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South Bend Redevelopment Commission <br />Regular Meeting —May 10, 2011 <br />5. OLD BUSINESS (CONT.) <br />A. Airport Economic Development Area <br />(1) continued... <br />this property at $63,950, which is the average <br />value as determined by two independent <br />appraisals. He distributed maps showing <br />where Prairie Salvage is located, where the <br />Commission currently owns property nearby, <br />and nearby properties that staff is in the <br />process of negotiating for and anticipates <br />acquiring. <br />The owners of Prairie Salvage have made a <br />counter offer of $104,000. They feel this <br />value is more appropriate for their long <br />standing business location, which includes <br />three parcels of land: <br />- a 922 square feet house in good condition <br />with full basement <br />- 7,200 square feet of various retail and <br />storage buildings. <br />Land value alone for these properties is <br />$32,000. <br />In addition to the acquisition price of <br />$104,000 for this property, relocation and <br />moving expenses of $246,000 are needed: <br />Mr. Relos said that $246,000 for relocation <br />and moving expenses may seem high, but <br />there is a lot of equipment, shelving and <br />upholstery fabric to be moved and set up: <br />- $65,000 to move large amounts of fabric, <br />equipment, shelving, and its set up at the new <br />location <br />- $181,000 to acquire and remodel the new <br />location on State Road 2 just west of town <br />n <br />