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61 C ( () • r a n • u m SoU7'8 BE. of pl,�rfr /,'�o Community & Economic Development.,�a 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: David Relos, Economic Development Planner Subject: Administrative Settlement for acquisition of 605 W. Indiana Ave. Date: September 17, 2010 This is the staff report for the administrative settlement that is needed for the acquisition of 605 W. Indiana Avenue. According to the Uniform Relocation Act (Act), which has been adopted as the Commission's relocation policy, an administrative settlement is authorized in cases where an additional payment is necessary to acquire a property. On July 23, 2010, the Commission approved Resolution No. 2727, which authorized the purchase of this property based upon its average appraised value of $19,500. Staff has been working with the property owner, within the acquisition and relocation sections of the Act, to reasonably reach an agreement to acquire this property. The property owner has expressed his interest in selling this property, but he is not interested in being relocated under the terms of the Act. Since he lives alone, he instead wants to search for a house that is in need of repairs. He can then get a house for a decent price and fix it up himself, as he has with this property. Following the Act, total estimated acquisition and relocation costs associated with this property would be $43,200. The property owner has stated he would take $35,000, of which approximately $10,000 would go to pay off the land contract balance owing. In addition, we would pay his fixed moving expense of $1,700, for a total payment of $36,700. Staff feels the total acquisition cost of $36,700 is reasonable for this property, in light of its size, condition, and amenities, and requests your approval of the administrative settlement to allow the acquisition of this property. What We Do Today Makes A Difference!