No. 2419 approving and acceptign a counter offer for the acquisition of property in the Airport Economic Development Area (River of Life Church)

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RESOLUTION NO. ~ RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER FOR THE ACQUISITION OF PROPERTY IN THE AIRPORT ECONOMIC DEVELOPMENT AREA WHEREAS, under the authority granted by Ind. Code § 36-7-14, et seq. and in furtherance of the Airport Economic 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 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 ("Property"); and WHEREAS, on December 7, 2007, the Commission adopted a Resolution setting the offering price (the "Offering Price") and authorizing staff to present an offer to River of Life Family Church, Incorporated 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 obtained an appraisal of the Property evidencing a fair market value of $270,000.00; and WHEREAS, the staff has reviewed the appraisal and determined that it reflects a reasonably accurate assessment of the Property's fair market value; and WHEREAS, the Owner has provided a counteroffer to the Commission in the form of a Purchase Agreement (the "Purchase Agreement") under which the Owner proposes to sell the Property to the Commission for $250,000.000, which amount exceeds the Commission's appraised value but is less then the appraisal obtained by the Owner; and WHEREAS, the Commission desires to purchase the Property for $250,000.00, 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 Commission has completed its acquisition procedures for the Property and sufficient funds are available for the purchase of the Property;