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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NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission that: 1. The Commission hereby finds that the consideration, although above the appraisal value, 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 § 367-14 to accept the Purchase Price set forth in the counteroffer. 2. The Commission hereby approves and accepts the form of Purchase Agreement and authorizes the President and the Secretary to execute and attest, respectively, the Purchase Agreement with such changes in form or in substance as they deem to be necessary or appropriate to complete the transfer, with such approval to be conclusively evidenced by as such execution and attestation, respectively. The President and/or Secretary are each authorized to execute and deliver any other documentation necessary to complete the acquisition of the Property, including an escrow agreement if necessary or advisable to facilitate the closing. Legal counsel for the Commission is further authorized to close the transaction on behalf of the Commission and execute any incidental closing documents necessary to complete the transaction. If desirable to facilitate the closing on this property, staff is further authorized to engage Meridian Title Company to assist with the closing of this transaction. 3. The Secretary of the Commission is instructed to place a copy of the Counteroffer and the form of Purchase Agreement presented to the Commission with this Resolution in the records and minutes of this meeting. ADOPTED at the Regular Meeting of the South Bend Redevelopment Commission held on December 7, 2007, at 227 W. Jefferson Boulevard, Room 1308, South Bend, Indiana 46601. CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT ,\ SI ~l ial (!l"L' Marcia I. Jones President Primer Name and Title ATTEST: !gn re Gregory S. Downes, Secretary Prime;Name and Ti!!e South Bend Redevelopment Commission South Bend Redevelopment Commission