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G E-- ('�� <br />"Ib B <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. 2762 — Acquisition Offer for 527 - 529 W. Indiana Ave. <br />Date: September 17, 2010 <br />This is the staff report for the acquisition of 527 - 529 W. Indiana Ave. This property was <br />added to the Airport Economic Development Area Acquisition List by Resolution No. 2668 <br />on May 21, 2010. 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 two story rental duplex. Both sides mirror each other, <br />containing three bedrooms and a %2 bath up. Downstairs is a living room, dining room, <br />kitchen, and full bath. The property has a fully fenced in back yard, an enclosed front <br />porch, and full back porch. The property owner would like to participate in the goals of the <br />Commission in its efforts to clean and clear this area, and contacted Staff of their interest in <br />selling this property. <br />Resolution No. 2762 sets the acquisition value of the property at $30,500. The acquisition <br />value is the average value as determined by two independent appraisals. <br />Staff requests approval of Resolution No. 2762, to allow for the acquisition of this property. <br />What We Do Today Makes A Difference! <br />