6B(3) Resolution No. 2696 - Laserfiche WebLink

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Community & Economic Development 1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: Redevelopment Commission From: David Relos, Economic Development Planner Subject: Res. No. 2696 -Acquisition Offer for 1510 S Catalpa St. Res. No. 2697 -Counter Offer for 1510 S Catalpa St Date: June 18, 2010 This is the staff report for the acquisition of 1510 S Catalpa St. This property was added to the Airport Economic Development Area Acquisition List by Resolution No. 2668 on May 21, 2010. It was added in an effort to clean and clear the southern boundary of Ignition Park, and to help stabilize the Rum Village neighborhood to the south. The Rum Village Neighborhood Association strongly supports the redevelopment of this area on the north side of Indiana Avenue. This particular property is a two story, three bedroom single family rental property. The property owner would like participate in the goals of the Commission in its efforts to clean and clear this area, and contacted Staff of their interest in selling this property. Resolution No. 2696 sets the acquisition value of the property at $11,500. The acquisition value is the average value as determined by two independent appraisals. The property owner submitted a counter offer of $15,000. The counter offer price is the amount the property owner recently had the property listed for. The property is no longer listed, but the property owner has stated she would take the amount it was previously listed for. In light of the low price of this acquisition, and because the property is vacant and no relocation assistance is needed, staff feels this counter offer is a reasonable value for this property. Staff requests approval of Resolution No. 2696 and counter offer Resolution No. 2697 to allow for the acquisition of this property. What We Do Today Makes A Difference!