HomeMy WebLinkAboutNo. 2242 approving a form of memorandum of understanding to provide acquisition of right of way Ireland Road projectt 4,:IF
Resolution No. 2242
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT
COMMISSION APPROVING A FORM OF MEMORANDUM OF
UNDERSTANDING TO PROVIDE FOR THE ACQUISITION OF
RIGHT OF WAY FOR THE IRELAND ROAD PROJECT
WHEREAS, the South Bend Redevelopment Commission ( "Commission") is the
governing body of the City of South Bend Department of Redevelopment and pursuant to
I.C. 36- 7 -14 -11 has the duty to promote the use of land in a manner that best serves the
interests of the City of South Bend and its inhabitants; and
WHEREAS, the Commission has previously declared an area known as the South
Side Development Area ( "Area ") to be blighted within the meaning of I.C. 36 -7 -14 and
has undertaken a number of redevelopment projects in the Area consistent with the
powers and duties granted the Commission by Indiana law; and
WHEREAS, pursuant to I.C. 36- 9 -6 -3, the Board of Public Works of the City of
South Bend ( "Board ") has custody of and may maintain all real property of the City of
South Bend; and
WHEREAS, the Commission has an interest in acquiring a certain parcel of
properly currently owned by Wennigsen, LLC located within the South Side
Development Area ( "Right of Way Parcel ") for the purpose of permitting the City
through the Board in constructing certain right -of -way improvements ( "City
Improvements ") in order to facilitate the Commission's redevelopment efforts in the
Area; and
WHEREAS, in order for the Board and the Commission to meet their respective
obligations for construction of the City Improvements and redevelopment projects on-
going in the Area, the City, through the Board, requires immediate access to the Right of
Way Parcel; and
WHEREAS, Wennigsen has agreed to convey its interest in the Right of Way
Parcel to City conditioned upon Wennigsen's ability to enter into a 103 1 Like -Kind
exchange with the City whereby Wennigsen acquires a piece of property, which is due
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west and adjacent to the Wennigsen Full Parcel in exchange for the Right of Way Parcel,
and is owned by Lock Joint Tube, LLC ( "Lock Joint Parcel'); and
WHEREAS, Lock Joint is willing to convey the Lock Joint Parcel to the City,
which would enable the City to make the exchange with Wennigsen; and
WHEREAS, in turn, the conveyance of the Lock Joint Parcel is conditioned upon
the ability of Lock Joint (or its designee which may be Steel Warehouse, Inc.) to enter
into a 1031 Like -Kind exchange whereby it acquires from the City a certain parcel of
property located on Walnut Street, South Bend, Indiana ( "Walnut Street Parcel') in
exchange for the Lock Joint Parcel and
WHEREAS, the City is interested in acquiring the Walnut Street Parcel for the
purpose of exchanging the Walnut Street Parcel with Lock Joint for the Lock Joint Parcel
in order to obtain the Right of Way Parcel by exchanging the Lock Joint Parcel with
Wennigsen for the Right of Way Parcel; and
WHEREAS, the Walnut Street Parcel is currently the subject of a foreclosure
action filed by the IRF and it was sold to the IRP at sheriffs sale in March 2006 ( "Sheriffs
Sale "); and
WHEREAS IRF is interested in selling the Walnut Street Parcel to the City; and
WHEREAS, the Commission desires to enter into certain formal agreements with
the various parties that are consistent with the concepts expressed in this Resolution and
in the form of Memorandum of Understanding that has been presented to the
Commission at its meeting of April 21, 2006; and
WHEREAS, the Commission recognizes that time is of the essence in order to
accomplish certain actions relating to the transaction.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The Commission hereby approves and endorses the transaction as
described and presented to the Commission at its meeting of April 21, 2006.
2. The Commission hereby approves the form of Memorandum of
Understanding as presented to the Commission at its meeting of April 21, 2006.
3. The Commission hereby directs and .authorizes staff and legal counsel to
negotiate and prepare documentation consistent with and necessary to accomplish
the transaction as presented including, but not limited to, preparation of a final
form of Memorandum of Understanding and necessary access agreements that are
acceptable to legal counsel
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4. The Commission hereby authorizes the President of the Commission, or
the Vice President in the absence of the President, to execute and the Vice
President or Secretary to attest the documents as described in this Resolution and
as presented at this meeting with such changes as may be suggested by legal
counsel and approved by the President and Vice President or Secretary with such
approval evidenced by the execution and attestation respectfully, thereof.
5. The Commission hereby authorizes the President of the Commission, or
the Vice President in the absence of the President, and the Vice President or
Secretary to attest to any and all other documents relating to the transaction as
presented at the meeting of April 21, 2006 upon the advice of legal counsel.
6. That this Resolution shall be in full force and effect upon its adoption by
the South Bend Redevelopment Commission.
ADOPTED at a meeting of the South Bend Redevelopment Commission held on
April 21, 2006, at 1308 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT
South Bend Redevelopment Commission
ATTEST:
tur
Gregory S. Downes, Secretary
Printed Name and Tit e
South Bend Redevelopment Commission
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