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HomeMy WebLinkAboutNo. 0434 accepting/approving A.G.A. Realty Co. as trustee for land trust no. 29-5121 (pertaining to disposition parcels 4-70, 4-72 in the Central Downtown Project, Indiana R-66RESOLUTION NO. 434 RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION, ACCEPTING AND APPROVING A.G.A. REALTY COMPANY, AN INDIANA PARTNERSHIP AND THE FIRST BANK AND TRUST COMPANY OF SOUTH BEND AS TRUSTEE FOR LAND TRUST NO. 29- 5121, AS REDEVELOPERS, AUTHORIZING THE PREPA - RATION AND EXECUTION OF THE CONTRACT OF DISPOSITION AND REDEVELOP- MENT AND THE EXECUTION OF QUIT CLAIM DEED(S) FOR TRANSFER OF TITLE, AND APPROVING THE CONSTRUCTION PLANS AND THE EQUITY CAPITAL AND MORTGAGE FINANCING, ALL PERTAINING TO DISPOSITION PARCELS 4 -70 AND PART OF 4 -72 IN THE CENTRAL DOWNTOWN PROJECT, INDIANA R -66. WHEREAS, the City of South Bend Department of Redevelopment is carrying out the urban renewal for an area known as the South Bend Central Downtown Project, Indiana R -66, pursuant to the Urban Renewal Plan adopted by the Common Council of the City of South Bend, Indiana, by Resolution No. 193 -68 on September 10, 1968; and WHEREAS, said Urban Renewal Plan calls for sale for redevelopment by public or private agencies, persons, or associations, of acquired land in accordance with the provision of said Plan; and WHEREAS, the First Bank and Trust Company of South Bend, Indiana, as Trustee for Land Trust No. 29 -5121, has submitted a proposal to redevelop Disposition Parcels 4 -70 and part of 4 -72, as described on Exhibit A attached hereto, which are within the South Bend Central Downtown Project, Indiana R -66, and said proposal has been processed in accordance with all applicable statutes of the State of Indiana and of the United States and with applicable rules and regulations governing the sale of land acquired by the South Bend Redevelopment Commission. WHEREAS, said proposal submitted by the First Bank and Trust Company of South Bend, Indiana, as Trustee for Land Trust No. 29 -5121 is satisfactory and is not less than the offering price of the Commission for uses in accordance with the Urban Renewal Plan, and said bid proposal is determined by the Redevelopment Commission to be the highest and best bid; and WHEREAS, A.G.A. Realty Company, an Indiana partnership is the beneficiary under said Land Trust No. 29 -5121 and will be the actual Redeveloper under said bid proposal; and C- WHEREAS, the U. S. Department of Housing and Urban Development has approved A. G.A. Realty Company and the First Bank and Trust Company of South Bend as Trustee for Land Trust No. 29 -5121 as Redevelopers for Disposition Parcels 4 -70 and part of 4 -72, as described in Exhibit A attach- ed hereto; Now, Therefore, Be It RESOLVED, by the South Bend Redevelopment Commission, the governing body of the City of South Bend Department of Redevelopment, that: 1. The bid proposal of the First Bank and Trust Company of South Bend, Indiana, as Trustee for Land Trust No. 29 -5121 is not less than the offering price of the Commission for uses in accordance with the Urban Renewal Plan, and said bid proposal is determined by the Redevelopment Commission to be the highest and best bid. 2. Said Redevelopment Commission hereby accepts and approves A.G.A. Realty Company, an Indiana partnership, as a Redeveloper under said bid proposal, together with the First Bank and Trust Company of South Bend, Indiana, as Trustee for Land Trust No. 29 -5121, for the redevelopment of Disposition Parcel 4 -70 and part of Parcel 4 -72 in the Central Downtown Project, Indiana R -66 as described in Exhibit A attached hereto. 3. The Executive Director of the Department of Redevelopment is hereby authorized to have prepared a Contract for Sale of Land for Private Redevelop- ment and Quit Claim Deed(s) for the purpose of conveying said Disposition Parcels 4 -70 and part of Parcel 4 -72, as described in Exhibit A attached hereto, to said Redevelopers. 4. The President of the South Bend Redevelopment Commission is hereby authorized to execute said Contract for Sale of Land for Private Redevelopment and Quit Claim Deed(s) and the Secretary of said Redevelopment Commission is hereby authorized to attest said Contract and Deed(s). 5. The Construction Plans of the Redevelopers are hereby approved, and the evidence of equity capital and mortgage financing is hereby accepted as adequate. C- -2- Adopted at the regular meeting of the South Bend Redevelopment Commission ,- held on January 19, 1973, in the office of the Redevelopment Commission, Room 1200, County -City Building, 227 West Jefferson Boulevard, South Bend, Indiana, 46601 ATTEST: v. Willie V. Williams, Secretary SEAL CO CITY OF SOUTH BEND DEPARTMENT OF REDEVELOPMENT F elmen, President �M EXHIBIT A LEGAL DESCRIPTION Disposition Parcel Number 4 -70 Part of Lots No. 19 and No. 20 of the original plat of the Town (now City) of South Bend, St. Joseph County, Indiana, more particular- ly descrived as follows: Beginning 26.00 feet west of the southeast corner of said Lot No. 19, thence north 91.00 feet parallel to east line of said Lots No. 19 and 20, thence west 76.50 feet paralled with south line of Lot No. 20, thence south 91.00'feet to a point on the south line of Lot No. 20 that is 76.50 feet west of the point of beginning, thence west along the south line of said Lot 76.50 feet to the point of beginning. Said Track contains 6,961.5 Sq. Ft. (0.160 acre). LEGAL DESCRIPTION Disposition Parcel Number 4 -72 excepting the north ten feet Part of Lot No. 20 of the original plat of the Town (now City) of South Bend, St. Joseph County, Indiana, more particularly described as follows: Beginning 26.00 feet west and 10.00 feet south of the northeast corner of said Lot No. 20, thence south 31.00 feet parallel to the east line of said Lot, thence west 14.00 feet parallel to the south line of said Lot, thence north 31.00 feet parallel to east line of said Lot to a point 10.00 feet south of the north line of said Lot, thence 14.00 feet east to point of beginning. Said Track contains 434.0 Sq. Ft. (.010 acre).