No. 2373 approving and accepting a counter offer for acquisition of property in the South Side Development Area (Caroline Partners)

Home Browse Search

RESOLUTION N0.2373 • RESOLUTION APPROVING AND ACCEPTING A COUNTER OFFER FOR THE ACQUISITION OF PROPERTY IN THE SOUTH SIDE DEVELOPMENT AREA WHEREAS, tinder the authority granted by Ind. Code § 36-7-14, et. Seq. and in furtherance of the South Side 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 Side Development Area (the "Area") within the City of South Bend, Indiana (the "City"), which property is more particularly described on Attachment A attached hereto and incorporated herein ("Property"); and WHEREAS, on June 8, 2007, the Commission adopted Resolution No. 2345 setting the offering price (the "Offering Price') and authorizing staff to present an offer to Caroline Partners, LLC, 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, which is equal to 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 consideration equal to or greater than the fair market value of the Property as determined by their appraisal in lieu of a cash purchase price; and WHEREAS, the Commission desires to purchase the Property for consideration equal to or greater than $65,500, 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 fiends are available for the purchase of the Property; NOW THEREFORE, BE IT RESOVLED by the South Bend Redevelopment Commission that: C