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Ll <br />EXHIBIT "B" <br />RESOLUTION NO. 1036 <br />N. A. B. Building Co. <br />c/o 405 W. Sample St. <br />South Bend IN 46601 <br />December 19, 1991 <br />Mr. Jon R. Hunt, Exec. Dir. <br />Dept. of Economic Development <br />City of South Bend <br />1200 County -City Building <br />South Bend IN 46601 <br />re: Purchase of the Avanti Property from N.A.B. Realty Co. <br />Dear Jon, <br />We would like to thank you for your courtesy and time spent with us these past few <br />weeks discussing the purchase of the Avanti property by the City's Redevelopment <br />Commission. Contained herein is our offer to sell which we deem to be fair. <br />ID We will sell the property to the City for a purchase price of $240,000.00. <br />We offer to place $45,000.00 of the purchase price in escrow for a period of two <br />years from the date of closing. The escrowed funds may be called upon by the City <br />to pay for the costs of clean -up of environmental contamination which may be <br />determined to exist on the property site. Any unused portion of the escrowed funds <br />are to be released to the sellers at the end of the two year period. If environ- <br />mental clean -up costs shall exceed the escrowed amount then the City shall assume <br />the excess. <br />Sale is to be subject to the City assuming property taxes payable for 1990 -91 and <br />1991 -92 and also subject to easements of record. <br />The City will pay for the cost of the Title Insurance Policy. <br />Upon acceptance of our offer by the Redevelopment Commission we will proceed to <br />secure formal approval from all of the ownership group. <br />Sincerely yous, <br />A 44 � �� <br />Frederick K. Baer <br />Partner, N.A.B. Realty Co. <br />Geoffrey I. Newman <br />Partner, N.A.B. Realty Co, <br />