HomeMy WebLinkAbout6.B.(4) Resolution No. 2603RESOLUTION NO. 2603
RESOLUTION APPROVING AND ACCEPTING A COUNTEROFFER
FOR THE ACQUISITION OF PROPERTY IN THE
SOUTH BEND CENTRAL DEVELOPMENT AREA
WHEREAS, under the authority granted by Indiana Code § 36-7-14, et seg. and
in furtherance of the South Bend Central Development Area Development Plan (the
"Plan"'), the South Bend Redevelopment Commission (the "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 (the "Property"); and
WHEREAS, on October 2, 2009, the Commission adopted a Resolution setting
the offering price (the "Offering Price") and authorizing staff to present an offer to Fred's
Shops LLC, as owners 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
deterniination 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 for
$250,000.00, plus $12,500.00 of moving expenses related to the acquisition; and
WHEREAS, the staff has reviewed the counteroffer and determined that the
proposal is reasonable in light of the appraisal amount, conditions in the area, and the
amount of announced development in the immediate area; 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
Assignment of the Purchase Agreement and/or 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 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.
3. The Secretary of the Commission is insh•ucted to place a copy of the
assignment and Purchase Agreement presented to the Commission with this Resolution in
the records and minutes of this meeting.
4. Don Inks or Jeff Gibney is authorized to execute on behalf of the
Commission any documents necessary to carry out the intent of this resolution.
ADOPTED at a Regular Meeting of the South Bend Redevelopment
Commission held on October 2, 2009, at 1308 County-City Building, 227 West Jefferson
Boulevard, South Bend, Indiana 46601.
CITY OF SOUTH BEND,
DEPARTMENT OF REDEVELOPMENT
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South Bend Redevelopment Commission
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South Bend Redevelopment Commission
EXHIBIT A
PROPERTY DESCRIPTION AND PURCHASE PRICE
Tax Key No.
Address
Owner Counteroffer
Purchase Price
18-3012-0412
18-3012-0424 501 W. Western Ave Fred's Shops LLC $262,500.00
18-3012-0425