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South Bend Redevelopment Commission <br />Regular Meeting — October 1, 2010 <br />6. NEW BUSINESS (CONT.) <br />D. Airport Economic Development Area <br />(3) continued... <br />seller, then this Administrative Settlement <br />would be paid. If not accepted, it would only <br />be used in a similar situation. <br />When appraised, the higher of the two <br />appraisals valued this house at $48,000. <br />Staff feels the total acquisition cost of <br />$48,600 is reasonable for this property, and <br />requests your approval of the Administrative <br />Settlement to allow the acquisition of this <br />property. <br />Ms. Jones asked if Mr. Relos wanted the <br />Commission to authorize $10,000 in case the <br />owner of the newer home countered. Mr. <br />Relos responded that staff and the owners of <br />807 W. Indiana believe the new home is over <br />priced. An appraisal confirms that. They are <br />willing to walk away from the purchase if <br />their counter offer isn't accepted. <br />Commissioners felt concern for the owners <br />and wanted to enable them to purchase the <br />new home even if its owner countered. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission approved a $10,100 <br />Administrative Settlement for acquisition of <br />521 W. Indiana Ave. <br />(4) Additional Administrative Settlement for <br />acquisition of 807 W. Indiana Ave. <br />Mr. Relos noted that an additional <br />Administrative Settlement is needed for the <br />11 <br />COMMISSION APPROVED A $10,100 <br />ADMINISTRATIVE SETTLEMENT FOR <br />ACQUISITION OF 521 W. INDIANA AVE. <br />