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

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1. The Commission hereby finds that the consideration set forth in the Purchase • Agreement is reasonable considering the circumstances and that it is in the best interest of the citizens of the City and the South Bend Redevelopment District and consistent with the purposes and requirements set forth in Indiana Code § 36-7-14 to accept the counteroffer evidenced in the Purchase Agreement. 2. The Commission hereby approves and accepts the Purchase Agreement and authorizes the President and the Secretary to execute and attest, respectively, the Purchase Agreement with such changes in form or in substance as they deem to be necessary or appropriate to complete the transfer, with such approval to be conclusively evidenced by as such execution and attestation, respectively. The President and/or Secretary are each authorized to execute and deliver any other documentation necessary to complete the acquisition of the Property. Legal counsel for the Commission is further authorized to close the transaction on behalf to the Commission and execute any incidental closing documents necessary to complete the transaction. If desirable to facilitate the closing on the property, staff is further authorized to engage Meridian Title Company to assist with the closing of this transaction. 3. The Secretary of the Commission is instructed to place a copy of the Purchase Agreement presented to the Commission with this Resolution in the records and minutes of this meeting. ADOPTED at the Regular Meeting of the South Bend Redevelopment Commission held on August 17, 2007, at 1308 County-City Building, 227 West Jefferson Boulevard, South Bend, • Indiana 46601. CITY OF SOUTH BEND, DEPARTMENT OF REDEVELOPMENT Marcia I. Jones, President South Bend Redevelopment Commission ATTEST: Gregory S. Downes, Secretary South Bend Redevelopment Commission U