6C(10) Staff report on acquisition of 1503 & 1505 Prairie

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G- C ( fo) �UTbeF� Community & Economic Development`'`s 7865 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: Bill Schalliol, Economic Development Planner " 4� Subject: Staff Report on acquisition of 1503 & 1505 Prairie Avenue Date: October 28, 2010 On September 17, 2010, the Redevelopment Commission approved Resolutions 2772 and 2773 which set the acquisition offering price for 1503 and 1505 Prairie Avenue respectively. The two industrial properties are located on the west side of Prairie adjacent to the Ignition Park campus and were identified as target acquisition properties and added to the acquisition list in May of this year. Staff sent the two purchase offers to the property owner and the offers were accepted as presented. As part of the acquisition of both properties, relocation fees were figured in with the properties and a final settlement for both properties in the form of a purchase agreement has been prepared for each site. The final acquisition value for 1503 Prairie is $235,000 ($205,000 acquisition offering price) and the value for 1505 Prairie is $70,000 ($65,000 acquisition offering price). Upon closing on the properties, demolition and site preparation plans will be prepared and the site will be cleaned and cleared. Staff requests approval of the attached purchase agreements. What We Do Today Makes A Difference!