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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –November 2, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. Airport Economic Development Area <br /> <br />(8) continued… <br /> <br />from Sample on the north, Ohio on the south, <br />and Carroll to the east. This property hugs <br />the ITOSS property on the west and south. <br /> <br />Resolution No. 2795 sets the acquisition <br />value of the property at $302,000, the <br />average value of independent appraisals. <br /> <br />In addition to the acquisition price, relocation <br />and moving expenses of $548,000 are <br />needed. Relocation expenses consist of <br />needed improvements Discount Rental’s <br />other location at Legend Park where their <br />operation will be consolidated. Estimated <br />improvements and moving expenses for <br />Discount Rental to relocate to Legend Park <br />are $784,350. The amount over $548,000 <br />will be absorbed by Discount Rental by way <br />of moving and reinstalling the smaller items <br />themselves. <br /> <br />Staff feels the total acquisition, relocation, <br />and moving costs of $850,000 for this <br />property is reasonable. It is significantly less <br />than was asked eighteen months ago. Staff <br />requests approval of Resolution No. 2795 <br />and relocation expenses of $548,000, to <br />allow for the acquisition of this property. <br /> <br />Mr. Downes congratulated Mr. Relos on <br />securing these properties. He stressed that <br />these businesses are not leaving the <br />community. Mr. Relos responded that, at the <br />end of the day, each feels they have been <br />fairly compensated. <br /> <br /> 26 <br /> <br />