HomeMy WebLinkAboutNo. 2744 approving/accepting a counteroffer for the acquisition of property in the South Bend CDA (TRC Glass South Bend, LLC, 502 W. Western Ave.)(6� RESOLUTION NO. 2744
RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER
FOR THE ACQUISITION OF PROPERTY IN THE
SOUTH BEND CENTRAL DEVELOPMENT AREA
WHEREAS, under the authority granted by Indiana Code § 36 -7 -14, et seq. and
in furtherance of the South Bend Central 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 South Bend Central
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 August 6, 2010, the Commission adopted a Resolution setting
the Acquisition Offering Price and authorizing staff to present an offer to TRC South
Bend Glass, LLC, a Minnesota limited liability company, as owners of the Property (the
"Owner ") in an amount not to exceed the Acquisition Offering Price along with the
payment of expenses incidental to the conveyance and determination of the title of the
Property; and
4L� WHEREAS the staff has p resented the Owner an offer in the amount of the
Acquisition Offering Price as authorized, which the Owner rejected; and
WHEREAS, the Owner has provided a counteroffer to the Commission for
$150,000.00, plus all moving expenses related to the acquisition; and
WHEREAS, the staff has reviewed the counteroffer and determined that the
counteroffer 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
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
Purchase Agreement presented to the Commission with this Resolution in the records and
minutes of this meeting.
4. Commission staff members are 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 November 2, 2010, at 1308 County -City Building, 227 West
Jefferson Boulevard, South Bend, Indiana 46601.
ATTEST:
Signature
Nancy N. King, Secretary
rintec�Title
South Bend Redevelopment Commission
14
CITY OF SOUTH BEND,
DEPARTMENT AF REDEVELOPMENT
Agnatur,
I� r rL�17J
South Bend Redevelopment Commission
I
EXHIBIT A
PROPERTY DESCRIPTION AND FINAL PURCHASE PRICE
Tax Key No.
Address
Owner
Final
Purchase Price
TRC Glass South
18- 3013 -0465
502 W Western Ave
Bend, LLC, a
$150,000.00
18- 3013 -0467
Minnesota limited
liability company
A