No. 2420 approving and accepting a counter offer for the acquisition of property in the South Bend Central Development Area (Fat Daddy's)

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• RESOLUTION NO. 2420 RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER FOR THE ACQUISITION OF PROPERTY IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA WHEREAS, under the authority granted by Ind. Code § 36-7-14, et seg. and in furtherance of the South Bend Central Development Area Plan ("Plan"), the South Bend Redevelopment Commission ("Commission") has determined that it is necessary to acquire unencumbered fee simple interest in certain property located within the area heretofore designated as the South Bend Central 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 ("Property"); and WHEREAS, on October 19, 2007, the Commission adopted a Resolution setting the offering price (the "Offering Price") and authorizing staff to present an offer to Elaine J. Gendel as owner of the Property (collectively, 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 in which the Owner proposes to sell the Property to the Commission and settle any relocation expenses for a total of $150,000.00 (the "Purchase Price")~ plus any real property taxes owed or accrued against the Property; and WHEREAS, the staff has reviewed the counteroffer and determined that the Purchase Price set forth in the counteroffer is a reasonable price for the Property; and WHEREAS, the Owners have provided a counteroffer to the Commission and propose to execute standard Purchase Agreement (the "Purchase Agreement") to effect the purchase and sale of the Property; and WHEREAS, the Commission desires to purchase the Property and settle any relocation expenses for $150,000.00 plus the satisfaction of any real estate taxes attached against the Property, 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 forn7 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;