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Home My WebLink About6C(5) Resolution No. 2565~~-~5) RESOLUTION N0.2565 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT. COMMISSION AUTHORIZING DISPOSITION OF INTEREST IN REAL ESTATE LOCATED IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the Department of Redevelopment of the City of South Bend, Indiana (the "City") and the City of South Bend, Indiana, Redevelopment District, exists and operates under the provisions of Indiana Code § 36-7-14, as amended (the "Act"); and WHEREAS, the Commission is the owner of certain real estate located in the South Bend Central Development Area and more particularly described in Exhibit A, attached hereto and incorporated herein (the "Property"); and WHEREAS, in contemplation of disposing of the Property, the Commission caused bid specifications to be prepared and a notice soliciting offers to be published in accordance with IC 5-3- 1 on August 29, 2003 and September 5, 2003; and WHEREAS, the bid specifications contained a provision that any ground lease would contain the following condition related to the building constructed on the Property: "- a requirement linking the total Property and the building in a manner that would facilitate the future resale of the Property and building as one unit"; and WHEREAS, on September 19, 2003, the Commission opened and considered those bids submitted pursuant to said notice; and WHEREAS, on December 18, 2003, the Commission entered into a Ground Lease (the "Lease") with Ganey Press Real Estate, LLP ("Ganey Press") for the Property which provided that "If Tenant desires to sell the Improvements, Landlord will, upon the request of the Tenant, either: (a) include the Land in the sale and perform all acts reasonably necessary to assist in the closing of such sale, or (b) assign the Lease to the buyer of the Improvements. In either event, the sale price will be allocated as follows: first, all costs and expenses of the sale will be deducted; second, the balance of the sale .proceeds up to a maximum of One Million One Hundred Fifty Thousand Dollars ($1,150,000) will be paid to the Tenant; third, the balance of the sale proceeds up to a maximum of Four Hundred Thousand Dollars ($400,000) will be paid to the Landlord; and fourth, any remaining proceeds will be shared equally by the Landlord and the Tenant."; and WHEREAS, Ganey Press now desires to sell the improvements located on the Property and has requested that the .Commission either sell its interest in the Property or assign the Lease to the buyer of the improvements; and WHEREAS, the bid specifications published on August 29, 2003, and. September 5, 2003, complied with IC 36-7-14-22; and WHEREAS, the Commission has decided that the Property is not needed to complete any redevelopment activity in the project area and that it is in the best interest of the City to sell the Property to the buyer. NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND REDEVELOPMENT COMMISSION AS FOLLOWS: 1. The Commission hereby finds that all procedures have been followed in accordance with IC 36-7-14-22 in order to dispose of the Property. 2. The Commission determines that the sale of the Property to the buyer of the improvements is in the best interests of the City. 3. The Commission's staff is hereby authorized and directed to negotiate and prepare documentation necessary to accomplish the termination of the Lease and the disposition of the Property in accordance with this Resolution and in a form acceptable to legal counsel. 4. Donald Inks or Jeffrey 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 March 6, 2009, at 1308 County-City Building, 227 W. Jefferson Boulevard, South Bend, Indiana 46601. SOUTH BEND REDEVELOPMENT COMMISSION ATTEST: Signature Printed Name and Title Printed Name and Title EXHIBIT A Description of the Land Parcel l: Apart of the West Half of Section 12, Township 37 North, Range 2 East, also being a part of Block 8 of the recorded Plat of River Bend Addition, City of South Bend, St. Joseph County, Indiana, described as follows: Commencing at the intersection of the Northeastern boundary of Columbia Street and the Eastern boundary of Western Avenue; thence along said Northeastern boundary South 69°32'51" East 95.25 feet; thence Southeasterly 192.83 feet along an arc to the right having a radius of 421.97 feet and subtended by a long chord having a bearing South 56°27'21 "East and a length of 191.16 feet; thence North 46°38'09" East 155.47 feet; thence North 20°00'00" West 120.00 feet; thence North 70°00'00" East 217.00 feet; thence South 25°39'11" .East 215.00 feet to the point of beginning; thence South 52°00'00" West 245.00 feet; thence South 38°00'00" East 155.00 feet; thence North 52°00'00" East 211.07 feet; thence North 25°39'11" West 158.67 feet to the -point of beginning. Parcel II Apart of Block 8 of the recorded Plat of River Bend Addition in Section 12, Township 37 North, Range 2 East, in the City of South Bend, St. Joseph County, Indiana, described as follows: Commencing at the intersection of the East right of way line of Columbia Street and the North right of way line. of Monroe Street as shown in said Plat of River Bend Addition; thence North 0°30'18" West along said East right of way line of Columbia Street 270.00 feet; thence North 89°29'42" East 75.00 feet; thence South 39°35'12" East 43.10 feet; thence North 52°00'00" East 113.02 feet to the point of beginning; thence North 38°00'00" West 255.00 feet; thence North 52°00'00" East 33.00 feet; thence South 38°00'00" East 155.00 feet, thence North 52°00'00" East 211.07 feet; thence South 25°39'11" East 29.45 feet; thence South 65°42'29" West 10.00 feet; thence South 4°39'38" East 40.00 feet; thence South 70°06'30" East 47.50 feet; thence South 52°00'00" West 231.27 feet to the point of beginning. Parcel 111 Declaration and Grant of Easements for Pedestrian and Vehicular Egress by and between St. Joseph River Road Development Corporation, Crowe, Chizek & Company, American Land Trust, First Bank and Trust Company of South Bend, West Bank Properties, Columbia Plaza Associates, River Glen Office Plaza Associates, and the St. Joseph Bank and Trust Company all of which were dated November 3, 1982 and recorded November 3, 1982 as Document Number 8216846, 8216847, 8216849, and 8216850 all in the Office of the Recorder of St. Joseph County, Indiana.