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South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2011 <br />6. NEW BUSINESS (CONT.) <br />D. South Bend Central Development Area <br />(5) continued... <br />Lease retail space at 117 E. Wayne Street (in <br />Wayne Street Garage) to Vesuvio's Pizza. <br />E. Airport Economic Development Area <br />(1) Administrative Settlement for acquisition <br />of 1503 -1505 S. Kemble Avenue. <br />Mr. Relos noted that on October 15, 2010, <br />the Commission approved Resolution No. <br />2780, which authorized the purchase of this <br />property for $35,000, the average of two <br />independent appraisals. <br />The owners of this property are two brothers, <br />one of which lives with his wife in the house. <br />These brothers inherited the property from <br />their parents. There are two other living <br />brothers, and a deceased sister and brother <br />with surviving children. The proceeds from <br />this sale will be evenly split between the <br />original six children or their surviving <br />children. Because of this, the brothers would <br />like an administrative settlement instead of <br />relocation assistance, which under the <br />Relocation Act they would be eligible for. <br />Under the Act, the estimated acquisition and <br />relocation costs associated with this property <br />would be $47,600. The owners have asked <br />for $48,600, which is $8,100 for each of the <br />six shares. <br />Staff feels the total acquisition cost of <br />$48,600 is reasonable for this property, and <br />requests approval of the administrative <br />21 <br />