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South Bend Redevelopment Commission <br />Regular Meeting — December 17, 2010 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(4) continued... <br />Commission authorized sending a purchase <br />offer in the amount of $34,750 for 627 W. <br />Indiana Ave. The property is a 1,500 sq. ft, <br />two - story, four bedroom, single family home <br />with a fenced yard, back deck and two -car <br />garage. Staff has been negotiating with the <br />property owner to reach an agreement to <br />purchase the property. Since the property <br />appraised at less than the mortgage balance, <br />approximately $12,100 additional is needed <br />to pay off the bank mortgage and gain clear <br />title to the property. Staff recommends <br />approval of an Administrative Settlement in <br />the amount of $12,100 for a total purchase <br />price of $46,850. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved the Administrative <br />Settlement in the amount of $12,100 for <br />acquisition of 627 W. Indiana Avenue. <br />(5) Administrative Settlement for acquisition <br />of 1534 -1536 Prairie Ave. <br />Mr. Relos noted that on September 17, 2010 <br />the Commission authorized a purchase offer <br />for 1534 -1536 Prairie Ave. in the amount of <br />$78,000. The property is a 2,565 sq. ft., <br />extensively remodeled two -story duplex. <br />The property is currently on the market for <br />$135,000. Staff has been negotiating with <br />the property owner to reach an agreement to <br />purchase the property. The owner has agreed <br />to sell it for $115,000. Mr. Relos noted that <br />when valuing the property based on its <br />13 <br />COMMISSION APPROVED THE ADMINISTRATIVE <br />SETTLEMENT IN THE AMOUNT OF $12,100 FOR <br />ACQUISITION OF 627 W. INDIANA AVENUE <br />