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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 />(3) continued... <br />usually rate at 10 %. The higher cap rate <br />brought the value down. <br />Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED THE ADMINISTRATIVE <br />Mr. Alford and unanimously carried, the SETTLEMENT FOR ACQUISITION OF 1527 S. <br />Commission approved the Administrative KEMBLE IN THE AMOUNT OF $65,000. <br />Settlement for acquisition of 1527 S. Kemble <br />in the amount of $65,000. <br />(4) Resolution No. 2929 related to acquisition <br />of property in the Airport Economic <br />Development Area (1530 S. Kemble). <br />Mr. Relos noted that 1530 S. Kemble was <br />added to the Airport Economic Development <br />Area Acquisition List by Resolution <br />No. 2668 on May 21, 2010. This particular <br />property is an 8,400 square foot vacant lot at <br />the corner of Kemble and Indiana Ave. <br />Resolution No. 2929 sets the acquisition <br />value of the property at $3,650 the average <br />value as determined by two independent <br />appraisals. The property owner is willing to <br />sell for the set value of $3,650. Staff <br />requests approval of Resolution No. 2929. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2929 <br />related to acquisition of property in the <br />Airport Economic Development Area (1530 <br />S. Kemble) in the amount of $3,650. <br />(5) Resolution No. 2930 related to acquisition <br />of property in the Airport Economic <br />Development Area (1526 S. Catalpa). <br />13 <br />COMMISSION APPROVED RESOLUTION No. 2929 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />(1530 S. KEMBLE) IN THE AMOUNT OF $3,650 <br />