No. 0074 authorizing acceptance of bid for land in the Sample Street Redevelopment Area (Stadiana, Inc.)

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WHEREAS Harold meeting referre Indiana RESOLUTION NO. 74 RESOLUTION AUTHORIZING ACCEPTANCE OF BID FOR LAND IN THE SAMPLE STREET REDEVELOPMENT AREA Stadiana, Inc., by Irving T. Smith, its President, and berkotter, its Secretary, has submitted a written offer the approved minimum price on Disposal Parcel commonly to as No. 1(e), Sample Street Redevelopment Project R -7; and WHEREAS the South Bend Redevelopment Commission has determined r that th acceptance of this bid is in accordance with the approved �,. disposa program for this area; and WHEREAS the South Bend Redevelopment Commission has determined that St diana, Inc. possesses the qualifications and financial resourc s to acquire and develop the land in accordance with the Urban R newal Plan; and WHEREAS the land to be sold has previously been offered for sale by soliciting sealed bids; and more than 90 days have elapsed since said bid opening with no bids having been received for said property, the Conumission therefore considers disposal of said land by negotia- tion to be the appropriate method of land disposition; and WHEREAS the offer of 23.70 per square foot by Stadiana, Inc. is satisfa tory and is not less than the fair market value for uses in acco dance with the Urban Renewal Plan, NOW T REFORE, the South Bend Redevelopment Commission accepts the offer o Stadiana, Inc. to acquire at a price of 23.70 per square foot an redevelop the designated Disposition Parcel 1(e) which is known d described as follows: Commencing at an existing Cross in the East sidewalk of Scott Street at the intersection of Western Avenue, said Cross being located on the South Line of Western Avenue and Five Feet (5.001) West of the East Line of Scott Street; thence Southerly from said Cross a distance of Nine Hundred Thirty -eight and Forty -nine Hundredths Feet (938.491) to another existing Cross in the East sidewalk of Scott Street; thence continuing Southerly a distance of one Hundred Feet (100.001) to another existing Cross in the East sidewalk of Scott Street (all these three (3) Crosses being in a straight line and Five feet (5.001) West of the East Line of Scott Street); thence continuing Southerly along a line pro- jected through the above said three (3)Crosses a distance of Seventy-one and Seventy -one Hundredths Feet (71.711); thence turning a deflection angle of Eighty -nine Degrees, Fifty -seven Minutes, Thirty Seconds (890, 57', 30 ") right from the last described course extended and running Westerly along this Line a distance of Seventy -five Feet (75.001) to the place of beginning; then a continuing Southerly on a Line parallel to and Seventy -five Feet (75.001) West of a Line established by the three (3) pre - viou ly described existing crosses a distance of Two Hundred -1-