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PURCHASE AGREEMENT ��,�� <br />THIS AGREEMENT, entered into this J�lday of � ��`" ` 19" G-4by and <br />between Richard James, hereinafter referred to as the "Buyer," and the Civil City of South Bend, a <br />municipal corporation of the state of Indiana, hereinafter referred to as the "City." <br />WITNESSETH: <br />W[3EREAS, I.C. 36-1-11 establishes the procedures for the sale and rental of real property <br />owned by the City of South Bend; and <br />WIEREAS, the Board of Public Works (hereinafter referred to as the `Board") is empowered <br />to carry out the provisions of said statute; and <br />WHEREAS, the Board has determined that: <br />1. The highest and best use of certain real property owned by the City is by sale to an <br />abutting landowner; <br />2. The cost to the public of maintaining said real property owned by the City equals or <br />exceeds the estimated fair market value of said real property; <br />3. It is economically unjustifiable to sell real property owned by the City in accordance <br />with the procedures set forth in I.C. 36-1-11-4. <br />WHEREAS, the Board has determined that the assessed value of said real property is less <br />than Two Thousand Dollars ($2,000.00); and <br />WfIEREAS, the Board published notice of its intention to sell said property; and <br />WIJEREAS, pursuant to I.C. 36-1-11-5, the Board is empowered to negotiate and sell said <br />real property to the abutting landowner who submits the highest offer for said real property; and <br />WHEREAS, the Buyer made an offer to purchase the property in the amount of Fifty Dollars <br />imcn _jw - L- s1._ __1.� .� rnr aitrn�l- 9rfl� <br />