No. 2500 approving and accepting a counter offer for the acquisition of property in the AEDA (1105 Grace)

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RESOLUTION N0.2500 RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER FOR THE ACQUISITION OF PROPERTY IN THE AIRPORT ECONOMIC DEVELOPMENT AREA WHEREAS, under the authority granted by Indiana Code § 36-7-14, et seq. and in furtherance of the Airport Economic Development Area Development Plan (the "Plan"), the South Bend Redevelopment Commission (the "Commission") has determined that it is necessary to acquire unencumbered fee simple interest in certain property located within the area heretofore designated as the Airport Economic Development Area (the "Area") within the City of South Bend, Indiana (the "City"), which property is more particularly described at Exhibit A attached hereto and incorporated herein (the "Property"); and WHEREAS, on September 5, 2008, the Commission adopted a Resolution setting the offering price (the "Offering Price") and authorizing staff to present an offer to Terrance J. Findley, Jr., as owner of the Property (the "Owner") in an amount not to exceed the Offering Price along with the payment of expenses incidental to the conveyance and determination of the title of the Property; and WHEREAS, the staff has presented the Owner an offer for the Offering Price as authorized, which the Owner rejected; and WHEREAS, the Owner has provided a counteroffer to the Commission for $46,000.00, which includes all expenses related to the acquisition; and WHEREAS, the Commission desires to purchase the Property for $46,000.00, approve the form of Purchase Agreement, and authorize the President and Secretary of the Commission to execute and attest, respectively, the Purchase Agreement on behalf of the Commission, with such changes in form or in substance as the President and Secretary may approve; and WHEREAS, the staff has reviewed the counteroffer and determined that the proposal is reasonable in light of the appraisal amount, and conditions in the area, and WHEREAS, the Commission has completed its acquisition procedures for the Property and sufficient funds are available for the purchase of the Property; NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission that: 1. The Commission hereby finds that the consideration set forth in the Purchase Agreement is reasonable considering the circumstances and that it is in the best interest of the citizens of the City and the South Bend Redevelopment District and consistent with the purposes and requirements set forth in Indiana Code § 36-7-14 to accept the counteroffer evidenced in the Purchase Agreement.