HomeMy WebLinkAboutNo. 2433 approving and accepting a counteroffer for the acquisition of property in the South Bend Central Development Area•
RESOLUTION NO. 2433
RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER
FOR THE ACQUISITION OF PROPERTY IN THE
SOUTH BEND CENTRAL DEVELOPMENT AREA
WHEREAS, under the authority granted by Ind. Code § 36-7-14, et seq. and in
furtherance of the South Bend Central Development Area Plan ("Plan"), the South Bend
Redevelopment Commission ("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 ("Property"); and
WHEREAS, on March 28, 2008, the Commission adopted a Resolution setting
the offering price (the "Offering Price") and authorizing staff to present an offer to Chevy
World Rental, Inc. as owner of the Property (the "Owner") in an amount not to exceed
the Offering Price along with the payment of expenses incidental to the conveyance and
determination of the title of the Property; and
WHEREAS, the staff has presented the Owner an offer for the Offering Price as
authorized, which the Owner rejected; and
WHEREAS, the Owner has provided a counteroffer to the Commission in
which the Owner proposes to sell the Property to the Commission for $1,500,000.00 (the
"Purchase Price"); and
WHEREAS, the staff has reviewed the counteroffer and determined that the
Purchase Price set forth in the counteroffer is a reasonable price for the Property; and
WHEREAS, the Owner has provided a counteroffer to the Commission in the
form of a form of Purchase Agreement (the "Purchase Agreement") to effect the purchase
and sale of the Property; and
WHEREAS, the Commission desires to purchase the Property for
$1,500,000.00, approve the form of Purchase Agreement, and authorize the President and
Secretary of the Commission to execute and attest, respectively, the Purchase Agreement
on behalf of the Commission, with such changes in form or in substance as the President
and Secretary may approve; 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, although above the
appraisal value, is reasonable considering the circumstances and the evidence presented
to the Commission 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 Purchase Price set forth in the
counteroffer.
2. The Commission hereby approves and accepts the form of 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 as 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. If desirable to
facilitate the closing on this property, staff is further authorized to engage Meridian Title
Company to assist with the closing of this transaction.
3. The Secretary of the Commission is instructed to place a copy of the
Counteroffer and the form of Purchase Agreement presented to the Commission with this
Resolution in the records and minutes of this meeting.
ADOPTED at the Regular Meeting of the South Bend Redevelopment
Commission held on March 28, 2008, at Room 1308 County-City Building, 227 W.
Jefferson Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND,
ATTEST:
S. Downes, Secre
South Bend Redevelopment Commission
•
South Bend Redevelopment Commission
•
EXHIBIT A
PROPERTY DESCRIPTION
•
ID PARCEL ID OWNER OF RECORD ADDRESS
1 18-3013-0476 Chevy World Rental Inc 410 S. William
2 18-3013-0485 Chevy World Rental Inc 401 W. Western
3 18-3013-0487 Chevy World Rental Inc 401 W. Western
4 18-3013-0488 Chevy World Rental Inc 401 W. Western
5 18-3013-049302 Chevy World Rental Inc 401 W. Western
6 18-3013-049301 Chevy World Rental Inc 401 W. Western
7 18-3013-0493 Chevy World Rental Inc 401 W. Western
8 18-3013-0498 Chevy World Rental Inc 401 W. Western
9 18-3013-0499 Chevy World Rental Inc 401 W. Western
10 18-3013-0501 Chevy World Rental Inc. 401 W. Western
11 18-3015-0536 Chevy World Rental Inc 401 W. Western
•