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(3� • r a n d u m Sous BFw Community & Economic Development r, 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: Bill Schalliol, Economic Development Planner 7 / Subject: Resolution 2715 — Acquisition Counteroffer for 4215 S Main St Date: August 3, 2010 Attached is Resolution 2715 which is a acquisition counter offer resolution related to the acquisition of property located at 4215 South Main Street within the South Side Development Area. The subject parcel was added to the South Side Development Area Acquisition List by Resolution No. 2337 on May 19, 2006. On July 23rd, the Redevelopment Commission approved Resolution 2714 which set the acquisition offering price for the property at $79,500.00. The value was determined by two independent appraisers. The property owner has been sent notice of the offering value and has countered at a price of $130,000.00. The price is reflective of all costs in including relocation. Staff submits Resolution 2715, which is a counteroffer acquisition resolution, for this property in the amount of $130,000.00, based upon the following factors. Appraisal Value The average appraisal value for the property is $79,500.00 with the low appraisal value was $69,000 and the high value was $90,000. The spread of values is beyond the normal tolerance range and the higher value is more consistent with the current tax assessed value. Adjacent Acquisitions At the present time, only four houses, including this house, remain in the block area between Metalmation Drive and Ireland Road. Of the ten properties that have been acquired in this area, the range of acquisition values has generally been between $77,500 to $165,000. Three properties have similar lot sizes and the average value for acquisition was $125,000. Summary Staff requests approval of Resolution 2715. This is a key acquisition to allow for the future development of the Main - Lafayette crossover infrastructure project and will help us move forward to complete acquisitions within this project area. Staff requests approval of this resolution. What We Do Today Makes A Difference!