6.B.(1)&(2) Staff report 118 N. Main St.

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:,~.- _. .~ 'J CONTRACT FOR SALE OF LA'U'D FOR PRIG"A'CG DE~'ELOP~1ENT TNIS AGREEMEI~"T, made nn ?OOR, bet~~~ecn the South Bcnd Rede~clopment Commission (the "Commission"). established under the Rede~~clopment ofCitics and Towns net of 19~ ;. as amended, being Ind. Code ' 36-7-1 ~}- l . c1 src/. (thc"Acf~). and hay inL its office at 1 ?OU C'ount~~-Gifu Building, South Bcnd, Indiana. and INDIANA LAND ~hRL'ST 108-1 18. JOHN FRFIDLINI~:. TRI~~STGE, (the `Dereloper~~), ha~~ing its principal place of business at 108 North Main Street. Suite 710_ South Bend. Indiana. 46601. V1 IIEREAS. to I~wther the objecti~~es of the Act: 1 . "hhc Commission has imestigatcd areas ~-~~ithin the corporate boundaries ofthe City of South Bend and has prepared and appra~ cd the South Bcnd Central Dc~clopmcnt Arca Plan (the "Plane), to rede~clop the area kno~~~~n as the South Bend Central De~~clopment .Area. A copy of the Plan and amendments thereto have been recorded in the St. Joseph County Recordcr~s Office. ?. The Commission has ofiercd to sell and the De~~eloper is ~~~illing to buy the propert}~ described in E.z~hibil "A" (~~Propcrt~~~) attached hereto and incorporated herein and to dc~clop the Property according to the Plan and this agreement ("Contract~~). 3. The Commission belic~es that de~~eloping the Propcity according to the Contract is in the best interest of the health. safet~~ and welfare ofthc Cite and its residents and complies ~~~ith the public purposes and provisions of the Act and applicable federal. state and local la~~s under ~~~hich the de~clopment has been undertaken and is being assisted. NO~~', THEREFORE, in consideration of the mutual promises and obligations in this Contract, the parties agree as t2~llo«~s: SECTION 1. SALE, PURCHASE PRICE. Subject to all of the terms of this Contract, the Commission agrees to sell and the De~~cloper agrees to purchase the Property Y~,r the sum of ~1~~~~o Hundred Thousand Dollars (S?00.000).