Transfer of Property at 1733 East Northside Blvd from the Park Department

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3. That the President of the Board of Park Commissioners of the City of South Bend execute, and the secretary of the Board of Park Commissioners of the City of South Bend attest to the execution of, a quit claim deed to effectuate the transfer of Northside. 4. That the Board of Public Works for the City of South Bend dispose of Northside and Maple Lane to the Community Foundation of St. Joseph County, formerly the Civic Foundation, by adoption of resolution setting forth the terms and conditions of the transfer, and by warranty deed executed by the Mayor of the City of South Bend, Indiana, said execution attested to by the Clerk for the City of South Bend, pursuant to I .C. 36-1-11-1(a) (7) , which exempts the disposition of property owned by the City of South Bend from the procedures, including the approval of the Common Council of such disposal, otherwise governing the disposition of public property. 5. That the Community Foundation of St. Joseph County, upon the satisfaction of the terms of the exchange agreement referred to in the preamble hereto, transfers Northside to Indiana University for use in the expansion of its South Bend Campus. 6. That the fair market value of Northside has been appraised at or near $500,000, that $500,000 is a reasonable price to be paid by Indiana University for Northside, and that proceeds of the sale of Northside to Indiana University by the Community Foundation of St. Joseph County, be expended by and/or reimbursed to the Community Foundation of St. Joseph County, and City of South Bend, to fund the $500,000 community contribution to the Army Reserve relocation project required by the federal legislation referred to in the preamble hereto. The Indiana State Legislature has granted Indiana University $2.7 million bonding capacity to fund the expansion of the Indiana University' s South Bend campus, $500,000 of which sum has been earmarked to fund the acquisition of Northside. SECTION VI . That the Common Council of the City of South Bend, Indiana, hereby approves and directs transfer of Northside from the Municipal City of South Bend for the use of its Park Department and/or Board of Park Commissioners to the City of South Bend, Indiana, with knowledge and approval of the subsequent transfer of Northside by the City of South Bend, Indiana, to the Community Foundation of St. Joseph County, for eventual transfer to Indiana University, and hereby approves and directs the trasnfer of Maple Lane from the City of South Bend to the Community Foundation of St. Joseph County, all pursuant to and consistent with the findings made herein. SECTION VII. This Ordinance shall be in full force and effect upon passage by the Council and approval by the Mayor. / Member Y% th Bend Common Council JPM/ORD-RES3-ORD-1733