#2948- Deed; QUIT-CLAIM DEED From City of South Bend to American Home Dreams, Commonly known as 313 and 317 Broadway - Part 2

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ti r Mr. Anthony Gurvis Page Two May 7, 1980 parcels affected, and it was stated that Gurvis, et al, would repurchase the residual areas. In the interest of time and also based on the assumption of good faith in these negotiations, the City chose to accom- modate this request, rather than pursue condemnation of these properties. I would note that this decision caused the City to invest substantially more money in the acquisition phase of this project. When time came to sell the property, the City received no response to its request for bids, despite direct notification of your firm. The second time that it ►vas advertised, we received the above described offer from Mr. Butt. Documents were mailed to Gurvis, et al, to consummate this sale. After approximately thirty (30) days, a meeting was requested by the City to ascertain why Gurvis, et al, had not responded. At that meeting held on October 5, 1979, the City was requested to outline its commitment to make certain improvements at the property. The City agreed and said letter was issued to Mr. Robert Butt on October 16, 1979. Again the City awaited the processing of the necessary closing documents, how- ever the City received no word whatsoever from Gurvis, et al, until your conversation of April 25, 1980, with Mr. Wells. I believe that the City has been extremely patient in dealing with Gurvis, et al, to this point in time. We felt that the acquisition of this property by yourself or your associates was essential to either the operation of the Town Tower Motor Inn or to any other future use of your holdings. We are quite surprised to find that your actions indicate that this is not the case. The City of South Bend, in December of 1979, entered into a lease for the use of the north property, (commonly referred to as Parcel "B"). This lease is severable upon notification by the City of the City's intent to dispose of this real estate. The City of South Bend has no intentions whatsoever of disposing of either Parcel "A" or Parcel "B" at less than the $5.50 per square foot which the City paid for this property. This figure translates into an offering price of $45,672.00 for Parcel "A" and $42,834.00 for Parcel "B". In addition, should the City choose to dispose of Parcel "B" within the first five years of this lease, the offering price for this property shall be in- creased to reflect the termination costs associated with such action. It is the City's intention, based upon your recent actions, to initiate nego- tiations with other parties who have expressed an interest in this real estate. Your verbal offer to Mr. Wells of April 25, 1980, is therefore rejected by this office. Should Gurvis, et al, be interested in pursuing the acquisition of either of these parcels in accordance with the above,