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

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WHEREAS, the UDAG grant required the Commission to hold title to the land upon which the Office Building and Hotel would be constructed; and WHEREAS, on October 16, 1979, a Ground Lease Agreement for private development was entered into between the Commission and Rahn ( "Hotel Ground Lease "), and on October 22, 1979, a Ground Lease was entered into between the Commission and FBT ( "Bank Ground Lease "). In the Hotel Ground Lease and the Bank Ground Lease, it is acknowledged by all Parties the Commission undertook the disposition process required by Indiana law with respect to the Real Property subject to the Ground Leases, and no offers were received for the purchase or lease of such Property and following such disposition process, the Commission entered into the Hotel Ground Lease and Bank Ground Lease; and WHEREAS, PWA South Bend, LP (`PWA ") is the successor in interest to FBT; and WHEREAS, the Office Building and Hotel were constructed and have been in operation in excess of thirty (30) years on the Real Estate; AND WHEREAS, the Commission approved a Memorandum of Understanding ( "MOU ") on December 3, 2010 providing for, among other things, sufficient improvements to permit the Office Building to continue as the headquarters for Is' Source Bank, and to upgrade the rooms and other areas in the Hotel; and WHEREAS, the Commission agreed in the MOU Section 2(h) to convey its interest in the Bank Ground Lease to PWA as successor in interest to the original Bank Ground Lease Lessee upon completion of the Atrium and Is' Source Improvements required in the MOU. WHEREAS, pursuant to I.C. 36 -7 -14 -22.5, the Commission may transfer real property, consistent with I.C. 36 -7 -14 -22.2, required for redevelopment purposes when the redevelopment purposes for which the Real Estate was acquired have been satisfied; and WHEREAS, the Commission agreed in the MOU to convey its interest in the Ground Lease to PWA South Bend, LP, as successor in interest to the original Ground Lease Lessee; and WHEREAS, the Commission now finds (i) the original purpose of the Project as described in the Bank Ground Lease and JDA have been accomplished; (ii) the purposes of the MOU have been accomplished; and (iii) all redevelopments purposes for which the Real estate was acquired have been satisfied. NOW THEREFORE, be it resolved by the South Bend Redevelopment Commission as follows: 1. That the following described real property owned by the City of South Bend, Department of Redevelopment described in Exhibit "A" shall be and hereby is ordered transferred to PWA South Bend, LP pursuant to the Memorandum of Understanding. Page 2 of 4