No. 2393 approving and accepting a counteroffer for the acquisition of property in the South Bend Central Development Area (513 S Michigan)

Home Browse Search

RESOLUTION NO. 2393 RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER FOR THE ACQUISITION OF PROPERTY IN THE SOUTH SEND CENTRAL DEVELOPMENT AREA WHEREAS, under the authority granted by Ind. Code ~ 36-7-14, et seq. 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 anal 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 Foster A. Martin and Linda L. Martin as owners of the Property (collectively, the "Owners") 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 Owners an offer for the Offering Price • as authorized, which the Owners rejected; and WHEREAS, the Owners have provided comparables evidencing a fair market value that exceeds the Offering Price and, accordingly, have provided a counteroffer to the Commission in which the Owners proposes to sell the Property to the Commission for $109,681.00 (the "Purchase Price"); and WHEREAS, the staff has reviewed the comparables and the counteroffer and determined that the although the comparables are not as accurate as the Commission's appraisal, 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 t11e purchase and sale of the Property; and WHEREAS, the Commission desires to purchase the Property for $109,681.00, 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 •