HomeMy WebLinkAboutNo. 2393 approving and accepting a counteroffer for the acquisition of property in the South Bend Central Development Area (513 S Michigan)
RESOLUTION NO. 2393
RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER
FOR THE ACQUISITION OF PROPERTY IN THE
SOUTH SEND 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 anal 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 Foster
A. Martin and Linda L. Martin as owners of the Property (collectively, the "Owners") 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 Owners an offer for the Offering Price
• as authorized, which the Owners rejected; and
WHEREAS, the Owners have provided comparables evidencing a fair market
value that exceeds the Offering Price and, accordingly, have provided a counteroffer to
the Commission in which the Owners proposes to sell the Property to the Commission for
$109,681.00 (the "Purchase Price"); and
WHEREAS, the staff has reviewed the comparables and the counteroffer and
determined that the although the comparables are not as accurate as the Commission's
appraisal, 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
t11e purchase and sale of the Property; and
WHEREAS, the Commission desires to purchase the Property for $109,681.00,
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
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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 provided
by the Owners 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 instnicted 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 November 2, 2007, at Madison Center Meeting Room West, 403
East Madison Street, South Bend, Indiana 46617.
CITY OF SOUTH BEND,
,- DEPARTMENT EVELOPMENT
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s;gnatt„-e
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Marcia I. Jones, President
Printed Nnme and Title
ATTEST:
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K 1 G. King, V'ce-Pr sident
Printed 'mne and Tilie
South Bend Redevelopment Commission
South Bend Redevelopment Commission
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EXHIBIT A
PROPERTY DESCRIPTION AND PURCHASE PRICE
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Counteroffer
Tax Key No. Address Owner
Purchase Price
513 S. Michigan Foster A. & Linda
18-3017-0632 $109,681.00
Street L. Martin