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South Bend Redevelopment Commission <br />Regular Meeting — January 24, 2012 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(2) continued... <br />Inspection Reports for demolition in Ignition <br />Park South in a not -to- exceed amount of <br />$5,000. <br />(3) Administrative Settlement for acquisition <br />of 1512 S. Kemble. <br />Mr. Relos noted that on September 27, 2011, <br />the Commission approved Resolution <br />No. 2940, setting the acquisition offering <br />price for 1512 S. Kemble at $12,250, the <br />average of two independent appraisals. The <br />property is a two story, four bedroom, 1,280 <br />square foot single family residence. Staff has <br />been working with the property owner since <br />that time, to reasonably reach an agreement <br />to acquire this property and relocate the <br />occupant. <br />Under our relocation policy, an additional <br />$20,250 is eligible as a housing replacement <br />payment to move this property owner into a <br />similar sized decent, safe, and sanitary home. <br />The owner has found another home, but an <br />administrative settlement of $7,400 is needed <br />to purchase it ($12,250 acquisition cost + <br />$20,250 housing replacement payment + <br />$7,400 administrative settlement = new <br />home's price of $39,900). <br />Property acquisitions with relocation in this <br />same immediate area have ranged from <br />approximately $50,000 to $70,000. Staff <br />feels an administrative settlement of $7,400 <br />is reasonable compared with other <br />acquisitions in this area, and requests your <br />23 <br />