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THIS ri\. AGREEMENT, <br />, entered into this 14 day of <br />Jesus Granados ' 1996, by and between Maria Granados and <br />Civil City , hereinafter referred to as the "Buyers," and the <br />Y of South Bend, a municipal corporation of the State of <br />Indiana, hereinafter referred to as the "City." <br />WITNESSETH: <br />WHEREAS, I.C. 36-1-11 establishes the procedures for the sale <br />and rental of real property owned by the City of South Bend; and <br />WHEREAS, the Board of Public Works (hereinafter referred to as <br />the "Board") is empowered to carry out the provisions of said <br />statute; and <br />WHEREAS, the Board has determined that: <br />1. The highest and best use of certain real property owned <br />by the City is by sale to an abutting landowner; <br />2. The cost to the public of maintaining said real property <br />owned by the City equals or exceeds the established fair market <br />value of said real property; <br />3. It is economically unjustifiable to sell real property <br />owned by the City in accordance with the procedures set forth in <br />I.C. 36-1-11-4. <br />WHEREAS, the Board has determined that the assessed value of <br />said real property is less than TWO THOUSAND DOLLARS ($2,000); and <br />WHEREAS, the Board appointed a licensed independent appraiser <br />who appraised the particular real property; and <br />WHEREAS, based upon the appraisal submitted, the Board has <br />established an offering price for the said property, and published <br />notice of its intention to sell said property at said price; and <br />WHEREAS, pursuant to I.C. 36-1-11-5, the Board is empowered to <br />negotiate and sell said real property to the abutting landowner who <br />submits the highest offer for said real property; and <br />WHEREAS, the Buyers made an offer of Three Hundred and Fifty <br />Dollars ($350.00) to purchase the property, this offer being the <br />only offer received; and <br />WHEREAS, the offer of Three Hundred and Fifty Dollars <br />($250.00) was accepted by the City. <br />NOW, THEREFOR, it is agreed by and between the parties <br />hereto, and for and in consideration of the promises and the mutual <br />covenants herein contained, as follows: <br />1. The City agrees to sell and Buyer agrees to buy the <br />following property located in St. Joseph County, Indiana: <br />Key Number 18-8052-2111 <br />Lot 185 Olivers 2nd Addition. <br />Commonly known as 1125 West Indiana, South Bend. <br />for the sum of $350.00. <br />2. Buyer agrees to pay the purchase price and recording fee <br />in full at the time of closing. <br />