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

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• COUNTER-OFFER Caroline Partners, LLC, (hereafter "Owner") hereby submits the following counter- offer to that Acquisition Purchase Offer of the City of South Bend Redevelopment Commission (the "Commission") set forth in the Commission's letter dated June 13, 2007 concerning the real estate conunonly known as 4223 South Main Street, South Bend, Indiana, and further identified by Tax Key Numbers 23-1025-1431 and 23-1025-1432 (the "4223 Main Street Property"). Owner proposes to sell to the Commission the 4223 Main Street Property (1) in consideration of and in exchange for the following in lieu of a cash purchase price which the Owner acknowledges has a value to it of an amount of no less than $65,500.00: (a) The demolition and removal of the structures existing on all other real property of the Owner located within the area bordered by Metalmation Drive, South Main Street, Ireland Road and Lafayette Boulevard (the "Development Block") tinder the supervision of the Commission and through forces arranged by the Commission and further including an assessment and accompanying report and testing or other analysis as deemed necessary or appropriate for the presence of asbestos and other hazardous substances or materials or similar environmental concerns in or around the structures to be demolished (collectively, the "Demolition Related Activities") and with no cost to Owner arising therefrom. Owner agrees to reimburse the Commission any amounts • necessarily incurred by the Commission in excess of $65,500 in performing the Demolition Related Activities after first consulting with Owner over the need and expected costs for same. (b) The re-transfer and conveyance by the Commission to Owner of title to the excess or remainder of the 4223 Main Street Property not used in connection with the Main-Lafayette Crossover Project (the "Crossover Project"), at no cost to Owner but subject to any rights of way or easements created by or as a result of the Crossover Project. (c) The conveyance by the Commission to Owner of title to the excess or remainder of the following three properties not used in connection with the Crossover Project which lie within the Development Block and south of the Crossover Project, at no cost to Owner but subject to any rights of way or easements created by or as a result of the Crossover Project, commonly known as: (i) 4201 South Main Street -Key Nos. 23-1025-1427 and 1428; (ii) 4309 South Main Street -Key No. 23-1025-1.433; and (iii) 4209 South Main Street -Key Nos. 23-1025-1429 and 1430 (the remainder of these three parcels, together with the remainder of the 4223 Main Street Property are hereafter collectively referred to as the • "Excess Crossover Project Parcels"). (d) The conveyance by the Commission to the Owner of title to the following properties located within the Development Block, commonly know as: