Laserfiche WebLink
(~ F (z~ <br />• . ~ ~o.,rN ae <br />i ~ ~ e <br />aU ~~" C~ <br />Community & Economic Development ~~ `~°' ~a <br />.~-' <br />~ ~ IBfS <br />1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planner ~~' <br />Subject: Administrative Settlement for acquisition of 1502 S. Chapin St. <br />Date: February 08, 2011 <br />This is the staff report for the administrative settlement that is needed for the acquisition of <br />1502 S. Chapin St. According to the Uniform Relocation Act (Act), an administrative <br />settlement is authorized in cases where an additional payment is necessary to acquire and <br />gain clear title to a property. <br />On September 17, 2010, the Commission approved Resolution No. 2764, which authorized <br />the purchase of this property based upon its average appraised value of $21,500. Staff has <br />been working with the property owner, within the acquisition and relocation sections of the <br />Act, to reasonably reach an agreement to acquire this property. <br />Approximately $6,800 additional is needed to pay off a bank mortgage and gain clear title to <br />this property. Under the Act, an administrative settlement is authorized, though not <br />required, in a case such as this. However, to acquire this particular property and gain clear <br />title to it, the Act does authorize this payment. <br />This property is a 1,152 square foot, two story, four bedroom single family residence. <br />Staff feels the total approximate acquisition cost of $28,300, plus associated relocation and <br />closing costs, is reasonable for this property, in light of its size, condition, and amenities, <br />and requests your approval of the administrative settlement to allow the acquisition of this <br />property. <br />What We Do Today Makes A Difference! <br />