HomeMy WebLinkAboutNo. 0120 authorizing acceptance of bid of Sippel Realty Corp. for land in the Sample Street project INDIANA R-7RESOLUTION No. 120
RESOLD ION AUTHORIZING ACCEPTANCE OF BID OF SIPPEL REALTY
CORP. FOR LAND IN THE SAMPLE STREET PROJECT, INDIANA R -7
WHERE S, Sippel Realty Corporation, by Rowland L. Sylvester, its president,
has sub ' itted a written offer meeting the approved minimum pr . ce .on Disposal
Parcel commonly referred to as No. 1(k), Sample Street Project, Indiana R -7;
and
WHEREAS, the Sr -''h Bend Redevelopment Commission has determined that the
acceptance of this bid is in accordance with the approved disposal program for
this area; and
WHEREAS, the Commission has determined that the redeveloper possesses the
qualifica ions and financial resources necessary to acquire and develop the land
in accordance with the Urban-Renewal Plan; and '
WHEREAS, the land to be sold has previously been offered for sale by soliciting
sealed bids, with no bids having been received for said property, the Commission
therefore considers disposal of said land by negotiation to be the appropriate
method of land disposition; and
WHEREAS, the offer of 18.5 per square foot by Sippel Realty Corp. is satisfac-
tory and -, not less than the fair market value for use in accordance with the
Urban R newal Plan, as determined by updating appraisal of this area completed
on October 14, 1965.
NOWTHEREFORE, THE SOUTH BEND REDEVELOPMENT COMMISSION accepts
the offer of Sippel Realty Corporation to acquire at a price of 18.5 per square
foot and redevelop the designated Disposition Parcel l(k) which is known and
describe: d as follows:
The South 150.0 feet of the North Part of Parcel No. 1 in the Inner
Belt Industrial Park, a subdivision in the Southeast and Southwest
Quarter of Section 11, and the Northeast Quarter of Section 14, all
in Township 37 North, Range 2 East of the Second Principal Meridian,
Ci y of South Bend, Indiana, the Plat of which is recorded in Plat
Book 21, Page I, in the office of the Recorder of St. Joseph County,
and containing 59,011 square feet, more or less, and commonly
known as Parcel 1(k), Sample Street Redevelopment, Project
Indiana R -7, in the Records of the South Bend Redevelopment
Commission.
Adopted at a regular meeting of the South Bend Redevelopment Commission held
February 3, 1966 at the office of the Commission, 120 West LaSalle Avenue,
South Bend, Indiana