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South Bend Redevelopment Commission <br />Regular Meeting -January 21, 2011 <br />B. South Bend Central Development Area <br />(1) Administrative Settlement for Michiana <br />Lock & Key (306 W. Monroe) <br />Mr. Schalliol noted that on December 17, <br />2010 the Redevelopment Commission <br />approved Resolution No. 2804 setting the <br />acquisition offering price for the Michiana <br />Lock & Key property ("ML&K") at 306 W <br />Monroe Street at $65,000. <br />As a follow-up to that presentation, staff has <br />been working with the property owner to <br />develop a comprehensive administrative <br />settlement for the acquisition and relocation <br />of ML&K from its present location to a new <br />location in the East Bank Village at 621 East <br />Jefferson Boulevard (immediately to the west <br />of Rubin's Cleaners). <br />The total proposed administrative settlement <br />related to this acquisition and relocation that <br />staff presents to the Redevelopment <br />Commission is $340,000.00. For analysis <br />purposes, the amount is broken into two parts <br />Property Acquisition and Resettlement Costs. <br />Property Acquisition <br />The current ML&K property at 306 W. <br />Monroe Street is 11,528 SF and consists of a <br />single 2-story, 1,800 SF structure. The <br />majority of the site is fenced and is used as a <br />customer and employee parking area. The <br />property sits on the corner of Monroe and <br />Lafayette at a traffic signal. Because of the <br />nature of the structure (house converted to a <br />commercial business center) and the lack of <br />adjacent commercial activity in the area, the <br />property appraised low at $65,000, $5.64/SF. <br />In comparison, the Harmon Glass parcel is <br />6 <br />