No. 2285 approving and accepting a counter offer for the acquisition of property in the Airport Economic Development Area (Lichtenbarger)

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r~ I~_J RESOLUTION NO. 2285 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 December 15, 2006, the Commission adopted Resolution No. 2284 setting the offering price (the "Offering Price") and authorizing staff to present an offer to Albert O. Lichtenbarger and Marilyn H. Lichtenbarger 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 and the Commission negotiated, at arm's length, a Memorandum of Understanding entered into by the parties on August 1, 2006 (the "Agreement") whereby the Owners agreed to sell the Property to the Commission subject to the terms set forth therein and to the Commission's appropriation of funds and completion of its acquisition procedures; and WHEREAS, the Commission has completed its acquisition procedures for the Property and sufficient funds are available for the purchase of the Property; and WHEREAS, the Owners have presented a Purchase ,Agreement (the "Purchase Agreement") to the Commission, the terms of which provide a counteroffer to the Commission for the purchase of the Property; and WHEREAS, the terms of the Purchase Agreement are consistent with the terms of the Agreement, which a purchase price that exceeds the Offering Price as reflected in Exhibit B; and WHEREAS, the Commission has determined that the Purchase Agreement represents the best outcome for the Commission and the citizens of the City; and