No. 0434 accepting/approving A.G.A. Realty Co. as trustee for land trust no. 29-5121 (pertaining to disposition parcels 4-70, 4-72 in the Central Downtown Project, Indiana R-66

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RESOLUTION NO. 434 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION, ACCEPTING AND APPROVING A.G.A. REALTY COMPANY, AN INDIANA PARTNERSHIP AND THE FIRST BANK AND TRUST COMPANY OF SOUTH BEND AS TRUSTEE FOR LAND TRUST NO. 29- 5121, AS REDEVELOPERS, AUTHORIZING THE PREPA - RATION AND EXECUTION OF THE CONTRACT OF DISPOSITION AND REDEVELOP- MENT AND THE EXECUTION OF QUIT CLAIM DEED(S) FOR TRANSFER OF TITLE, AND APPROVING THE CONSTRUCTION PLANS AND THE EQUITY CAPITAL AND MORTGAGE FINANCING, ALL PERTAINING TO DISPOSITION PARCELS 4 -70 AND PART OF 4 -72 IN THE CENTRAL DOWNTOWN PROJECT, INDIANA R -66. WHEREAS, the City of South Bend Department of Redevelopment is carrying out the urban renewal for an area known as the South Bend Central Downtown Project, Indiana R -66, pursuant to the Urban Renewal Plan adopted by the Common Council of the City of South Bend, Indiana, by Resolution No. 193 -68 on September 10, 1968; and WHEREAS, said Urban Renewal Plan calls for sale for redevelopment by public or private agencies, persons, or associations, of acquired land in accordance with the provision of said Plan; and WHEREAS, the First Bank and Trust Company of South Bend, Indiana, as Trustee for Land Trust No. 29 -5121, has submitted a proposal to redevelop Disposition Parcels 4 -70 and part of 4 -72, as described on Exhibit A attached hereto, which are within the South Bend Central Downtown Project, Indiana R -66, and said proposal has been processed in accordance with all applicable statutes of the State of Indiana and of the United States and with applicable rules and regulations governing the sale of land acquired by the South Bend Redevelopment Commission. WHEREAS, said proposal submitted by the First Bank and Trust Company of South Bend, Indiana, as Trustee for Land Trust No. 29 -5121 is satisfactory and is not less than the offering price of the Commission for uses in accordance with the Urban Renewal Plan, and said bid proposal is determined by the Redevelopment Commission to be the highest and best bid; and WHEREAS, A.G.A. Realty Company, an Indiana partnership is the beneficiary under said Land Trust No. 29 -5121 and will be the actual Redeveloper under said bid proposal; and C-