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South Bend Redevelopment Commission <br />Regular Meeting –April 23, 2010 <br /> <br />6. NEW BUSINESS <br /> <br />B. Airport Economic Development Area <br /> <br />(4) continued… <br /> <br />of 531 W. Indiana Avenue. According to the <br />Uniform Relocation Act (Act), which has <br />been adopted as the Commission’s relocation <br />policy, an administrative settlement is <br />authorized in cases where an additional <br />payment is necessary to acquire a property. <br /> <br />On March 19, 2010, the Commission <br />approved Resolution No. 2633, which <br />authorized the purchase of this property <br />based upon its average appraised value of <br />$30,000. There has been no counter offer. <br />Staff has been working with the property <br />owner, within the acquisition and relocation <br />sections of the Act, to reasonably reach an <br />agreement to acquire this property. <br /> <br />Approximately $15,100 additional is needed <br />to gain clear title to this property. Under the <br />Act, an administrative settlement is <br />authorized in a case such as this. <br /> <br />The property is a 1,400 square foot, two <br />story, three-bedroom single family residence. <br />It has a one stall detached garage, a fenced <br />yard, two porches, a new roof, and newer <br />furnace and central air. <br /> <br />Staff feels the total approximate acquisition <br />cost of $45,100 is reasonable for this <br />property, in light of its size, condition, and <br />amenities, and requests your approval of the <br />administrative settlement to allow the <br />acquisition of this property. <br /> <br /> <br /> 23 <br /> <br />