HomeMy WebLinkAboutNo. 2583 terminating the transfer of real property form the SBRC to the SB Public Transportation Corp.•
RESOLUTION NO. 2583
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
TERMINATING THE TRANSFER OF REAL PROPERTY FROM THE SOUTH
BEND REDEVELOPMENT COMMISSION TO THE SOUTH BEND PUBLIC
TRANSPORTATION CORPORATION.
WHEREAS, pursuant to I.C. 36- 7 -14 -3, the South Bend Redevelopment Commission ( "Commission ") is the
governing body of the City of South Bend Department of Redevelopment ( "City ") and, pursuant to I.C. 36 -7 -14 -12.2 and
-19, may acquire and dispose of interests in property; and
WHEREAS, pursuant to I.C. 36- 9 -4 -12, the South Bend Public Transportation Corporation ( "Transpo ") is a
separate municipal corporation and, pursuant to I.C. 36- 9 -4 -30, Transpo, acting through its Board of Directors ( "Board "),
may acquire interests in property; and
WHEREAS, Transpo and the City, acting through the Commission, are parties to an agreement entitled
"Contract for Purchase and Sale of Real Estate" (the "Agreement") related to the acquisition of certain properties located
at and commonly known as the South Bend Stamping Plant described as a part of the Northeast Quarter of Section 14,
Township 37 North, Range 2 East in the City of South Bend, Indiana, containing 38.23 acres more or less ( "Property");
and
WHEREAS, a portion of the Property (approximately 20 acres) was intended to be the location of TRANSPO's
new corporate and facilities campus (the "Operations Facility "); and
• WHEREAS, the Agreement provided that approximately 18 acres of the Property would be leased back to the
Commission for commercial development; and
WHEREAS, pursuant to the Agreement, Transpo provided to the City, acting through the Commission, an
earnest money deposit of One Million Dollars ($1,000,000.00)(the "Earnest Money Deposit "; and
WHEREAS, the City, acting through the Commission, has requested that Transpo locate the Operations Facility
on property different from the Property (the "New Property"); and
WHEREAS, Commission has determined that relocating the Operations Facility to the New Property is in the
best interests of Transpo and the City; and
WHEREAS, the Commission and Transpo have agreed to terminate the Agreement on the Property and return
the Earnest Money Deposit to Transpo and enter into a new purchase and sale agreement on the New Property; and
WHEREAS, Transpo has or will consider a substantially similar resolution approving the termination of the
Agreement and the return of the Earnest Money Deposit.
NOW, THEREFORE, BE IT RESOLVED by the South Bend Redevelopment Commission that:
1) Transpo shall execute an agreement with the City, acting through the Commission, substantially in
the form attached hereto as Exhibit A, to terminate the Agreement which shall provide for the return
of the Earnest Money Deposit to Transpo.
2) This Resolution shall be in full force and effect upon its adoption by the governing body of Transpo
and upon the adoption of a substantially similar resolution by the Commission.
3) 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.
0 ADOPTED at a Regular Meeting of the South Bend Redevelopment Commission held on May 15, 2009 at
g g P
1308 County -City Building, 227 West Jefferson Blvd., South Bend, Indiana 46601.
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A
Signature
David A. Varner, Vice President
Printed Name and Title
is
publicTransTERM_RES.doc
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CITY OF SOUTH BEND, DEPARTMENT OF
REDEVELOPMENT
Signature
Marcia I. Jones, President
Printed Name and Title
South Bend Redevelopment Commission
1
TERMINATION AGREEMENT
For and in consideration of the mutual promises and covenants of the parties set forth herein
and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, CITY OF SOUTH BEND, by its Redevelopment Commission, the governing body of
the City of South Bend Department of Redevelopment ( "Seller ") and SOUTH BEND PUBLIC
TRANSPORTATION CORPORATION, a municipal corporation existing under the laws of the
State of Indiana ( "Purchaser "), hereby agree as follows:
WHEREAS, Seller and Purchaser entered into a certain Contract for Purchase and Sale of
Real Estate dated December 5, 2005, which agreement was amended by that certain Addendum to
Contract for Purchase and Sale of Real Estate dated December 17, 2007 (collectively, the " Purchase
Agreement ") for the purchase and sale of a certain tract of land commonly known as the South Bend
Stamping Plant described as a part of the Northeast Quarter of Section 14, Township 37 North,
Range 2 East in the City of South Bend, Indiana, containing 38.23 acres more or less ( "Property"),
which Property is more particularly described in the Purchase Agreement; and
WHEREAS, upon execution of the Purchase Agreement, Purchaser provided Seller with an
earnest money deposit in the sum of One Million Dollars ($1,000,000.00) (the "Earnest Money
Deposit"); and
WHEREAS, Purchaser Se e r h a v e decided not to complete the purchase and sale of the
Property and that the Purchase Agreement be terminated and become of no force and effect and that
Seller and Purchaser wish to be relieved of their respective obligations to the other as set forth in the
Purchase Agreement.
NOW THEREFORE, the parties agree as follows:
1. The above recitals are true and correct and are made a part hereof as if set forth
verbatim below.
2. The Purchase Agreement, and all rights, benefits and privileges under the Purchase
Agreement accruing to both Seller and Purchaser shall terminate as of and immediately upon the
execution by both Seller and Purchaser of this Agreement and the return of the Earnest Money
Deposit to Purchaser, and upon such events both Seller and Purchaser shall be relieved of all
respective liabilities and obligations under the Purchase Agreement.
3. Despite any provisions in the Purchase Agreement to the contrary, upon termination
of the Purchase Agreement, the parties agree that Purchaser shall have no obligation or right to
purchase the Property.
4. This Agreement shall be binding on and inure to the benefit ofthe•parties hereto and
their heirs, personal representatives, successors and assigns.
[SIGNATURE PAGE ATTACHED]
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IN WITNESS WHEREOF, the parties have executed and delivered this Agreement as of
this day of May, 2009.
"PURCHASER"
SOUTH BEND PUBLIC TRANSPORTATION CORPORATION
By:
Its:
Dated:
"SELLER"
CITY OF SOUTH BEND, by its Redevelopment Commission
By:
Its:
Dated:
ATTEST:
By:
Its:
Dated:
SODS02 MDH 399229W1
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