HomeMy WebLinkAboutNo. 2545 approving/accepting a counteroffer for the acquisition of property in the AEDA (Burton, 1515 S. Franklin, 1519 S. Franklin, 513 W. Indiana, 1519 S. Taylor, 429 W. Indiana, 1517-1518 Taylor, v/1 7 & 10 Indiana Ave.)RESOLUTION NO. 2545
RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER
FOR THE ACQUISITION OF PROPERTY IN THE
AIRPORT ECONOMIC DEVELOPMENT AREA
WHEREAS, under the authority granted by Indiana Code § 36 -7 -14, et seq. and
in furtherance of the Airport Economic Development Area Development Plan (the
"Plan "), the South Bend Redevelopment Commission (the "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 (the "Property "); and
WHEREAS, on December 19, 2008, the Commission adopted a Resolution
setting the offering price (the "Offering Price ") and authorizing staff to present an offer to
Burton Investments, LLC., an Indiana Corporation, and to Barry Burton and Ilene Burton,
husband and wife, as owners of the Property (the "Owner ") 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 Owner an offer for the Offering Price as
authorized, which the Owner rejected; and
WHEREAS, the Owner has provided a counteroffer to the Commission for Six
Hundred Eighty Thousand and Seventy -Seven Dollars and Fifty Cents ($688,077.50),
plus all expenses related to the acquisition. The counter offer will be split between
Burton Investments, LLC. for a value of $388,077.50, and Barry Burton and Ilene Burton
for a value of $300,000.00; and
WHEREAS, three of the properties that are part of this acquisition are on the
acquisition list for the Area. The properties contained within the Plan are listed in
Exhibit A. Seven additional properties are being donated to the City of South Bend
Board of Public Works to further the acquisition effort in the area; and
WHEREAS, the staff has reviewed the counteroffer and determined that the
proposal is reasonable in light of the appraisal amount, conditions in the area, and the
amount of announced development in the immediate area; and
WHEREAS, the Commission has completed its acquisition procedures for the
Property and sufficient funds are available for the purchase of the Property;
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment
Commission that:
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
Assignment of the Purchase Agreement and /or 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 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 of the Commission and execute any incidental closing documents necessary to
complete the transaction.
3. The Secretary of the Commission is instructed to place a copy of the
assignment and Purchase Agreement presented to the Commission with this Resolution in
the records and minutes of this meeting.
4. Don Inks or Jeff Gibney is authorized to execute on behalf of the
Commission any documents necessary to carry out the intent of this resolution.
ADOPTED at a Regular Meeting of the South Bend Redevelopment
Commission held on December 19, 2008, at 1308 County -City Building, 227 West
Jefferson Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT
Wgnature
Marcia I. Jones, President
Prime Name an Tit e
South Bend Redevelopment Commission
ATTEST:
ignature
Nancy N. King, Secretary
Printed Name and Tit e
South Bend Redevelopment Commission
•
EXHIBIT A
PROPERTY DESCRIPTION AND PURCHASE PRICE
PROPERTIES TO BE DONATED TO THE
CITY OF SOUTH BEND BOARD OF PUBLIC WORKS
Tax Key No.
Address
Owner
Average
Acquisition
List
Tax Key No.
Address
Owner
Acquisition
Acquisition
18- 8026 -1064
1519 S. Taylor
Barry & Ilene Burton
Donation
List
18- 8027 -1085
429 W. Indiana
Barry & Ilene Burton
Price
NA
18- 8027 - 110402
1515 S. Franklin
Burton Investments, LLC
$388,077.50
2456
18- 8027 - 110401
1515 S. Franklin
Barry & Ilene Burton
Donation
2456
18- 8027 -1098
v/1 10 Indiana Ave.
Barry & Ilene Burton
$300,000.00
NA
18- 8027 -1107
1 1519 S. Franklin
I Barry & Ilene Burton
2456
PROPERTIES TO BE DONATED TO THE
CITY OF SOUTH BEND BOARD OF PUBLIC WORKS
Tax Key No.
Address
Owner
Average
Acquisition
Price
Acquisition
List
18- 8027 -1095
513 W. Indiana Ave.
Burton Investments, LLC
Donation
NA
18- 8026 -1064
1519 S. Taylor
Barry & Ilene Burton
Donation
NA
18- 8027 -1085
429 W. Indiana
Barry & Ilene Burton
Donation
NA
18- 8027 -1086
1517 Taylor
Barry & Ilene Burton
Donation
NA
18- 8027 -1087
1518 Taylor
Barry & Ilene Burton
Donation
NA
18- 8027 -1098
v/1 10 Indiana Ave.
Barry & Ilene Burton
Donation
NA
18- 8027 -1099
v /17 Indiana Ave.
Barry & Ilene Burton
Donation
NA