Laserfiche WebLink
<br />Community & Economic Development zr~-~~~'`au <br />'~ <br />..7865 <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 Planner ~"_ <br />Subject: For Sale Indiana Ave Properties <br />Resolution No. 2693 <br />Resolution No. 2694 <br />Date: June 04, 2010 <br />There are currently two properties in the Ignition Park /West Indiana corridor that are for <br />sale and listed with realtors. These properties were added to the acquisition list by the <br />recent amendment to the AEDA Development Plan. <br />Information on these properties is: <br />1521 S Scott St <br />3 bedroom, 1 bath, 1,459 sf <br />$10,800 <br />1520 S Scott St <br />4 bedroom, 1 bath, 1,440 sf, with 1 car garage <br />$7,000 <br />Acquisition costs for homes in this area were estimated at $35,000 - $60,000. Vacant lots <br />were estimated at $5,000. 1521 S Scott includes two vacant lots, for a low estimated <br />acquisition cost of $45,000. 1520 S Scott has an estimated acquisition cost of $35,000. <br />Staff asks for approval to move forward with the purchase of these two properties for the <br />listed prices, which are well below the estimated acquisition costs for dwellings in this area. <br />With Legal's assistance, staff would move forward only if we could gain clear title and the <br />appraised value was at or above the asking prices. <br />Staff requests Commission approval of these Resolutions, subject to the receipt of <br />appraisals establishing a value equal to or greater than the listing prices for these <br />properties. <br />What We Do Today Makes A Difference! <br />