No. 3181 approving and authorizing the transfer of real property to PWA South Bend LP

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RESOLUTION NO. 3181 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING AND AUTHORIZING THE TRANSFER OF REAL PROPERTY TO PWA SOUTH BEND, LP, A PENNSYLVANIA LIMITED PARTNERSHIP WHEREAS, the City of South Bend, Indiana, for the use and benefit of its Department of Redevelopment, owns a certain parcel of real estate situated in St. Joseph County, Indiana, in an area of the City of South Bend commonly referred to as the 1 st Source Building and DoubleTree Hotel described as follows: SEE ATTACHED EXHIBIT "A" ("Real Estate ") which Real Estate was acquired for redevelopment purposes; and WHEREAS, pursuant to I.C. 36- 7 -14 -3, the South Bend Redevelopment Commission ( "Commission ") is the governing body of the City of South Bend Department of Redevelopment; and WHEREAS, the Commission adopted by Resolution No. 233 on the 10th day of October, 1968, an Urban Renewal Plan for Urban Renewal Area R -66 which includes the Real Estate; and WHEREAS, the Commission adopted Resolution No. 591 designating the R -66 Project (`'Project") Area as an Urban Renewal Area, which Resolution was joined by the South Bend Common Council pursuant to Common Council Resolution No. 719 -79 dated September 24, 1979; and WHEREAS, the Project was designed to redevelop a blighted area of the City of South Bend by constructing an office building and hotel on the Real Estate; and WHEREAS, the actions taken by the Commission and the Council assisted the City in obtaining a United States Department of Housing and Urban Development ( "HUD ") grant in the amount of Seven Million Six Hundred Thousand Dollars ($7,600,000) ( "UDAG ") in support of the Project; and WHEREAS, the UDAG funds when added to private funds provided Twenty -one Million Nine Hundred Sixty Thousand Dollars ($21,960,000) for the Project for the construction of an office building and hotel on the Real Estate; and WHEREAS, on October 1, 1979, the Commission along with FBT Bancorp., Inc., ( "FBT ") and Rahn Properties II ( "Rahn ") entered into a Joint Development Agreement ( "JDA ") to utilize the UDAG funds and additional private resources to construct a bank/office building containing approximately one hundred sixty thousand (160,000) square feet (the "Office Building ") and a hotel containing approximately three hundred (300) rooms and related retail uses (collectively the "Hotel "); and Page 1 of 4