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South Bend Redevelopment Commission <br />Regular Meeting — November 22, 2011 <br />additional funds to remodel this house. <br />Since the illness and death of the property <br />owner, the mortgage has become delinquent. <br />In addition, there are approximately $1,500 <br />in legal fees, and $2,100 in moving costs to <br />the son that currently lives at the property. <br />The total cost of this acquisition is $59,100 <br />($55,500 mortgage payoff, $1,500 legal fees, <br />$2,100 moving costs), which is similar to the <br />total acquisition and relocation costs of <br />similar properties. <br />Staff requests your approval of the <br />Administrative Settlement. <br />Ms. King asked how long the son lived at the <br />property. Mr. Relos responded that he's been <br />living there for at least a couple of years and <br />taking care of the property owner. <br />Upon a motion by Ms. King, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved the Administrative <br />Settlement for acquisition of 1509 S. Kendall <br />Street in the amount of $59,100. <br />(3) Administrative Settlement for acquisition <br />of 1511 S. Kemble Avenue. <br />Mr. Relos noted that on September 27, 2011, <br />the Commission approved Resolution <br />No. 2942, which authorized the purchase of <br />1511 S. Kemble at an offering price of <br />$24,250, the average of two independent <br />appraisals. Because the property owners owe <br />more on their mortgage than the appraised <br />value, the Commission, on the same day, <br />approved an Administrative Settlement in the <br />amount of $17,500, for a total acquisition <br />cost of $41,750. <br />12 <br />COMMISSION APPROVED THE ADMINISTRATIVE <br />SETTLEMENT FOR ACQUISITION OF 1509 S. <br />KENDALL STREET IN THE AMOUNT OF $59,100. <br />