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C~ ~ C ~~ <br />sp T <br />~ • \1~~1i1~1/ O <br />Community & Economic Development r ~ ;,~' <br />' is s ' <br />1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planne <br />Subject: Administrative Settlement for acquisition of 531 W. Indiana Ave. <br />Date: April 23, 2010 <br />This is the staff report for the administrative settlement that is needed for the acquisition of <br />531 W. Indiana Avenue. According to the Uniform Relocation Act (Act), which has been <br />adopted as the Commission's relocation policy, an administrative settlement is authorized in <br />cases where an additional payment is necessary to acquire a property. <br />On March 19, 2010, the Commission approved Resolution No. 2633, which authorized the <br />purchase of this property based upon its average appraised value of $30,000. There has <br />been no counter offer. Staff has been working with the property owner, within the <br />acquisition and relocation sections of the Act, to reasonably reach an agreement to acquire <br />this property. <br />Approximately $15,100 additional is needed to gain clear title to this property. Under the <br />Act, an administrative settlement is authorized, though not required, in a case such as this. <br />However, to acquire this particular property and gain clear title to it, the Act does authorize <br />this payment. <br />This property is a 1,400 square foot, two story, three bedroom single family residence. It <br />has a one stall detached garage, a fenced yard, two porches, a new roof, and newer <br />furnace and central air. <br />Staff feels the total approximate acquisition cost of $45,100 is reasonable for this property, <br />in light of its size, condition, and amenities, and requests your approval of the administrative <br />settlement to allow the acquisition of this property. <br />What We Do Today Makes A Difference! <br />