No. 0093 authorizing acceptance of Cummins Engine Company, Inc. of Columbus, IN, for land in the Sample Street INDIANA R-7 Redevelopment Area

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RESOLUTION NO, 93 BID OF RESOLUTION AUTHORIZING ACCEPTANCE OF /CUMMINS ENGINE COMPANY, INC. OF COLUMBUS, INDIANA, FOR LAND IN THE SAMPLE STREET INDIANA R -7 REDEVELOPMENT AREA WHEREA Cummins Engine Company, Inc. of Columbus, Indiana, has submitted a writ en offer meeting the approved minimum price on Disposal Parcel common y referred to as No. 6, Sample Street Redevelopment Project Indian R -7; and WHEREAS said property has been advertised for sale on April 16, 19649 and the following bids were received and opened at the time proposed for accepting sealed offers for the purchase of said property; Helen Deka - $20,684.96 (48.30 per square foot); William Paulson - $22,012.56 (51.40 per square foot); and Cummins Engine Co. - $25,100 (58.60 per square footh and the South Bend Redevelopment Commission has determined that Engine Co., Inc. possesses the qualification and financial �s to acquire and develop the land in accordance with the Urban Plan; and WHEREA the offer of 58.60 per square foot by Cummins Engine Co., Inc. is sat and is not less than the fair market value for uses in accord ce with the Urban Renewal Plan; and WHEREA said Redeveloper has deposited a check in the amount of $2,510, ten pe cent (10%), or more, of the bid with said proposal, NOW T BEFORE BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION, That subject to the approval of the Regional Office of the Housing and Home Finance Agency of Region IV, the bid of Cummins Engine Co., Inc., for Parcel No. 6 described as follows: The triangle section of disposition parcel No. 6, consisting of 42,826 square feet, having approximately 400 feet frontage on Chapin Street and approximately 220 feet frontage on Sample St. for they sum of $25,100 is hereby accepted. Adopte at a regular meeting of the South Bend Redevelopment Commission held on October 15, 1964, at the office of the Commission, 129 West Colfax venue, South Fend, Indiana.