Laserfiche WebLink
South Bend Redevelopment Commission <br /> Regular Meeting—February 22, 2010 <br /> 6. NEW BUSINESS (CONT.) <br /> F. Airport Economic Development Area <br /> (1) continued... <br /> related to acquisition of property in the <br /> Airport Economic Development Area. <br /> (2) Staff report on 1513 S. Scott St. <br /> Mr. Relos noted that acquisition of 1513 S. <br /> Scott St. requires an additional amount in its <br /> administrative settlement. On August 06, <br /> 2010, the Commission approved Resolution <br /> No. 2737, which set the offering price for <br /> this property at $17,750, and an <br /> administrative settlement in the amount of <br /> $25,000. At that time, the house had been <br /> assessed at $38,300 for many years, and the <br /> property owner had been paying taxes on that <br /> value. <br /> This property is an occupied rental property <br /> earning $600 per month in rent. The property <br /> owner believes her property is worth $35,000 <br /> instead of$25,000, based on the net income <br /> stream valuation method, which can be <br /> substantiated. Staff feels an additional <br /> $10,000 to acquire this property is <br /> reasonable, in light of its rental history and <br /> the property improvements made to it over <br /> the years, and requests Commission approval <br /> of a $35,000 administrative settlement to <br /> acquire this property. <br /> Upon a motion by Ms. King, seconded by COMMISSION APPROVED THE ADMINISTRATIVE <br /> Mr. Downes and unanimously carried, the SETTLEMENT IN THE AMOUNT OF$35,000 FOR <br /> Commission approved the Administrative 1513 S. SCOTT STREET <br /> Settlement in the amount of$35,000 for 1513 <br /> S. Scott Street. <br /> 13 <br />