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(,n L ( 3) <br />�v <br />Community & Economic Develo p ment <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planner <br />Subject: Res. No. 2924 — Acquisition Offer for 1520 - 1526 S Chapin St. <br />Date: August 09, 2011 <br />This is the staff report for the acquisition of 1520 - 1526 S Chapin St. This property was <br />added to the Airport Economic Development Area Acquisition List by Resolution No. 2668 <br />on May 21, 2010. It was added in an effort to clean and clear the southern boundary of <br />Ignition Park, and to help stabilize the Rum Village neighborhood to the south. The Rum <br />Village Neighborhood Association strongly supports the redevelopment of this area on the <br />north side of Indiana Avenue. <br />This particular property is a cement block machine shop on two parcels of land. The shop <br />is approximately 1,700 square feet, has 200 amp electrical service, and contains a <br />bathroom with shower. The majority of this building, approximately 1,300 square feet, was <br />added on in 1988. <br />Resolution No. 2924 sets the acquisition value of the property at $18,950. The acquisition <br />value is the average value as determined by two independent appraisals. <br />Staff requests approval of Resolution No. 2924, to allow for the acquisition of this property. <br />What We Do Today Makes A Difference! <br />