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South Bend Redevelopment Commission <br />Regular Meeting — August 9, 2011 <br />determined by two independent appraisals. <br />Staff requests approval of Resolution <br />No. 2926. <br />Upon a motion by Mr. Alford, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2926 <br />related to acquisition of property in the <br />Airport Economic Development Area (622 E. <br />Sample Street). <br />(8) Administrative Settlement for 622 E. <br />Sample Street. <br />Mr. Sikora noted that 622 E. Sample Street is <br />a two - story, 1,806 square foot, three - <br />bedroom single family residence dating back <br />to 1900. It remains in excellent shape. The <br />purchase offer of $27,000 reflects the <br />depressed values of homes in neighborhood, <br />a result due in part to previous acquisitions in <br />the area. (The property's prior appraisal put <br />its value at $68,000.) A search for decent, <br />safe and sanitary homes similar in size and <br />scope to this property resulted in an average <br />value of $65,900. Under the Act, the owner <br />is eligible for relocation benefits, estimated at <br />$68,400. The owner has made a counter <br />offer to the purchase price, requesting a lump <br />sum payment of that amount. Staff feels the <br />sum is reasonable for this property and <br />requests your approval of the administrative <br />settlement in the amount of $68,400. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Administrative <br />Settlement for 622 E. Sample Street in the <br />amount of $68,400. <br />(9) Proposal for professional services related <br />to Data Realty site in Ignition Park <br />21 <br />COMMISSION APPROVED RESOLUTION NO. 2926 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA (622 <br />E. SAMPLE STREET). <br />COMMISSION APPROVED ADMINISTRATIVE <br />SETTLEMENT FOR 622 E. SAMPLE STREET IN THE <br />AMOUNT OF $68,400. <br />