1

NOTICE OF INTENT TO

RECEIVE BIDS FOR THE

SALE OF SURPLUS REAL PROPERTY

NOTICE IS HEREBY GIVEN that Richmond Community Schools, 300 Hub Etchison Parkway, Richmond, Wayne County, Indiana, (the “Corporation”) by the duly constituted bid receipt committee appointed by the Board of School Trustees (“Board”) shall begin receiving bids for the purchase of the real estate and improvements commonly known as the site of the former Highland Heights Elementary School, 1751 East Chester Road, Richmond, Indiana, and more particularly described as follows (the “Subject Property”):

Part of the Northeast Quarter of Section Sixteen (16), Township Fourteen (14), North, Range one (1) West in Wayne Township, Wayne County, Indiana and being more particularly described as follows:

Beginning at a point in the north line of said northeast quarter, said point being two hundred forty (240) feet east (assuming the north line of said quarter runs east and west) of the northwest corner of said northeast quarter and running thence, from said beginning point, south zero (0) degrees and five (05) minutes east, parallel to the west line of said quarter, three hundred sixty-three (363) feet; thence west, parallel to the north line of said quarter, two hundred forty (240) feet to the west line of said quarter; thence south zero (0) degrees and five (05) minutes east, along said west line, four hundred fifteen and eighty-five hundredths (415.85) feet; thence east, parallel to the north line of said quarter, seven hundred eighty-three (783) feet; thence north zero (0) degrees and five (05) minutes west, parallel to the west line of said quarter, seven hundred seventy-eight and eighty-five hundredths (778.85) feet to the north line of said quarter; thence west, along said north line, five hundred forty-three (543) feet to the place of beginning. Containing an area of twelve (12.00) acres

SUBJECT TO: A twenty-five (25) foot right-of-way easement across the north end of the above described tract for use as a public highway.

THIS NOTICE is being issued pursuant to the provisions of Indiana Code (IC) 20-26-7-1(b) and IC 36-1-11-4(c). The Board has previously determined that the Subject Property is not needed for school purposes and that the cost of its maintenance constitutes an undue financial burden on the Corporation’s resources. For those reasons, sealed bids will be received by the Corporation beginning at 8:30 a.m. on the 7th day of July, 2016, and continuing from day to day thereafter until noon on the 29th day of July, 2016, (all times local times in the City of Richmond, Wayne County, Indiana). Bids received within the final forty-eight hours of the bid receipt period ending July 29, 2016, shall be processed in the following manner.

  1. If the bid is the apparent high bid at the time it is received by the Corporation, then all prior bidders shall receive notice of the receipt of the higher bid and given a period of two (2) business days after the date of the written notice from the Corporation of the higher bid to increase their prior bids.
  2. An apparent high bidder whose bid is less than an increased bid shall be notified in writing by the Corporation and given two (2) business days to increase its prior bid to a sum that is higher than the prior received apparent high bid.
  3. The above process shall continue with each increased bid until there are no longer any increased bids at the end of the two (2) business day period allowed for a bidder to increase its prior bid, notwithstanding that the completion of the above described process may result in the Corporation receiving increased bids after the originally announced bid cut-off date of noon on July 29, 2016.

The sale of the Subject Property will be made to the highest and best bidder, subject to the requirement that the Subject Property sell for at least ninety percent (90%) of its average appraised value as determined by two (2) independent appraisals heretofore caused to be conducted by the Board(which appraisals are available for inspection during regular business hours at the administrative offices of the Corporation located at 300 Hub Etchison Pkwy., Richmond, Indiana, and SUBJECT ALSO TO THE RESERVED RIGHT IN THE BOARD TO REJECT ALL BIDS THAT MIGHT BE RECEIVED AND/OR TO THEREAFTER RETAIN THE SERVICES OF AN AUCTIONEER TO CONDUCT AN AUCTION SALE OF THE SUBJECT PROPERTY PURSUANT TO IC 36-1-11-4(e).

In addition to the foregoing conditions and reservations, sale of the Subject Property is subject to the following terms:

  1. The successful bidder shall receive title by good and sufficient warranty deed executed by the duly authorized officers of the Board. The Board will provide the successful bidder with an ALTA owner’s policy of title insurance in the amount of the total purchase price, procured at the Corporation’s expense from a title insurer authorized to conduct such business in the State of Indiana and selected by the Corporation, containing only the usual and customary standard exclusions and exceptions from such insurance coverage. Additional title endorsements and/or a simultaneously issued lender’s policy shall be at the expense of the successful bidder.
  1. The successful bidder shall accept the Subject Property in its “as is – where is” condition without expressed or implied warranties of any sort passing from the Corporation (other than warranties of title), including, but not limited to, warranties of habitability; warranties that the property is suitable for leasing; or warranties that the Subject Property, or its structural components, are free of asbestos or any other toxic or hazardous materials.
  1. All bidders are charged to make due diligent inquiry to ascertain that their intended use of the Subject Property, if they are the successful bidder, complies with all applicable zoning, land use, soil compaction and/or all other legal or physical conditions or restrictions.
  1. The Subject Property will not be sold to any person who is ineligible to accept the transfer of title thereto by virtue of the provisions of IC 36-1-11-16.
  1. Any bid submitted by a trust [as defined at IC 30-4-1-1(a)] must identify each beneficiary of the trust and each settlor or person who is empowered to modify or revoke the trust.
  1. Possession of the Subject Property shall be provided to the successful bidder at closing.
  1. All bids shall be open to public inspection. A bidder may raise the bidder’s prior bid and such raise shall be deemed effective upon the Board, or the Board’s designee, giving written notice of the raised bid to all other bidders who would have submitted bids in accordance with the procedures set forth in paragraphs #1 through #3 first set out above.
  1. Bid forms may be picked up at the Richmond Community Schools Administration Building, 300 Hub Etchison Parkway, Richmond, Indiana, between the hours of 7:30 a.m. and 4:30 p.m.
  1. All bids shall be accompanied by a cashiers check or money order payable to Richmond Community Schools in the sum of ten percent (10%) of the total bid price to secure the Corporation that such bidder, if successful, shall close on the purchase of the Subject Property in accordance with the terms and conditions of this Notice.
  1. Acceptance of any bid is conditioned upon its approval by the Superintendent of the Corporation and by the Board. The Corporation, through its designated administrators or legal counsel reserves the right to make due diligent inquiry into the financial circumstances of any bidder in order to determine that the bidder is capable of compliance with the terms of this notice and the bidder’s submitted bid.
  1. Closing shall take place after compliance with the procedural requirements of IC 36-1-11-3(b) at the reasonable convenience of the Corporation and the successful bidder at the offices of the closing agent selected by the Corporation. The successful bidder shall pay the entire purchase price in cash, by certified check or bank draft, at closing.
  1. Pursuant to IC 36-1-11-4(e) the Board reserves the right to retain an auctioneer to conduct an auction sale of the Subject Property at any time after the closure of the receipt of written bids and the Board’s determination to reject all such previously received bids. If such an auctioneer is retained, then the Board shall cause each bidder who shall have submitted a bid on the Subject Property to receive written notice of the date, time and place of the auction.

Dated this 8th day of June 2016.

BOARD OF SCHOOL TRUSTEES OF

RICHMOND COMMUNITY SCHOOLS

By: S/

Aaron L. Stevens, Secretary

Approved:

S/

Dixie F. Robinson, President