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South Bend Redevelopment Commission <br />Regular Meeting –November 19, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />C. Airport Economic Development Area <br /> <br />(4) continued… <br /> <br />Resolution No. 2801 sets the acquisition <br />value of the property at $82,500, the average <br />of two independent appraisals. <br /> <br />CRN.2801 <br />Upon a motion by Ms. King, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />Mr. Downes and unanimously carried, the <br />AEDA(755 <br />IRPORT CONOMIC EVELOPMENT REA <br />Commission approved Resolution No. 2801 <br />S.MS.) <br /> ICHIGAN T <br />related to acquisition of property in the <br />Airport Economic Development Area (755 S. <br />Michigan St.) <br /> <br /> <br />(5) Administrative settlement for acquisition <br />of 755 S. Michigan St. <br /> <br />Mr. Relos noted that the Center for Homeless <br />has for many years tried to purchase the <br />property at 755 S. Michigan, but the parties <br />could not come to an agreement on price. To <br />help move the acquisition forward, the <br />Commission added the property to the <br />Airport Economic Development Area’s <br />acquisition list in August of this year. <br /> <br />Staff and the owner’s representative have <br />come to an agreement for the acquisition of <br />the property. The acquisition would be a <br />lump sum payment of $205,000, waiving all <br />relocation benefits. Traditionally, when <br />relocating a business, it is not uncommon for <br />moving and relocation costs to be equal to or <br />more than the acquisition cost. If these <br />additional costs were factored in, the total <br />acquisition and relocation costs could easily <br />approach $200,000. Staff recommends <br />accepting the administrative settlement. <br />6. NEW BUSINESS (CONT.) <br /> 12 <br /> <br />