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South Bend Redevelopment Commission <br />Regular Meeting —July 12, 2011 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(3) continued... <br />Mr. Relos noted that staff has been working <br />with the property owner to reasonably reach <br />an agreement to acquire this property. The <br />property owner has expressed interest in <br />selling this property, but in lieu of being <br />relocated, prefers to receive a lump sum <br />payment. Under the Act, acquisition and <br />relocation costs would amount to <br />approximately $50,000, which is the amount <br />the owners would accept as a lump sum <br />payment. <br />The owners currently are purchasing this <br />property on land contract. After paying off <br />the land contract, the owners would have <br />almost $34,000 to acquire another home. <br />They have found another home in this price <br />range, and upon approval of the <br />administrative settlement, would move <br />forward with its acquisition. <br />Staff feels this lump sum administrative <br />settlement of $50,000 is reasonable for this <br />property, in light of its size and amenities, <br />and requests your approval. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2914 <br />related to acquisition of property at 1510 S. <br />Kendall St. in the amount of $50,000. <br />(4) Administrative Settlement for acquisition <br />of 921 N. Bendix Drive. <br />Mr. Sikora noted that during Sterling Group <br />23 <br />COMMISSION APPROVED RESOLUTION NO. 2914 <br />RELATED TO ACQUISITION OF PROPERTY AT 1510 <br />S. KENDALL ST. IN THE AMOUNT OF $50,000 <br />