HomeMy WebLinkAboutNo. 2422 approving and accepting a counteroffer for the acquisition of property in the South Bend Central Development Area (416 William)
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RESOLUTION NO. 2422
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 December 21, 2007, the Commission adopted a Resolution
setting the offering price (the "Offering Price") and authorizing staff to present an offer to
Chris L. Wood 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 $130,000.00 (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 $li0,000.00,
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 fornl 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;
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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
cow~teroffer.
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 forn~ 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 December 21, 2007, at Room 1308 County-City Building, 227 W.
Jefferson Boulevard. South Bend, Indiana 46601.
ATTEST:
G. Kirig, Vice-president
South Bend Redevelopment Commission
CITY OF SOUTH BEND,
DEPARTMENT O~DEVELOPMENT
Marcia I. Jones, President
P~~imed Name mut l iNe
South Bend Redevelopment Commission
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EXHIBIT A
PROPERTY DESCRIPTION AND PURCHASE PRICE
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Counteroffer
Tas Key No. Address Owner purchase Price
18-3013-0478 416 South
Chris L. Wood
$130,000.00
18-3013-0479 William Street
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