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Mr. Derek Dieter <br />Mar. 17, 10 <br />Page 2 <br />businesses, q vacant houses and what appear to be 45 occupied homes and I 1 small <br />businesses. Of the 128 parcels in this area, 15 are currently owned by the City, 4 <br />are owned by the Rum Village Neighborhood Association and 7 are owned by the <br />railroad. Twenty -four of these properties were up for tax certificate sale last week, <br />and in an effort to minimize acquisition costs, the City Staff was the successful <br />bidder on these properties. The twenty -four properties were acquired for <br />approximately Fifteen Thousand Dollars ($15,000). <br />Also included in this study area are the six formerly owned Burton parcels that were <br />donated to the Board of Public Works when the Waste Management property north <br />of the tracks was purchased by the Commission in 2008. The inclusion of these <br />parcels will allow title to be transferred from the Board to the Redevelopment <br />Commission. <br />The estimated redevelopment cost for this target area is $8.5 million and will be a <br />multi -year project. This cost includes acquisition, demolition, relocation and <br />professional services. <br />Area 2: Ignition Paris West <br />The areas to the east and south of Ignition Park have been studied and inconsistent <br />uses have been or are in the process of being redeveloped. The area west of Prairie <br />was recently brought to the forefront when a special exception was requested for a <br />wrecker service in this area, which was not considered consistent with the planned <br />future for ignition Park.. <br />There are currently several properties that could be available for acquisition once <br />the process is complete. There are also solve properties that are or have recently <br />been behind in property tax payments. These properties bound the west side of <br />Prairie from Indiana Ave. to Sample, and from Sample west to Webster. <br />Estimated redevelopment cost for this target area is $5 trillion, and will also be a <br />multi -yeai project. This cost includes acquisition, demolition, relocation and <br />professional services. The largest old brick building about %2 block west of Prairie <br />on Sample could be demolished and recycled by a private entity. If this occurs, the <br />estimated cost of this project would be lowered by over $1 million because of lower <br />demolition costs. <br />Area 3: Ivy Teeh 1 Gorny Plaza <br />Ivy Tech: There are four properties in this area which would be acquired and eventually <br />transferred to Ivy Tech for much needed expansion of classrooms, storage and panting. <br />Staff has been contacted by two of these property owners, indicating their willingness to <br />work with the Commission once the Plan amendment Mr. Derek Dieter <br />