Expressing its Interest in Purchasing the Property Located at 125 W. Colfax in South Bend

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recommended to the Board of Water Works Commissioners of the City of South Bend that it offer to purchase the Summit Bank Building property for $320,000.00; and WHEREAS, the Board of Water Works Commissioners of the City of South Bend, at its September 7, 1993, meeting adopted a Resolution declaring it to be of public utility and benefit that the property at 125 West Colfax commonly known as the Summit Bank Building be acquired; and WHEREAS, on September 21, 1993, the Board of Water Works Commissioners of the City of South Bend held a public hearing on the public utility and benefit of acquiring the Summit Bank Building at 125 West Colfax and that after the hearing the Board of Water Works Commissioners affirmed this Resolution declaring the acquisition of the Summit Bank Building to be of public utility and benefit; and WHEREAS, the Board of Water Works Commissioners for the City of South Bend has established a maximum purchase price for the Summit Bank Building of $320,000.00; and WHEREAS, I.C. 36 -1- 10.5 -5(1) provides that the Common Council shall pass a Resolution declaring that it is interested in purchasing the property commonly referred to as the Summit Bank Building located at 125 West Colfax; and WHEREAS, the proposed purchase price of $320,000.00 meets the statutory requirement at I.C. 36 -1- 10.5 -6 that the purchase price of the land or structure not exceed the average of the two appraisals. NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, as follows: 1. That the Common Council has conducted a public hearing on this Resolution, and has heard persons desiring to speak in favor of and opposed to the adoption of this Resolution. 2. That the Water Works Administration Building presently located at 224 North Main Street, South Bend, Indiana, is insufficiently large to accommodate all of the staff and operations of the City's water utility. 3. That the present Water Works Administration Building is plagued with structural and operational problems, including inaccessibility to disabled persons, cracks, poor heating, ventilating and air conditioning systems, poor wiring and inadequate power supply, leaking roof, pest problems, and inadequate fire protection. 4. That on September 21, 1993, the Board of Water Works Commissioners of the City of South Bend held a public hearing on the public utility and benefit of acquiring the property at 125 West Colfax commonly referred to as the Summit Bank Building and that at the conclusion of the Public Hearing, the Board of Water Works Commissioners confirmed its Resolution declaring that the acquisition of the Summit Bank Building is of public utility and benefit. 5. That the two (2) appraisals presented to the South Bend Common Council for the property at 125 West Colfax appraised the property at $340,000.00 and $325,000.00. 6. That the proposed purchase price of $320,000.00 meets the statutory requirements enunciated at I.C. 36 -1- 10.5 -6 which provides that the purchase price of the structure shall not exceed the average of the two (2) appraisals received. 7. That the most efficient and cost effective allocation of resources warrants the relocation of the City's Water Works administrative operations from said Water Works Administration