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??uS{JLTJTION NUJ. 82 <br />?~ FESCLTJTION OF THE S^UTH BEND REDEVELOPi='iENT <br />AUTHOFITY APPROVING THE TRANSFER OF REAL <br />PROPERTY IN THE AIRPORT ECONOMIC DEVELOPMENT AREA <br />WHEREAS, the South Bend Redevelopment Authority (the <br />"Authority") is the owner of certain real property located in the <br />Airport Economic:Development Area and more particularly described <br />at Exhibit "A" hereto (the "Lease Parcel"); and <br />WHEREAS, the Authority is also the owner of certain real <br />property .located in the Airport Economic Development Area, <br />adjacent to the Leased Parcel, and more particularly described at <br />Exhibit "B" hereto (the "Sale. Parcel"); and <br />WHEREAS, the Sale Parcel. is adjacent to certain real <br />property owned and developed by Gainey Realty and Investment <br />Corporation ("Gainey Site"); and <br />WHEREAS, the South Bend Redevelopment Commission.. is leasing <br />the Lease Parcel from the Authority and is subleasing the Lease <br />Parcel to Gainey Realty and Investment Corporation.("Gainey"); <br />and <br />WHEREAS, the Sale Parcel separates. the Lease Parcel from the <br />Gainey Site; and <br />WHEREAS, Gainey desires to improve the Gainey Site and the <br />Lease Parcel by constructing certain improvements upon the Gainey <br />Site; but <br />WHEREAS,. the. improvements, as proposed, encroach onto the <br />Sale Parcel; and <br />WHEREAS, Gainey wishes to acquire the Sale Parcel in order <br />to allow for the proposed improvements to the constructed; and <br />WHEREAS, the Authority desires that the improvements be <br />constructed in order to facilitate Gainey's development of the. <br />Lease Parcel, as well as the development of the Gainey Site; and <br />WHEREAS, the Authority has no need for the Sale Parcel; and <br />WHEREAS, the South Bend Redevelopment Commission. previously <br />offered the Sale Parcel and Lease Parcel for disposition and, <br />receiving no bid at the minimum offering price, accepted the bid <br />of Gainey to lease-purchase the Sale Parcel .and Lease Parcel; but <br />- WHEREAS, for the reasons cited above, Gainey desires. to <br />acquire fee title to the Sale Parcel and not merely a lease-hold <br />interest in the Sale Parcel; and <br />WHEREAS, the consideration in the form <br />payments received by:the Commission for the <br />Parcel and Lease Parcel is herehy deemed by <br />adequate consideration to the Authority for <br />Parcel to Gainey insofar as the Sale Parcel <br />to any party but Gainey; and <br />of prepaid lease. <br />lease of the Sale <br />the Authority to be <br />the sale of the Sale <br />is of no use or value <br />WHEREAS, development of the Sale Parcel as proposed by <br />Gainey is in furtherance of the efforts and goals of-the <br />Authority in the Airport Economic Development Area, which is of a <br />value to the Authority at least as great as the fair market value <br />of the Sale Parcel. <br />NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND <br />REDEVELOPMEN'T` AUTHORITY AS FOLLOWS: <br />1. That the transfer of the Sale Parcel to Gainey, in <br />consideration of;~'the prepayment of certain lease payments by <br />