Resolution No 04-2022 - Transfer of City Property to Building Corporation; Segment of Wall St. and Segment of Greenlawn Ave.

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INTER-OFFICE MEMORANDUM Department of Law City of South Bend 227 W Jefferson Blvd TO: FROM: SUBJECT: DATE: Board of Public Works, Laura Hensley, Clara McDaniels Jenna Throw, Assistant City Attorney Resolution 04-2022 – Transfer of Property to Building Corporation February 9, 2022 Members of the Board, Ms. Hensley, and Ms. McDaniels: As you may know, the City is approaching closing on bonds to fund certain improvements at the Potawatomi Zoo in South Bend, Indiana. The structure of these bonds calls for the Building Corporation and the Redevelopment Commission to enter into a Lease for a defined set of “Leased Premises,” and the rental payments under the Lease will be used to meet the Building Corporation’s obligations to bondholders. The South Bend Building Corporation is to be the Lessor for this transaction, so in order to lease the property to the Redevelopment Commission, it will need to acquire the property. Because the Board of Public Works is the holder of real property owned by the City, we request that the Board adopt this Resolution to transfer the Leased Premises, defined as the segment of Wall Street in South Bend, Indiana between Twyckenham Boulevard and Ironwood Drive and the segment of Greenlawn Avenue between Wall Street and McKinley Highway to the South Bend Building Corporation. In order to accomplish that transfer, we specifically request that the Board authorize its President to execute a Quitclaim Deed to convey the property to the South Bend Building Corporation. We also request that the Board authorize Andrew Netter, of the City’s Department of Community Investment, to deliver the Deed to be recorded in the Office of the Recorder of St. Joseph County, Indiana and to execute any other document necessary to affect the Building Corporation’s acceptance of the Leased Premises from the Board of Public Works.