|
REAL ESTATE PURCHASE AGREEMENT
<br />This Real Estate Purchase Agreement (this “Agreement”) is made on November 25, 2024
<br />(the “Contract Date”), by and between the City of South Bend, Indiana, Department of
<br />Redevelopment, acting by and through its governing body, the South Bend Redevelopment
<br />Commission (“Seller”) and Stoic Beverages LLC a Indiana limited liability corporation with its
<br />registered office at 26829 County Road 52, Nappanee, IN, 46550 (“Buyer”) (each a “Party” and
<br />together the “Parties”).
<br />RECITALS
<br />A.Seller exists and operates pursuant to the Redevelopment of Cities and Towns Act
<br />of 1953, as amended, being Ind. Code 36-7-14 (the “Act”).
<br />B.In furtherance of its purposes under the Act, Seller owns certain real property
<br />located in South Bend, Indiana (the “City”), and more particularly described in attached Exhibit
<br />A (the “Property”).
<br />C.Pursuant to the Act, Seller adopted its Resolution No. 3151 on August 15, 2013,
<br />whereby Seller established an offering price of Tow Hundred and Twenty-Seven Thousand Five Hundred
<br />Dollars ($227,500.00) for the Property.
<br />D.Pursuant to the Act, on August 15, 2013 Seller authorized the publication, on August
<br />23, 2013, and August 30, 2013, respectively, of a notice of its intent to sell the Property and its
<br />desire to receive bids for said Property on or before September 12, 2013, at 9:30A.M.
<br />E.On September 12 2013, at 9:30A.M., Seller received no bids for the Property, and,
<br />therefore, having satisfied the conditions stated in Section 22 of the Act, Seller now desires to sell
<br />the Property to Buyer on the terms stated in this Agreement.
<br />F.Subsequently, Seller entered into a Real Estate Purchase Agreement with another
<br />purchaser, dated effective August 25, 2016, which agreement was modified by amendments one
<br />through seven from December 15, 2016 to February 1, 2023, and the Property was return ed to
<br />Seller pursuant to the terms of a Settlement Agreement by Warranty Deed recorded as Instrument
<br />No. 2024-04864 on March 7, 2024.
<br />G.A Request for Proposals for the Property was approved by Seller on June 27, 2024
<br />and disseminated; four bids were received and opened by Seller on August 21, 2024.
<br />H.On October 10, 2024, Seller determined that it was in the best interest of the City
<br />of South Bend, Indiana to commence negotiations with Buyer for the sale of the Property.
<br />THEREFORE, in consideration of the mutual covenants and promises in this Agreement
<br />and other good and valuable consideration, the receipt of which is hereby acknowledged, Buyer
<br />and Seller agree as follows:
|