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South Bend Redevelopment Commission <br />Regular Meeting — September 27, 2011 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(6) continued... <br />yard, with enclosed front and rear porches. <br />The property owner would like to participate <br />in the goals of the Commission to clean and <br />clear this area, and contacted staff of their <br />interest in selling this property. <br />Resolution No. 2942 sets the acquisition <br />value of the property at $24,250, the average <br />of two independent appraisals. Staff requests <br />approval of Resolution No. 2942, to allow for <br />the acquisition of this property. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission approved Resolution No. 2942 <br />related to acquisition of property in the <br />Airport Economic Development Area (1511 <br />S. Kemble). <br />(7) Administrative Settlement for 1511 S. <br />Kemble. <br />Mr. Relos noted that the mortgage for 1511 <br />S. Kemble is under water by $17,500. The <br />owner has submitted a counter offer in the <br />amount of $41,750 to allow him to pay off <br />the mortgage completely. <br />The Relocation Act allows the payment of an <br />Administrative Settlement in such cases. <br />Staff feels the total approximate acquisition <br />cost of $41,750 is reasonable for this <br />property, in light of its size, condition, and <br />amenities, and requests approval of the <br />administrative settlement. <br />22 <br />COMMISSION APPROVED RESOLUTION NO. 2942 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />(1511 S. KEMBLE). <br />