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South Bend Redevelopment Commission <br />Regular Meeting –October 15, 2010 <br /> <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />D. Airport Economic Development Area <br /> <br />(10) Resolution No. 2787 related to acquisition <br />of property in the Airport Economic <br />Development Area (1502 S. Catalpa St.) <br /> <br />Mr. Relos noted that the owners of 1502 S. <br />Catalpa St. contacted staff with an interest in <br />selling their property. Resolution No. 2787 <br />sets the acquisition value of the property at <br />$11,250, the average of two independent <br />appraisals. Staff requests approval of <br />Resolution No. 2787. <br /> <br />CRN.2787 <br />Upon a motion by Mr. Downes, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />Ms. King and unanimously carried, the <br />AEDA <br />IRPORT CONOMIC EVELOPMENT REA <br />Commission approved Resolution No. 2787 <br />(1502S.CS.) <br /> ATALPA T <br />related to acquisition of property in the <br />Airport Economic Development Area (1502 <br />S. Catalpa St.) <br /> <br /> <br />(11) Administrative Settlement for acquisition <br />of 1502 S. Catalpa St.) <br /> <br />Mr. Relos noted that the offering price for <br />1502 S. Catalpa was $11,250. The owner <br />leases the home to a family member. He <br />doesn’t believe he could purchase an <br />adequate house for under $12,000. The <br />owner is willing to sell for $25,000. Mr. <br />Relos felt that, although the administrative <br />settlement of 13,750 was more than double <br />the offering price, it was still not excessive <br />under the circumstances. He recommended <br />approval. <br /> <br />Ms. King asked if there would be other <br />expenses in addition to the administrative <br />settlement. Mr. Relos responded that there <br />would be relocation expenses for the tenant <br />of about $1,700 - $2,300. <br /> 24 <br /> <br />