Resolution No. 3656 (Purchase Agreement for Old Marquette School) - Signed

Home Browse Search

REAL ESTATE PURCHASE AGREEMENT This Real Estate Purchase Agreement (this “Agreement”) is made effective as of November 13, 2025 (the “Contract Date”), by and between South Bend Community School Corporation, an Indiana public school corporation (“Seller”) and the City of South Bend, Indiana, Department of Redevelopment, by and through its governing body, the South Bend Redevelopment Commission (“Buyer”) (each a “Party” and together the “Parties”). RECITALS A.Seller is the owner of certain property located in South Bend, Indiana (the “City”), with a common address of 1905 College Street, and more particularly described in attached Exhibit A (the “Property”). B.For purposes of this Agreement, Seller is identified as South Bend Community School Corporation, an Indiana public school corporation organized and existing under the laws of the State of Indiana. Seller holds title to the Property in the name of School City of South Bend Marquette School, and such title is held by and for the benefit of the South Bend Community School Corporation. The Parties acknowledge that the variation in naming reflects the legal structure and governance of the South Bend Community School Corporation, and does not affect the authority of the Seller to convey title to the Property. C.Buyer exists and operates pursuant to the Redevelopment of Cities and Towns Act of 1953, as amended, cited as Indiana Code § 36-7-14 (the “Act”). D.Buyer has determined the Property is blighted, unsafe, abandoned, foreclosed, or structurally damaged, and in furtherance of its purposes of redevelopment, and pursuant to I.C. 36- 7-14-19.5, Buyer desires to purchase from Seller the Property for the average of two independent appraisals of the Property’s fair market value. E.Seller has passed or will pass a resolution related to the transfer of the Property in compliance with Indiana Code § 36-1-11-8. F.Seller desires to sell Property under § 36-1-11-8 and Buyer desires to purchase the Property in accordance with § 36-7-14-19.5 of the Act and under the terms and conditions set forth herein. THEREFORE, in consideration of the mutual covenants and promises in this Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, Buyer and Seller agree as follows: 1.RECITALS The recitals above are hereby incorporated into this Agreement by reference.