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6,EC0 <br />urs <br />Community & Economic Development <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planner <br />Subject: Res. No. 2764 — Acquisition Offer for 1502 S. Chapin St. <br />Date: September 17, 2010 <br />This is the staff report for the acquisition of 1502 S. Chapin St. This property was added to <br />the Airport Economic Development Area Acquisition List by Resolution No. 2668 on May <br />21, 2010. It was added in an effort to clean and clear the southern boundary of Ignition <br />Park, and to help stabilize the Rum Village neighborhood to the south. The Rum Village <br />Neighborhood Association strongly supports the redevelopment of this area on the north <br />side of Indiana Avenue. <br />This particular property is a four bedroom, 1 bath, two story residential home. It is 1,152 <br />square feet. The property owner would like participate in the goals of the Commission in its <br />efforts to clean and clear this area, and contacted Staff of their interest in selling this <br />property. <br />Resolution No. 2764 sets the acquisition value of the property at $21,500. The acquisition <br />value is the average value as determined by two independent appraisals. <br />Staff requests approval of Resolution No. 2764, to allow for the acquisition of this property. <br />What We Do Today Makes A Difference! <br />