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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 />(6) Resolution No. 2931 related to acquisition <br />of property in the Airport Economic <br />Development Area (1517 S. Kendall). <br />Mr. Relos noted that 1517 S. Kendall 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 a vacant two story rental. It is a <br />four bedroom, one bath, 1,216 square foot <br />structure. <br />Resolution No. 2931 sets the acquisition <br />value of the property at $21,250, the average <br />value as determined by two independent <br />appraisals. Staff requests approval of <br />Resolution No. 2931, to allow for the <br />acquisition of this property. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2931 <br />related to acquisition of property in the <br />Airport Economic Development Area (1517 <br />S. Kendall). <br />(7) Administrative Settlement for acquisition <br />of 1517 S. Kendall. <br />Mr. Relos noted that the staff has been <br />working with the property owner of 1517 S. <br />Kendall to reach a reasonable agreement to <br />acquire this property. This property is a <br />large, newly remodeled two story rental. The <br />income stream from this property is $642 per <br />month. Using a 12% cap rate, the annualized <br />investment property value is calculated to be <br />a little more than $44,000. The owner has <br />15 <br />COMMISSION APPROVED RESOLUTION NO. 2931 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />(1517 S. KENDALL). <br />