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Notice of Intended Disposition of Property SOUTH BEND CENTRAL DEVELOPMENT AREA 514 Rush Street South Bend, Indiana Notice is hereby given that the Redevelopment Commission of the City of South Bend, Indiana, will receive sealed offers for the purchase of certain property situated in the South Bend Central Development Area until 9:00 a.m. (EST) on the 8th day of November, 2012 in the Office of the Department of Redevelopment, 1200 County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana, 46601. All offers will be publicly opened and read aloud at 9:30 a.m. (EST) on the 8th day of November, 2012 at the Regular Meeting of the Redevelopment Commission to be held that date and time in Room 1308 County -City Building, 227 West Jefferson Boulevard, South Bend, IN 46601. Bid proposals for the purchase of the property offered will be considered. The property being offered is located at 514 Rush Street, in the South Bend Central Development Area, South Bend, Indiana. Any proposal submitted must be for the entire parcel being offered. The required re -use for the parcel is residential projects that are permitted within the "MF1" or "SF2" Residential District zoning designation. Strong emphasis will be placed during the review process on compatibility with the goals and objectives of the Monroe Park Neighborhood and the South Bend Central Development planning area, with an added preference for owner occupied single family residences. A packet containing bid forms, the offering sheet and other pertinent information may be picked up at the Department of Community and Economic Development, 1200 County -City Building, 227 West Jefferson Boulevard, South Bend, IN 46601. The Commission reserves the right to reject any and all bids, and to make the award to the highest and best bidder. In determining the best bid, the Commission will take into consideration the following: 1. The use of the improvements proposed to be made by each bidder on the property 2. Each bidder's ability to improve the property with reasonable promptness 3. Each bidder's proposed purchase price 4. Any factors which will assure the Commission that the sale, if made, will furtherthe carrying out of the Development Plan for the South Bend Central Development Area and will best serve the interest of the community from the standpoint of human and economic welfare 5. The ability of each bidder to finance the proposed improvements to the property with reasonable promptness The Commission further reserves the right to waive any formalities in bidding which are not mandatory requirements. A bid submitted by a trust (as defined in IC 30- 4- 1 -1(a)) must identify each: (A) beneficiary of the trust; and (B) settlor empowered to revoke or modify the trust. To secure the execution of the disposition agreement, the purchase of the property and the redevelopment thereof in accordance with the agreement, the bidder must submit with the proposal a faithful performance guaranty, in the sum of ten percent (10 %) of the amount offered for the purchase of the property. The guaranty sum may be in the form of a certified check, a cashier's check, or surety bond, letter of credit from a bank or trust company as approved by the Redevelopment Commission, or by other sufficient security, but the form, substance and terms of the performance guaranty must be approved as satisfactory by the Redevelopment Commission. The performance guaranty, if by certified check, shall be deposited in any account of the Department of Redevelopment, City of South Bend, in a bank or trust company selected by the Redevelopment Commission. CITY OF SOUTH BEND, INDIANA DEPARTMENT OF REDEVELOPMENT Donald E. Inks, Director Publish Dates: October 19 and October 26, 2012 11