Property Transfer Agreement - 36 Lots to Support LIH Tax Credit – Advantix Development Corp.

Home Browse Search

1 REAL PROPERTY TRANSFER AGREEMENT This Real Property Transfer Agreement is entered into as of July 11, 2023 (the “Effective Date”), by and between the City of South Bend, acting by and through its Board of Public Works, of 1300 N. County-City Building, 227 W. Jefferson Blvd., South Bend, Indiana 46601 (the “City”) and Advantix Development Corporation, an Indiana non-profit corporation, with its registered address being 500 SE 10th Street, Evansville, Indiana 47713 (“Advantix”) (each a “Party,” and together the “Parties”). RECITALS A. The City is a municipal corporation existing and operating pursuant to the laws of the State of Indiana. B. Advantix is an Indiana non-profit corporation organized exclusively to conduct, support, encourage, and assist such charitable, educational, and other programs and projects as are described both in Section 170(c)(2)(B) and 501(c)(3) of the Internal Revenue Code and is exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code. C. The City owns certain real property described in attached Exhibit A (the “Properties”). D. Advantix desires to acquire ownership of the Properties from the City for the opportunity to apply for low-income housing tax credits and desires to enter into an agreement for acquisition of the Properties. E. Pursuant to I.C. 36-1-11-1(b)(7), a sale or lease of property by the City to an Indiana non-profit corporation organized for educational, literary, scientific, religious, or charitable purposes that is exempt from federal income taxation under Section 501 of the Internal Revenue Code is not subject to the disposition requirements of I.C. 36-1-11. F. The City, acting by and through the Board of Public Works, has determined that conveying the Properties to Advantix under the terms of this Agreement is in the best interests of the residents of the City. NOW, THEREFORE, in consideration of the mutual covenants stated herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the City and the Advantix agree as follows: 1. Qualifications of Advantix. Advantix represents and warrants that (a) it is a non- profit corporation organized under the laws of the State of Indiana; (b) Advantix’s articles of incorporation dated October 17, 2017 (the “Articles”), attached hereto as Exhibit B, have not been superseded or amended and currently remain in full force and effect; and (c) Advantix is currently