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6 ( -3) <br />SOUTfi B <br />• r a n • u rn WOE, \1 ili;l /i F'�p <br />Community & Economic Development,,?' <br />1865.. <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. 2761 — Acquisition Offer for 521 W. Indiana Ave. <br />Date: September 17, 2010 <br />This is the staff report for the acquisition of 521 W. Indiana Ave. This property was added <br />to the Airport Economic Development Area Acquisition List by Resolution No. 2596 on <br />August 26, 2009. It was added in an effort to clean and clear the southern boundary of <br />Ignition Park, and to help stabilize the Rum Village neighborhood to the south. The Rum <br />Village Neighborhood Association strongly supports the redevelopment of this area on the <br />north side of Indiana Avenue. <br />This particular property is a three bedroom, 1 '/z bath, two story residential home. It is 1,345 <br />square feet, with a fenced yard, enclosed front porch, back patio, and storage shed. It has <br />had numerous updates over the years, including the kitchen, a new furnace and air <br />conditioning, paint, and floor coverings. <br />The property owner would like participate in the goals of the Commission in its efforts to <br />clean and clear this area, and contacted Staff of their interest in selling this property. <br />Resolution No. 2761 sets the acquisition value of the property at $43,500. The acquisition <br />value is the average value as determined by two independent appraisals. <br />Staff requests approval of Resolution No. 2761, to allow for the acquisition of this property. <br />What We Do Today Makes A Difference! <br />