No. 2485 approving and accepting a counter offer for the acquisition of property in the NNDA (1113 & 1117 Burns)

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RESOLUTION NO. 2485 • RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER FOR THE ACQUISITION OF PROPERTY IN THE NORTHEAST NEIGHBORHOOD DEVELOPMENT AREA WHEREAS, under the authority granted by Ind. Code § 36-7-14, et seq. and in furtherance of the Northeast Neighborhood 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 Northeast Neighborhood 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 August 15, 2008, the Commission adopted a Resolution setting the offering price (the ``Offering Price") and authorizing staff to present an offer to R. Glen Goodin and Michael Wankel as owners 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 rovided a counteroffer to the Commission for p $65,000.00, which includes all expenses related to the acquisition; and WHEREAS, the staff has reviewed the counteroffer and determined that the proposal is reasonable in light of the appraisal amount, conditions in the area, and the amount of announced development in the immediate area; and WHEREAS, there has been presented to the Commission a Purchase Agreement negotiated by the Northeast Neighborhood Revitalization Organization (the "NNRO") for the Property (the "Purchase Agreement") under which the Owner proposes to sell the Property for $65,000.000, plus moving expenses; and WHEREAS, the Commission desires to purchase the Property pursuant to the Purchase Agreement by accepting an assignment of the Purchase Agreement from the NNRO, a copy of which has been presented to the Board (the "Assignment"), and authorizes the President and Secretary of the Commission to execute and attest, respectively, the Assignment and, if requested by the Owner, 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 Commission has completed its acquisition procedures for the Property and sufficient funds are available for the purchase of the Property;