03/08/99 Board of Public Works Minutes

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(100 REGULAR MEETING MARCH 8, 1999 18, 1999. Upon a motion made by Ms. Roemer, seconded by Mr. Powell, the license application was approved. ADOPT RESOLUTION NO. 8-1999 - SALE OF CERTAIN PROPERTY TO THE CITY OF SOUTH BEND BUILDING CORPORATION AND THE APPROVAL OF AN AGENCY AGREEMENT WITH SAID BUILDING CORPORATION Upon a motion made by Ms. Roemer, seconded by Mr. Powell and carried, the following Resolution was adopted by the Board of Public Works: RESOLUTION NO. 8-1999 A RESOLUTION OF THE BOARD OF PUBLIC WORKS OF THE CITY OF SOUTH BEND, INDIANA, REGARDING THE SALE OF CERTAIN PROPERTY TO THE CITY OF SOUTH BEND BUILDING CORPORATION AND THE APPROVAL OF AN AGENCY AGREEMENT WITH SAID BUILDING CORPORATION WHEREAS, the City of South Bend, Indiana (the "City"), has previously executed a lease (the "Lease") whereby the City of South Bend, Indiana (the "City"), shall lease the (I) proposed fire station to be constructed near the intersection of York and Jackson Roads in the City (the "Fire Station Project") and the Municipal Services Facility of the City located at 701 West Sample Street in the City (the "Services Building Project") (collectively, the "Project") from the City of South Bend Building Corporation (the 'Building Corporation"); and WHEREAS, construction of the Project is to be financed by the Building Corporation through the issuance of its first mortgage bonds; and WHEREAS, the City desires to sell the property upon which the Fire Station Project will be located and the Services Building to the Building Corporation, said property being described as set forth in the Lease (the "Property"); and WHEREAS, the City has had said Property appraised by two (2) appraisers professionally engaged in making appraisals, the average of which appraisals equals One Million Eight Hundred Seventy-nine Thousand and 00/100 Dollars ($1,879,000.00); and WHEREAS, the Board of Public Works of the City (the 'Board") desires to approve and authorize the execution of an agency agreement whereby the City, by and through the Board, shall serve as agent of the Building Corporation to provide for the construction and equipping of the Project; NOW, THEREFORE, BE IT RESOLVED by the Board of Public Works of the City of South Bend, Indiana, that: