HomeMy WebLinkAboutNo. 2419 approving and acceptign a counter offer for the acquisition of property in the Airport Economic Development Area (River of Life Church)
RESOLUTION NO. ~
RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER
FOR THE ACQUISITION OF PROPERTY IN THE
AIRPORT ECONOMIC DEVELOPMENT AREA
WHEREAS, under the authority granted by Ind. Code § 36-7-14, et seq. and in
furtherance of the Airport Economic 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 Airport Economic 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 7, 2007, the Commission adopted a Resolution
setting the offering price (the "Offering Price") and authorizing staff to present an offer to
River of Life Family Church, Incorporated 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 obtained an appraisal of the Property evidencing a
fair market value of $270,000.00; and
WHEREAS, the staff has reviewed the appraisal and determined that it reflects
a reasonably accurate assessment of the Property's fair market value; and
WHEREAS, the Owner has provided a counteroffer to the Commission in the
form of a Purchase Agreement (the "Purchase Agreement") under which the Owner
proposes to sell the Property to the Commission for $250,000.000, which amount exceeds
the Commission's appraised value but is less then the appraisal obtained by the Owner;
and
WHEREAS, the Commission desires to purchase the Property for $250,000.00,
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 set forth in the
Purchase Agreement 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 § 36-7-14 to
accept the counteroffer evidenced in the Purchase Agreement.
2. The Commission hereby approves and accepts the 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
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 1308 County-City Building, 227 West
Jefferson Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND,
DEPARTMENT O~,~tEDEVELOPMENT
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ignature
Marcia I. Jones President
Printe ame an i! e
ATTEST•
i ure
Gregory S. Downes, Secretary
Printe ame an Tit e
South Bend Redevelopment Commission
South Bend Redevelopment Commission
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EXHIBIT A
PROPERTY DESCRIPTION AND PURCHASE PRICE
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Counteroffer
Address Owner Tax Id. No.
Purchase Price
40] N Bendix. & VL River of Life Family 18-2188-7089
on Ardmore Church Inc. 18-2191-719202 $250,000.00
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