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South Bend Redevelopment Commission <br />Regular Meeting -February 8, 201 l <br />Approximately $6,800 additional is needed <br />to pay off a bank mortgage and gain clear <br />title to this property. The property contains a <br />1,152 square foot, two story, four bedroom <br />single family residence. <br />Staff feels the total approximate acquisition <br />cost of $28,300, plus associated relocation <br />and closing costs, is reasonable for this <br />property, in light of its size, condition, and <br />amenities, and requests approval of the <br />administrative settlement to complete <br />acquisition of this property. <br />Ms. Jones asked how much relocation and <br />closing costs were expected to be. Mr. Relos <br />responded that, typically, relocation amounts <br />to about $15,000, plus whatever it takes to <br />get them into a comparable home. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved the Administrative <br />Settlement in the amount of $6,800 plus <br />associated relocation and closing costs for <br />acquisition of 1502 S. Chapin St. <br />(3) Proposal for Feasibility Study and <br />Strategic Plan for aMulti-Cluster <br />Technology Park. <br />Ms. Hathaway noted that staff is requesting <br />Commission approval of a proposal from <br />Graham-Allen Partners to conduct a <br />feasibility study for Ignition Park and to <br />develop a strategic plan based on the findings <br />of that study. The feasibility study will <br />include a thorough analysis of industries that <br />might support clustering and examine our <br />ability to support the needs of those <br />industries. A strategic plan will be <br />developed based on the feasibility studies of <br />COMMISSION APPROVED THE ADM W ISTRATIVE <br />SETTLEMENT IN THE AMOUNT OF $6,800 PLUS <br />ASSOCIATED RELOCATION AND CLOSING COSTS <br />FOR ACQUISITION OF 1502 S. CHAPIN ST. <br />23 <br />