Resolution No. 25-2024 - Related to Property Conveyance to McCormick Company

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RESOLUTION NO.25-2024 A RESOLUTION OF THE CITY OF SOUTH BEND, INDIANA, BOARD OF PUBLIC WORKS APPROVING THE TRANSFER OF PROPERTY TO MCCORMICK & COMPANY, INC. WHEREAS, the City of South Bend Board of Public Works ("Board") is the contracting body for the City of South Bend, Indiana ("City"); and WHEREAS, the Board has custody of real property owned by the City pursuant to Ind. Code Section 36-9-6-3; and WHEREAS, the City is the owner of a certain parcel of real estate, more accurately described as 8.44 Ac Tract Mid Pt S Side Se 1/4 Beg 990' W & 40' N Of Se Cor Se Sec 28-38-2e with a street address of 3425 Lathrop Street, South Bend, Indiana 46628 (the "Property"); and WHEREAS, the City and McCormick & Company, Inc. ("McCormick") entered into a certain lease agreement dated June 1, 1976 ("Lease"), attached and incorporated herein as Exhibit 1 which afforded and incentivized McCormick's use of the Property; and WHEREAS, pursuant to the Lease, McCormick had certain financial obligations to the City; and WHEREAS, the City committed to transfer ownership of the Property for One Dollar ($1.00) upon McCormick's successful completion of its financial obligations to the City, which included the repayment of all amounts due under the original financial terms of the Lease; and WHEREAS, McCormick has openly and notoriously been in possession of the Property since executing the Lease; and WHEREAS, McCormick completed all its financial obligations under the Lease in 2001; and WHEREAS, McCormick has, at all times, been current with all property tax obligations pursuant to the Property and improvements thereon; and WHEREAS, the City and McCormick represent that it was an oversight which led to the failure to properly document the conveyance of the Property to McCormick in 2001 upon McCormick's successful completion of its financial obligations under the Lease; and WHEREAS, the City wishes to convey title to the Property via Quit Claim Deed, attached and incorporated herein as Exhibit 2; and WHEREAS, McCormick agrees to execute an Indemnification Agreement for the benefit of the City as part of the conveyance of the Property, attached an incorporated herein as Exhibit 3.