No. 2366 approving and accepting a counter offer for the acquisition of property in the Airport Economic Development Area (1633 Knoblock)

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• RESOLUTION NO. 2366 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 July 20, 2007, the Commission adopted a Resolution setting the offering price (the "Offering Price") and authorizing staff to present an offer to Stephen K. Freel and Teri A. Freel 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 obtained an appraisal of the Property evidencing a fair market value of $65,500.00, which is approximately $5,000.00 over the Offering Price; 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 Owners have provided a counteroffer to the Commission in the form of a Purchase Agreement (the "Purchase Agreement") under which the Owners proposes to sell the Property to the Commission for $65,500.000, the fair market value of the Property as determined by their appraisal; and WHEREAS, the Commission desires to purchase the Property for $65,500.00, 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;