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South Bend Redevelopment Commission <br />Regular Meeting —April 10, 2012 <br />(3) Administrative Settlement for three <br />commonly owned properties. (1509 S. <br />Scott and 725 -731 W. Indiana) <br />Mr. Relos noted that on April 10, 2012, the <br />Commission approved Resolution No. 3014 <br />and 3015, which authorized the purchase of <br />these properties based on their average <br />appraised value of $5,400 and $5,900 <br />respectively. Staff has been working with <br />the property owner to reasonably reach an <br />agreement to acquire these properties. <br />Under this agreement, the Commission <br />would acquire the two vacant lots at 725 — <br />731 W. Indiana for $6,000, and the house and <br />property at 1509 S. Scott for $25,000, for a <br />total acquisition cost of $31,000. <br />1509 S. Scott is the last property on Scott <br />Street not owned by the Commission, and is <br />an important acquisition because Scott is <br />planned to be the southern entrance to <br />Ignition Park. <br />Prior to appraisals being completed at 1509 <br />S. Scott this past fall, the property was <br />broken into and vandalized, with many items <br />being removed for their scrap value. This <br />dramatically lowered the appraised value. <br />The house for the last several years has been <br />assessed at $25,000 - $28,000. Similar <br />houses acquired from property owners on <br />this same street have ranged from $25,500 - <br />$35,000. <br />Because the house is not currently occupied, <br />no relocation costs will be incurred. If the <br />owner occupied this house, additional <br />relocation costs of $25,000 would be <br />expected. <br />20 <br />