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South Bend Redevelopment Commission <br />Regular Meeting — August 9, 2011 <br />acquisition and relocation. Staff searched <br />currently listed properties for a similar sized <br />building, to determine what relocation costs <br />could have been. Prices began at $69,900. <br />Staff feels this lump sum administrative <br />settlement of $50,000 is reasonable for this <br />property and requests your approval of the <br />administrative settlement. <br />Upon a motion by Mr. Alford, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Administrative <br />Settlement for 1520 — 1526 S. Chapin Street. <br />(5) Resolution No. 2925 related to acquisition <br />of property in the Airport Economic <br />Development Area (1521 — 1527 S. Kendall <br />Street). <br />Mr. Relos noted that 1521 - 1527 S Kendall <br />St. was added to the Airport Economic <br />Development Area Acquisition List by <br />Resolution No. 2668 on May 21, 2010. It is <br />a one story, wood post, metal sided auto <br />garage on two parcels of land. The building <br />is 1,664 square feet, has 200 amp electrical <br />service, private office, and contains one <br />bathroom. This building was built by the <br />owner in 1990. <br />Resolution No. 2925 sets the acquisition <br />value of the property at $25,000, the average <br />of two independent appraisals. Staff requests <br />approval of Resolution No. 2925. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2925 <br />related to acquisition of property in the <br />Airport Economic Development Area (1521 <br />—1527 S. Kendall Street). <br />19 <br />COMMISSION APPROVED ADMINISTRATIVE <br />SETTLEMENT FOR 1520 - 1526 S. CHAPIN <br />STREET. <br />COMMISSION APPROVED RESOLUTION NO. 2925 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />(1521 - 1527 S. KENDALL STREET). <br />