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South Bend RedeN <br />Special Meet' <br />2. Continual... <br />elopment Commission <br />- August 18, 1988 <br />the owners as well as with Mark Meyers <br />from St. Joseph Title Co. to make sure <br />that, if the donation would take place, we <br />would meet all of the requirements to have <br />clear title to the property. <br />Mr. F ugh, representing a number of <br />the own , Mr. Baer, representing Bessina <br />Realty, Mr. Welber, President of <br />Bessina Realty were present in the meeting <br />to answ any questions the Commissioners <br />had. <br />Mr. F ugh brought original, executed <br />deeds from sixteen different owners, <br />representing 87% of the ownership. Mr. <br />Baer prepared to turn over stock in <br />the name of Bessina Corporation for the <br />remain:in 13% of the building. <br />Mrs. Kol to continued to explain that if <br />the Commission accepted the stock, it <br />would be the intention to immediately <br />dissolve the corporation. <br />Mr. Nimt4 recognized Mr. Baer for any <br />continents Ihe desired to make. <br />Mr. Baer <br />noted that the shareholders <br />desired, <br />for economic reasons, to transfer <br />all the issues <br />of outstanding shares of <br />the stock <br />to the City of South Bend. He <br />indicated <br />that the only asset of the <br />corporation <br />is this stock. Bessina <br />Corporation <br />has agreed to immediately <br />dissolve <br />the corporation, immediately deed <br />the propr=rty <br />out of the corporation to the <br />City and, <br />to that end, assure the City <br />that it uould <br />be saved any expense <br />incurred <br />as a result of the transfer. He <br />pointed cut <br />that the title company has <br />approved <br />all of the steps being taken at <br />this meeting <br />to convey to the City clear <br />title to <br />e property. <br />Mr. Nimtzjrecognized Mr. Farabaugh for any <br />continents lie desired to make. <br />Mr. Farabaugh noted that he was happy to <br />present tie deeds from the sixteen owners <br />of the r fining portion of the property. <br />-2- <br />