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South Bend Redevelopment Commission <br />Regular Meeting -August 6, 2010 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(6) continued... <br />with rental apartments on both the first and <br />second floors. Each aparhnent has its own <br />heating and electrical service. The first floor <br />apartment has two bedrooms and 1 '/2 baths. <br />The second floor apartment is one bedroom <br />and one bath. Attached to the house is a <br />3,135 square foot cement block warehouse <br />used for storage by the property owner. <br />Resolution No. 2740 sets the acquisition <br />value of the property at $27,000, the average <br />of two independent appraisals. <br />Upon a motion by Mr. Alford, seconded by <br />Mr. Downes and unanimously can-ied, the <br />Commission approved Resolution No. 2740 <br />related to acquisition of property at 1507 S. <br />Taylor Street. <br />(7) Staff report on Administrative Settlement <br />for 1507 S. Ta~~lor Street. (Residential) <br />Mr. Relos noted that staff requests an <br />administrative settlement in order to purchase <br />1507 S. Taylor. <br />Because the warehouse attached to the 2 <br />story, 2 unit rental house is owner occupied, <br />and takes up most of the property, neither <br />commercial appraiser valued the property <br />fi-om an income approach. <br />Twelve years ago, the property owner <br />purchased the property for 559,000. Over the <br />years, he has upgraded the roof and electrical <br />services. Between the two units in the house, <br />the property owner receives $900 per month <br />COMMISSION APPROVED RESOLUTION NO. 2740 <br />RELATED TO ACQUISITION OE PROPERTY AT 1507 <br />S. TAB"LOR STREET. <br />16 <br />