No. 1036 relating to acquisition of property within the Studebaker Corridor Developmebnt Area by eminent domain

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EXHIBIT "B" RESOLUTION NO. 1036 Jon R. Hunt Executive Director Department of Economic Development City of South Bend 1200 County City Building South Bend, Indiana 46601 Re: Purchase of Avanti Building Dear Jon: Lee Newman P.O. Box 652 Lincoln, MA 01773 January 2, 1992 Many thanks for your courtesy and time spent with Geoff Newman and Fred Baer these past few weeks discussing the purchase of the Avanti property by the City's Redevelopment Commission. Con- tained herein is our offer to sell which we deem to be fair. We will sell the property to the City for a purchase price of $240,000.00. We offer to place $45,000.00 of the purchase price in escrow for a period of two years from the date of closing. The escrowed funds may be called upon by the City to pay for the costs of clean -up of environmental contamination which may be determined to exist on the property site. Any unused portion of the es- crowed funds are to be released to the sellers at the end of the two year period. If environmental clean -up costs exceed the escrowed amount, then the City shall assume the excess. Sale is to be subject to the City assuming property taxes payable for 1990 -91 and 1991 -92 and also subject to easements of record. The City will pay for the cost of the Title Insurance Policy, In addition, I request that the City provide for my review and written approval copies of all documents as may be required to conclude this transaction. I also request that the City issue a check payable directly to me for my proportionate share of the purchase price by mailing to my address as indicated above. My proportionate share of any funds in the escrow account at the end of the two year period should also be made payable directly to me. Sincerely yours, lz4- Lee Newman