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LEGAL NOTICE OF SALE OF REAL ESTATE AND INSTRUCTIONS TO BIDDERS
Notice is given hereby that the City of East Chicago Redevelopment Commission (ECRC) will open and consider written offers of purchase and/or proposals for redevelopment (the Redevelopment Proposals) of a certain parcel of real estate commonly known as 2200 Broadway East Chicago, Indiana and more particularly depicted and/or described on Exhibit B (the Redevelopment Parcel). Sealed Redevelopment proposals will be received by ECRC at 4525 Indianapolis Boulevard, East Chicago, IN 46312 (Planning and Development Offices) until 2:00 p.m., local time, on March 2 2021 (the Receipt Deadline). ECRC will open the Redevelopment proposals at 4:30 p.m., local time, on March 2, 2021 at the ECRC regularly scheduled meeting. The offer by ECRC of the Redevelopment Parcel for sale and/or the redevelopment is made on the conditions set forth below (the Conditions for Redevelopment).
Required Use: Bidder shall supply: (1) sufficient information relating to any proposed improvements, (2) Bid price.
Title: ECRC shall provide insurable title in compliance with a schedule jointly established by ECRC and the Successful Bidder.
Environmental Remediation: If there is environmental contamination on the Redevelopment Parcel, then the Successful Bidder shall perform all actions required to clean up and/or remediate the Redevelopment Parcel in compliance with a plan jointly established by ECRC and the Successful Bidder.
Due Diligence Items: ECRC shall provide the following with respect to the Redevelopment Parcel: (a) title insurance; and (b) the right of entry to perform tests and inspections. Note the property is being sold AS IS.
Acquisition Date: The sale and purchase of the Redevelopment Parcel must be closed no later than 90 days of award to the successful bidder or as otherwise mutually agreed upon.
Completion Date: It applicable, the redevelopment of the Redevelopment Parcel, including, without limitation, the construction of any improvements thereon shall be completed based upon a mutually agreeable schedule and Development Agreement between the ECRC and Successful Bidder.
Minimum Price: The entire disposition parcel is valued at $1,500,000.00.
Proposal Requirements: Each Redevelopment Proposal must comply with the requirements of this notice.
ECRC has caused to be prepared the exhibits listed below (the Exhibits), and ECRC will make all of the exhibits available at the ECRC offices for examination and use by all interested persons. This notice, together with the exhibits, constitutes the Bid Package.
Exhibit A Instructions to Bidders – Legal Notice (this document)
Exhibit B Description of the Redevelopment Parcel
Requests for access to inspect the Redevelopment Parcel should be directed to: Frank Rivera, (219) 391-8513
Each Redevelopment Proposal must: (a) include all of the information requested in the bid package; (b) if submitted by a trust (as defined in Ind. Code 30-4-1-1 (a)), identify: (i) each beneficiary of the trust; and (ii) each settler empowered to revoke or modify the trust; (c) be received in its entirety in the ECRC Offices by 2:00 p.m., local time, on March 2, 2021; and (d) include a cashiers check or certified check in the amount of 5% of the value of the parcel, payable to the order of ECRC (the Proposal Requirements). Each bidder shall submit two originals, of its Redevelopment Proposal. All exhibits, drawings, renderings, other material, and other information submitted with the sealed Redevelopment Proposal shall be retained by and shall become the property of ECRC.
ECRC reserves the right to: (a) consider or reject without consideration any Redevelopment Proposals that do not satisfy the Proposal Requirements; (b) reject any or all Redevelopment Proposals; and (c) make an award to the highest and best bidder, even if the Redevelopment Proposals submitted by the highest and best bidder does not satisfy all of the Conditions for Redevelopment. In determining the highest and best bidder, ECRC shall take into consideration the following.
(a) The cost, size, character, and quality of the bid.
(b) The schedule for completion of closing.
(c) The general business reputation of the bidder.
(d) The financial resources committed and available.
(e) Satisfaction by the bidder of the Proposal Requirements; compliance of the bidder with the conditions for Redevelopment; and satisfaction by the bidder of any additional requirements of the Bid Package.
(f) Any other factors that ECRC determines to be important in carrying out and serving: (1) the conditions for redevelopment; (2) the legal purposes of ECRC; and (3) the interest of The City of East Chicago, Indiana, and its residents, from the standpoint of both human and economic welfare.
A successful bidder will be required to execute a binding Agreement with ECRC, committing the bidder to: (1) satisfying the conditions for closing; and (2) fulfilling the commitments made by the bidder in its Redevelopment Proposal.
Date: February 3, 2021.
CITY OF EAST CHICAGO REDEVELOPMENT COMMISSION
Minimum Sales Price:
DESCRIPTION OF PROPERTY:
LEGAL DESCRIPTION: MAIN & BROADWAY ADD EAST PHASE LOT 1
Commonly known as 2200 Broadway, East Chicago IN 46312