No. 0446 accepting/approving First Bank & Trust Co., trustee and A.G.A. Realty Co., all pertaining to a part of disposition parcel 4-72 in the Central Downtown Project INDIANA R-66

Home Browse Search

RESOLUTION NO. 446 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION, ACCEPTING AND APPROVING THE FIRST BANK AND TRUST COMPANY OF SOUTH BEND, SOUTH BEND, INDIANA, TRUSTEE, AND A.G.A. REALTY COMPANY OF SOUTH BEND, AN INDIANA PARTNERSHIP, AS THE REDEVELOPERS, AUTHORIZING THE PREPARATION AND EXECUTION OF THE CONTRACT FOR DISPOSITION AND REDEVELOPMENT 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 A PART OF DISPOSITION PARCEL 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 the 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, South Bend, Indiana, as Trustee for Land Trust No. 29 -5121, has submitted a proposal to redevelop Disposition Parcel 4 -72, except the South 31 feet, 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; and WHEREAS, said proposal submitted by the First Bank and Trust Com- pany of South Bend, South Bend, Indiana, as Trustee for Land Trust No. 29 -5121 is hereby determined by the South Bend Redevelopment Commission as satisfactory and as not less than the offering price of said Redevelopment Commission for uses in accordance with the Urban Renewal Plan; and WHEREAS, A.G.A. Realty Company of South Bend, an Indiana partnership, is the beneficiary under said Land Trust No. 29 -5121 and will be the actual Redeveloper under said bid proposal; and WHEREAS, the U. S. Department of Housing and Urban Development has approved A.G.A. Realty Company of South Bend and the First Bank and Trust Company of South Bend, Trustee, as Redevelopers;