Resolution No. 3615 Purchase Agreement Elwood Shopping Plaza - Fully Executed

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RESOLUTION NO. 3615 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION RELATED TO ACQUISITION OF PROPERTY IN THE RIVER WEST DEVELOPMENT AREA WHEREAS, the South Bend Redevelopment Commission (“Commission”) exists and operates pursuant to the Redevelopment of Cities and Towns Act of 1953, as amended, cited as Ind. Code §36-7-14 (the “Act”); and WHEREAS, in furtherance of its purposes of redevelopment, the Commission desires to acquire certain property located in the River West Development Area (the “Area”). commonly known as the shopping center located at 1302 Elwood Ave., South Bend, IN 46628, and more particularly described in Exhibit A (the “Property”); and WHEREAS, Blair Adams Ret, LLC has entered into a certain Letter of Intent with Elwood Shopping Center, LLC to purchase the Property (the “LOI”), and is in the process of finalizing a Purchase and Sale Agreement (the “Purchase Agreement”); and WHEREAS, Blair Adams Ret, LLC desires to transfer its rights, benefits, and obligations under the Purchase Agreement to the Commission through a certain Assignment and Assumption Agreement (“Assignment Agreement”), attached hereto as Exhibit B; and WHEREAS, the Property is located in the River West Development Area within the City of South Bend (the “Area”) and is set forth on the Commission’s acquisition list related thereto, pursuant to the Commission’s Resolution No. 3478; and WHEREAS, two (2) independent appraisals of fair market value of the Property have been procured by the Commission, the average of which are exceeded by the purchase price specified in the LOI (the “Purchase Price”); and WHEREAS, Commission staff has reviewed the appraisals and the Purchase Price, and has determined that the Purchase Price is fair and reasonable in light of the totality of the circumstances concerning the property and the Area; and WHEREAS, the Commission believes that accepting the assignment in the Assignment Agreement is in the best interests of the health, safety, and welfare of the City and its residents; and WHEREAS, the Commission desires to authorize the acquisition of the Property for consideration greater than the average of two appraisals, as permitted pursuant to Section 19(b) of the Act.