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Community & Economic <br />Development <br />� ccq� <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planner <br />Subject: Res. No. 3027 — Acquisition Offer for 721 W. Indiana <br />Date: April 24, 2012 <br />This is the staff report for the acquisition of 721 W. Indiana. This property was added to the <br />Airport Economic Development Area's Acquisition List by Resolution No. 2668 on May 21, <br />2010. It was added in an effort to clean and clear the southern boundary of Ignition Park, <br />and to help stabilize the Rum Village neighborhood to the south. The Rum Village <br />Neighborhood Association strongly supports the redevelopment of this area on the north <br />side of Indiana Avenue. <br />This particular property is a large commercially zoned double lot at the northeast corner of <br />Kendall and Indiana. The property owner would like to participate in the goals of the <br />Commission to clean and clear this area, and contacted staff of their interest in selling this <br />property. <br />Resolution No. 3027 sets the acquisition value of the property at $15,750. The acquisition <br />value is the average value as determined by two independent appraisals. <br />Staff requests approval of Resolution No. 3027, to allow for the acquisition of this property. <br />What We Do Today Makes A Difference! <br />