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0 0 <br />PURCHASE AGREEMENT <br />THIS AGREEMENT, entered into this ��day of , 1986, <br />by and between REGINALD J. RUFFIN, hereinafter referred to as the <br />Buyer, and the Civil City of South Bend, a municipal corporation of the <br />State of Indiana, hereinafter referred to as the City. <br />WITNESSETH: <br />WHEREAS, I.C. 36-1-11 establishes procedures for the sale <br />and rental of real property owned by the City of South Bend; and <br />WHEREAS, the Board of Public Works is empowered to carry <br />out the provisions of said statute; and <br />WHEREAS, the Board has determined that: <br />1. The highest and best use of certain real property owned <br />by the City is by sale to an abutting landowner; <br />2. The cost to the public of maintaining said real <br />property owned by the City equals or exceeds the <br />established fair market value of said real property; <br />3. It is economically unjustifiable to sell said real <br />property owned by the City in accordance with the pro- <br />cedures set forth in I.C. 36-1-11-4. <br />WHEREAS, the Board has determined that the assessed value <br />of said real property is less than TWO THOUSAND DOLLARS ($2,000.00); <br />and <br />WHEREAS, the Board appointed a licensed independent appraiser <br />who appraised the particular real property; and <br />WHEREAS, based upon the appraisal submitted, the Board has <br />established an offering price for the property, and published notice <br />of its intention to sell said property at said price; and <br />WHEREAS, pursuant to I.C. 36-1-11-5, the Board is empowered <br />to negotiate and sell said real property to the abutting landowner <br />who submits the highest offer for said real property; and <br />WHEREAS, the offer of the Buyer in the amount of TWO HUNDRED <br />SIXTY DOLLARS ($260.00), was offered and accepted as the best offer for <br />said property; and <br />NOW, THEREFORE, it is agreed by and between the parties <br />hereto, and for and in consideration of the premises and the mutual <br />covenants herein contained, as follows: <br />1. The City agrees to sell and Buyer agrees to buy: <br />Lot Numbered Twenty-six (26) as shown on the <br />recorded Plat of J. F. Kirby's Addition to <br />the City of South Bend, Indiana. <br />