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PURCHASE AGREEMENT <br />THIS AGREEMENT, entered into this ! day of LJ , 2006, by and <br />between, Halton West 225 Donald Street South Bend Indiana 46634 hereinafter referred to as <br />the "Buyer,"and the Civil City of South Bend, a municipal corporation of the State of Indiana, <br />hereinafter referred to as the "City." <br />WITNESSETH: <br />WHEREAS, I. C. 36-1 -11 establishes the procedures for the sale and rental of real property <br />owned by the City of South Bend; and <br />WHEREAS, the board of Public Works (hereinafter referred to as the `Board") is empowered <br />to carry 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 by the City is by sale to an <br />abutting landowner; <br />2. The cost to the public of maintaining said real properties owned by the City equals or <br />exceeds the established fair market value of said real properties; <br />3. It is economically unjustifiable to sell real property owned by the City in accordance <br />with the procedures set forth in I. C. 36-1-11-4. <br />WHEREAS, the Board has determined that the assessed value of said real property is less <br />than TWO THOUSAND DOLLARS ($2,000.00) ; and <br />WHEREAS, the Board appointed a licensed independent appraiser who appraised the <br />particular real property; and <br />WHEREAS, based upon the appraisal submitted, the Board has established an offering price <br />