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South Bend Redevelopment Commission <br />Regular Meeting — August 9, 2011 <br />approving an Addendum to the Master <br />Agency Agreement (Fire Station #5 — <br />Predevelopment) totaling project budget <br />amount not to exceed $15,000. <br />(3) Resolution No. 2924 related to acquisition <br />of property in the Airport Economic <br />Development Area (1520 —1526 S. Chapin <br />Street). <br />Mr. Relos noted that 1520 - 1526 S. Chapin <br />St. was added to the Airport Economic <br />Development Area Acquisition List by <br />Resolution No. 2668 on May 21, 2010. The <br />property contains a cement block machine <br />shop on two parcels of land. The shop is <br />approximately 1,700 square feet, has 200 <br />amp electrical service, and contains a <br />bathroom with shower. The majority of this <br />building, approximately 1,300 square feet, <br />was added on in 1988. Resolution No. 2924 <br />sets the acquisition value of the property at <br />$18,950, the average of two independent <br />appraisals. Staff requests approval of <br />Resolution No. 2924. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2924 <br />related to acquisition of property in the <br />Airport Economic Development Area (1520 <br />— 1526 S. Chapin Street). <br />(4) Administrative Settlement for 1520 —1526 <br />S. Chapin Street. <br />Mr. Relos noted that the property owners of <br />1520 -1526 Chapin Street have expressed <br />interest in selling this property. The property <br />was built as a tool and die shop, but is <br />currently not being used. The owners have <br />made a counter offer of $50,000, including <br />18 <br />AMOUNT NOT TO EXCEED $15,000. <br />COMMISSION APPROVED RESOLUTION NO. 2924 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />(1520 -1526 S. CHAPIN STREET). <br />