No. 2417 approving the Addendum to Agreement for the transfer fo real property from the Redevelopment Commission

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RESOLUTION NO. ~`-/I ~ A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROVING THE ADDENDUM TO THE AGREEMENT FOR THE TRANSFER OF REAL PROPERTY FROM THE CITY OF SOUTH BEND, INDIANA, REDEVELOPMENT COMMISSION WHEREAS, pursuant to LC. 36-9-4-12, the South Bend Public Transportation Corporation ("Transpo") is a separate municipal corporation and, pursuant to LC. 36-9-4-30, Transpo, acting through its Board of Directors ("Board"), may acquire interests in property; and WHEREAS, pursuant to LC. 36-7-14-3, the South Bend Redevelopment Commission ("Commission") is the governing body of the City of South Bend Department of Redevelopment ("City") and, pursuant to LC. 36-7-14-12.2 and -19, may acquire and dispose of interests in property; and WHEREAS, Transpo and the City, acting through the Commission, pursuant to Resolution No. 2197 are parties to an agreement entitled "Contract for Purchase and Sale of Real Estate" (the "Agreement") related to the acquisition of certain properties located at and commonly known as the . South Bend Stamping Plant described as a part of the Northeast Quarter of Section 14, Township 37 North, Range 2 East in the City of South Bend, Indiana, containing 38.23 acres more or less ("Property"); and WHEREAS, a portion of the Property (approximately 12 acres) was intended to be the location of Transpo's new corporate and facilities campus (the "Campus"); and WHEREAS, the Agreement provided that approximately 26 acres of the Property would be leased back to the Commission for commercial development; and WHEREAS, Transpo has determined that it requires a larger portion of the Property for its Campus (approximately 20 acres), leaving a smaller portion of the Property for lease to the Commission for commercial development; and WHEREAS, the Commission and Transpo have agreed to amend the Agreement to decrease the amount of the Property which will be leased to the Commission and to increase the purchase price from $4,000,000 to $4,235,800; and WHEREAS, the Commission and Transpo wish to amend the Agreement pursuant to the terms of a certain addendum attached hereto as Exhibit A (the "Addendum"); and WHEREAS, Transpo desires to complete the transfer of the Property from the City to Transpo pursuant to the terms of the Agreement as amended by the Addendum; and