HomeMy WebLinkAboutNo. 2420 approving and accepting a counter offer for the acquisition of property in the South Bend Central Development Area (Fat Daddy's)•
RESOLUTION NO. 2420
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 seg. 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 October 19, 2007, the Commission adopted a Resolution setting
the offering price (the "Offering Price") and authorizing staff to present an offer to Elaine
J. Gendel as owner of the Property (collectively, 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 and settle any
relocation expenses for a total of $150,000.00 (the "Purchase Price")~ plus any real
property taxes owed or accrued against the Property; 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 Owners have provided a counteroffer to the Commission and
propose to execute standard Purchase Agreement (the "Purchase Agreement") to effect
the purchase and sale of the Property; and
WHEREAS, the Commission desires to purchase the Property and settle any
relocation expenses for $150,000.00 plus the satisfaction of any real estate taxes attached
against the Property, 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 forn7 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 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 § 367-14 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, including an escrow agreement if
necessary or advisable to facilitate the closing. 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 December 7, 2007, at 227 W. Jefferson Boulevard, Room 1308,
South Bend, Indiana 46601.
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT
,\
SI ~l ial (!l"L'
Marcia I. Jones President
Primer Name and Title
ATTEST:
!gn re
Gregory S. Downes, Secretary
Prime;Name and Ti!!e
South Bend Redevelopment Commission
South Bend Redevelopment Commission
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EXHIBIT A
PROPERTY DESCRIPTION AND PURCHASE PRICE
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Tax Key No. Address Owner Purchase Price
18-3017-0628
505 S. Michigan $150,000.00,
18-3017-0629 Elaine J. Gendel
Street plus taxes
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