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South Bend Redevelopment Commission <br />Regular Meeting –August 6, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Airport Economic Development Area <br /> <br />(2) continued… <br /> <br />Mr. Relos then noted that Resolution <br />No. 2737 requests the Commission set the <br />value of 1513 S. Scott Street at $17,750, the <br />average of two independent appraisals <br />merged with the Income Approach. The <br />property is a two story, three to four bedroom <br />single family rental residence. <br /> <br />Ms. Jones noted the assessed value of the <br />property for taxing purposes is $38,300. She <br />wondered how that could be, if the assessed <br />value is now supposed to be a market value. <br />Mr. Relos responded that he finds the <br />assessed values of properties in this area to <br />be “all over the place.” It is the property <br />owner’s responsibility to challenge the <br />assessment. There has been a reassessment <br />and many of the properties in this area will <br />assess at a lot lower in Pay 1011. <br /> <br />CRN.2737 <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />1513 <br />RELATED TO ACQUISITION OF PROPERTY AT <br />Mr. Alford and unanimously carried, the <br />S.SS <br /> COTT TREET <br />Commission approved Resolution No. 2737 <br />related to acquisition of property at 1513 S. <br />Scott Street. <br /> <br /> <br />(3) Staff report on Administrative Settlement <br />for 1513 S. Scott Street. (Residential) <br /> <br />Mr. Relos noted that when valuing the <br />property based solely on the income <br />approach, the average appraised value is <br />$21,875 ($22,500 and $21,250). The house <br />is assessed at $38,300. <br /> <br />In discussions with the property owner, they <br /> 13 <br /> <br />