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• r a n d u m <br />Community & Economic Development <br />I 5 <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: Administrative Settlement - 1520 — 1526 S Chapin St. <br />Date: August 09, 2011 <br />This is the staff report for the administrative settlement that is needed for the acquisition of <br />1520 — 1526 S. Chapin Street. According to the Uniform Relocation Act (Act), which has <br />been adopted as the Commission's relocation policy, an administrative settlement is <br />authorized in cases where an additional payment is necessary to acquire a property. <br />Before the Commission today was Resolution No. 2924, which authorized the purchase of <br />this property based upon its average appraised value of $18,950. Staff has been working <br />with the property owners to reasonably reach an agreement to acquire this property. <br />The property owners have expressed interest in selling this property, but in lieu of being <br />relocated, instead prefer a lump sum payment. This property was built as a tool and die <br />shop, but is currently not being used. <br />The owners have agreed to sell this property for $50,000. Staff searched currently listed <br />properties for a similar sized building, to determine what relocation costs could have been. <br />Prices began at $69,900. <br />Staff feels this lump sum administrative settlement of $50,000 is reasonable for this <br />property and its two parcels of land, and requests your approval of the administrative <br />settlement to allow the acquisition of this property. <br />What We Do Today Makes A Difference! <br />