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South Bend Redevelopment Commission <br />Regular Meeting — August 23, 2011 <br />6. NEW BUSINESS (CONT.) <br />B. Airport Economic Development Area <br />(1) continued... <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2935 <br />setting a Public Hearing on the appropriation <br />of tax increment financing revenues from the <br />Airport Economic Development Allocation <br />Area with a target date of September 13, <br />2011. <br />(2) Resolution No. 2928 related to acquisition <br />of property in the Airport Economic <br />Development Area (1527 S. Kemble). <br />Mr. Relos noted that 1527 S. Kemble was <br />added to the Airport Economic Development <br />Area Acquisition List by Resolution <br />No. 2668 on May 21, 2010 in an effort to <br />clean and clear the southern boundary of <br />Ignition Park, and to help stabilize the Rum <br />Village neighborhood to the south. This <br />particular property is a two story rental with <br />three units. Total square footage is 1,932. <br />All three units are one bedroom, one bath. <br />All units are currently leased. <br />Resolution No. 2928 sets the acquisition <br />value of the property at $32,000, the average <br />value as determined by two independent <br />appraisals. Staff requests approval of <br />Resolution No. 2928. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2928 <br />related to acquisition of property in the <br />Airport Economic Development Area (1527 <br />S. Kemble). <br />11 <br />COMMISSION APPROVED RESOLUTION NO. 2935 <br />SETTING A PUBLIC HEARING ON THE <br />APPROPRIATION OF TAX INCREMENT FINANCING <br />REVENUES FROM THE AIRPORT ECONOMIC <br />DEVELOPMENT ALLOCATION AREA WITH A <br />TARGET DATE OF SEPTEMBER 13, 2011. <br />COMMISSION APPROVED RESOLUTION NO. 2928 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />(1527 S. KEMBLE) <br />