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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 />(3) continued… <br /> <br />currently have a lease for $600 per month in <br />rent (which has been verified), and would not <br />be able to replace this rental house with <br />another one if paid the average appraised <br />value. <br /> <br />The owner has done the following to the <br />house in the 10 years they have owned it: <br />upgraded the electrical service to 100 amp; <br />new water heater, interior paint, roof, kitchen <br />cabinets, and faucets in the kitchen and <br />bathroom. <br /> <br />The property owner has agreed to accept <br />$25,000, an amount they feel is adequate to <br />replace this rental property with another <br />income producing property. <br /> <br />CA <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED THE DMINISTRATIVE <br />S$31251513S.S <br />ETTLEMENT OF FOR COTT <br />Mr. Varner and unanimously carried, the <br />S <br />TREET <br />Commission approved the Administrative <br />Settlement of $3,125 for 1513 S. Scott Street. <br /> <br /> <br />(4) Resolution No. 2738 related to acquisition <br />of property at 609 W. Indiana Avenue. <br />(Monique Inc. Warehouse) <br /> <br />Mr. Relos noted that 609 W. Indiana was <br />added to the Airport Economic Development <br />Area Acquisition List by Resolution <br />No. 2668 on May 21, 2010. The property is <br />a one story brick and cement block <br />commercial building, currently being used as <br />a warehouse. The building is 4,940 square <br />feet, with the total lot size being 5,700 square <br />feet. Resolution No. 2738 sets the <br /> 14 <br /> <br />