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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 />(5) continued... <br />income stream, the value at a 10% cap rate <br />equals $100,600, for a premium paid of <br />approximately 14 %. Staff recommends <br />approval of an Administrative Settlement in <br />the amount of $37,000 for a total purchase <br />price of $115,000. <br />Upon a motion by Mr. Varner, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved the Administrative <br />Settlement for 1534 -1536 Prairie Ave. in the <br />amount of $37,000. <br />C. West Washington - Chapin Development Area <br />There was no business in the West Washington - <br />Chapin Development Area. <br />D. South Side Development Area <br />(1) Resolution No. 2802 approving and <br />authorizing the execution of an Addendum <br />to the Master Agency Agreement (4215 S. <br />Main St., Demolition Planning Project) <br />Mr. Relos noted that the Commission <br />acquired a vacant house at 4215 S. Main <br />Street earlier this fall and would like to <br />demolish it before winter. Christopher Burke <br />Engineering has submitted a proposal to do <br />the asbestos reporting, preparation of <br />demolition specifications, and demolition <br />quoting for a fee of $3,140. Resolution <br />No. 2802 approves an Addendum to the <br />Master Agency Agreement with the Board of <br />Public Works to administer that contract. <br />14 <br />COMMISSION APPROVED THE ADMINISTRATIVE <br />SETTLEMENT FOR 1534 -1536 PRAIRIE AVE. IN <br />THE AMOUNT OF $37,000 <br />