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RESOLUTION No. 120 <br />RESOLD ION AUTHORIZING ACCEPTANCE OF BID OF SIPPEL REALTY <br />CORP. FOR LAND IN THE SAMPLE STREET PROJECT, INDIANA R -7 <br />WHERE S, Sippel Realty Corporation, by Rowland L. Sylvester, its president, <br />has sub ' itted a written offer meeting the approved minimum pr . ce .on Disposal <br />Parcel commonly referred to as No. 1(k), Sample Street Project, Indiana R -7; <br />and <br />WHEREAS, the Sr -''h Bend Redevelopment Commission has determined that the <br />acceptance of this bid is in accordance with the approved disposal program for <br />this area; and <br />WHEREAS, the Commission has determined that the redeveloper possesses the <br />qualifica ions and financial resources necessary to acquire and develop the land <br />in accordance with the Urban-Renewal Plan; and ' <br />WHEREAS, the land to be sold has previously been offered for sale by soliciting <br />sealed bids, with no bids having been received for said property, the Commission <br />therefore considers disposal of said land by negotiation to be the appropriate <br />method of land disposition; and <br />WHEREAS, the offer of 18.5 per square foot by Sippel Realty Corp. is satisfac- <br />tory and -, not less than the fair market value for use in accordance with the <br />Urban R newal Plan, as determined by updating appraisal of this area completed <br />on October 14, 1965. <br />NOWTHEREFORE, THE SOUTH BEND REDEVELOPMENT COMMISSION accepts <br />the offer of Sippel Realty Corporation to acquire at a price of 18.5 per square <br />foot and redevelop the designated Disposition Parcel l(k) which is known and <br />describe: d as follows: <br />The South 150.0 feet of the North Part of Parcel No. 1 in the Inner <br />Belt Industrial Park, a subdivision in the Southeast and Southwest <br />Quarter of Section 11, and the Northeast Quarter of Section 14, all <br />in Township 37 North, Range 2 East of the Second Principal Meridian, <br />Ci y of South Bend, Indiana, the Plat of which is recorded in Plat <br />Book 21, Page I, in the office of the Recorder of St. Joseph County, <br />and containing 59,011 square feet, more or less, and commonly <br />known as Parcel 1(k), Sample Street Redevelopment, Project <br />Indiana R -7, in the Records of the South Bend Redevelopment <br />Commission. <br />Adopted at a regular meeting of the South Bend Redevelopment Commission held <br />February 3, 1966 at the office of the Commission, 120 West LaSalle Avenue, <br />South Bend, Indiana <br />