re: Purchase of the Avanti Property from N.A.B. Realty Cu. <br />Dear Mr. Hunt, <br />Many thanks for your courtesy and time spent with Geoff Newman and Fred <br />Baer these past Few weeks discussing the purchase of the Avanti property <br />by the City's Redevelopment Commission. Contained herein is our offer <br />to sell which we deem to be fair. <br />We will sell the property to the City for a purchase price of <br />Ark, $240,000.00. <br />We offer to place $45'000.00 of the purchase price in escrow for a <br />period of two years from the date of closing. [he escrowed funds may be <br />called upon by the City to pay for the costs of clean-up of <br />environmental contamination which may be determined to exist on the <br />property site. Any unused portion of the escrowed funds are to be <br />released to the sellers at the end of the two year period. lf <br />environmental clean-up costs exceed the escrowed amount then the City <br />shall assume the excess. <br />Sale is to be subject to the City assuming property taxes payable for <br />1990-91 and 1991'92 and also subject to easements of record. <br />The City will pay for the cost of the Title Insurance Policy. <br />[he undersigned hereby con[irms the above proposal, agrees to be bound <br />by the terms thereof, and to execute such documents as may be required <br />�0�� <br />��`o conclude this transaction. <br />Sincerely yours, <br />Sylva Altman <br />Owner of 40% interest <br />