No. 0125 authorizing acceptance of bid of Sippel Realty Corp. for land in the Sample Street Project IND 4-7

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RESOLUTION NO. 125 RESOLUTION AUTHORIZING ACCEPTANCE OF BID OF SIPPEL REALTY CORPORATION FOR LAND IN THE SAMPLE STREET PROJECT, IND. R -7. WHEREAS, Sippel Realty Corporation, by Rowland L. Sylvester, its presi- dent, has submitted a written offer meeting the approved minimum price on Dis- posal Parcel commonly referred to as No. 1(n), Sample Street Project, Indiana R -7; and, WHE EAS, the South Bend Redevelopment Commission has determined that the accep ance of this bid is in accordance with the approved disposal program for this a ea; and, WHE EAS, the Commission has determined that the redeveloper possesses the qua cations and financial resources necessary to acquire and develop the land in ac ordance with the Urban Renewal Plan; and, WHEREAS, the land to be sold has previously been offered for sale by solici- ting sealed bids, with no bids having been received for said property, the Commis- sion therefore considers disposal of said land by negotiation to be the appropriate method of land disposition; and, WHEREAS, the offer of 18.5 per square foot by Sippel Realty Corporation is satisfactory and is not less than the fair market value for use in accordance with the Urban Renewal Plan, as determined by updating appraisals of this area com- pleted on October 14, 1965. NOW, THEREFORE, BE IT RESOLVED, that the South Bend Redevelopment Commission subject to the approval of the Regional Office of the Department of Housing and Urban Development of Region IV, does hereby accept the offer of Sippel Realty Corporation to acquire at a price of 18.5 per square foot and redevelop the design ted Disposition Parcel 1(n) which is known and described as follows: held Mar South Bea The East 20.0 feet of the West 250.61 feet of the South Part of Parcel No. 1 in the Inner Belt Industrial Park, a Sub- division in the Southeast and Southwest Ouarter of Section 11, and the Northeast Quarter of Section 14, all in Township 37 North, Range 2 East of the Second Principal Meridian, City of South Bend, Indiana, the Plat of which is recorded in Plat Book 21, Page I, in the office of the Recorder of St. Joseph County, and containing 6, 000 square feet, more or less, and commonly known as Parcel I(n), Sample Street Project, Indiana R -7, in the Records of the South Bend Redevelopment Commission. :d at a regular meeting of the South Bend Redevelopment Commission 1 17, 1966, at the office of the Commission, 120 West LaSalle Avenue, ., Indiana.