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has been determined by the South Bend Redevelopment Commission <br />as satisfactory and as not less than the offering price of <br />said Redevelopment Commission for uses in accordance with the <br />Urban Renewal Plan, and said bid proposal has been determined <br />by the Redevelopment Commission to be the highest and best bid; and <br />WHEREAS, the St. Joseph Bank and Trust Company of South <br />Bend, Indiana, has assigned its interests and obligations under <br />said bid proposal to Royal Inns of America, Inc., a California <br />corporation; and <br />WHEREAS, the U. S. Department of Housing and Urban Development <br />has approved Royal Inns of America, Inc. as Redeveloper for Disposition <br />Parcel 7 -1; and <br />WHEREAS, Royal Inns of America, Inc. must commence the redevelopment <br />construction on said Parcel 7 -1 forthwith in order to meet its construc- <br />tion schedule; Now, Therefore, Be It <br />RESOLVED, by the South Bend Redevelopment Commission, the governing <br />body of the City of South Bend Department of Redevelopment, that: <br />1. The previous determination by said Redevelopment Commission of <br />the above - referenced bid proposal as the highest and best bid is hereby <br />reaffirmed. <br />2. Said Redevelopment Commission hereby approves the assignment <br />of said bid proposal from the St. Joseph Bank and Trust Company of South <br />Bend, Indiana, as Trustee for Land Trust No. 31- 001935 -1, to Royal Inns of <br />America, Inc., a California corporation. <br />3. Said Redevelopment Commission hereby accepts and approves Royal <br />Inns of America, Inc. as Redeveloper for Disposition Parcel 7 -1 in the <br />Central Downtown Project, Indiana R -66. <br />4. The Executive Director of the Department of Redevelopment is <br />hereby authorized to have prepared a Contract for Sale of Land for <br />Private Redevelopment and Quit Claim Deed(s) for the purpose of conveying <br />said Disposition Parcel 7 -1 to said Redeveloper. <br />-2- <br />