6C(5) Resolution No. 2565 - Laserfiche WebLink

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~~-~5) RESOLUTION N0.2565 A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT. COMMISSION AUTHORIZING DISPOSITION OF INTEREST IN REAL ESTATE LOCATED IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA WHEREAS, the South Bend Redevelopment Commission (the "Commission"), the governing body of the Department of Redevelopment of the City of South Bend, Indiana (the "City") and the City of South Bend, Indiana, Redevelopment District, exists and operates under the provisions of Indiana Code § 36-7-14, as amended (the "Act"); and WHEREAS, the Commission is the owner of certain real estate located in the South Bend Central Development Area and more particularly described in Exhibit A, attached hereto and incorporated herein (the "Property"); and WHEREAS, in contemplation of disposing of the Property, the Commission caused bid specifications to be prepared and a notice soliciting offers to be published in accordance with IC 5-3- 1 on August 29, 2003 and September 5, 2003; and WHEREAS, the bid specifications contained a provision that any ground lease would contain the following condition related to the building constructed on the Property: "- a requirement linking the total Property and the building in a manner that would facilitate the future resale of the Property and building as one unit"; and WHEREAS, on September 19, 2003, the Commission opened and considered those bids submitted pursuant to said notice; and WHEREAS, on December 18, 2003, the Commission entered into a Ground Lease (the "Lease") with Ganey Press Real Estate, LLP ("Ganey Press") for the Property which provided that "If Tenant desires to sell the Improvements, Landlord will, upon the request of the Tenant, either: (a) include the Land in the sale and perform all acts reasonably necessary to assist in the closing of such sale, or (b) assign the Lease to the buyer of the Improvements. In either event, the sale price will be allocated as follows: first, all costs and expenses of the sale will be deducted; second, the balance of the sale .proceeds up to a maximum of One Million One Hundred Fifty Thousand Dollars ($1,150,000) will be paid to the Tenant; third, the balance of the sale proceeds up to a maximum of Four Hundred Thousand Dollars ($400,000) will be paid to the Landlord; and fourth, any remaining proceeds will be shared equally by the Landlord and the Tenant."; and