6.B.(1) Resolution No. 2578 - Laserfiche WebLink

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:~~- Spl TI{ B • ~ E 1i~; /~o-. r Community & Economic Development ~ ~~~~~a~~ ~ 'k •.A 1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021 To: Redevelopment Commission From: David Relos, Economic Development Planner Subject: Res. No. 2578 -Acquisition Offer for 1122 Grace St Res. No. 2579 -Counter Offer for 1122 Grace St Date: April 17, 2009 This is the staff report for the acquisition of 1122 Grace Street in the Oliver Industrial Park Acquisition Area. This property was added to the Airport Economic Development Area Acquisition List by Resolution No. 2455 on June 13, 2008. This two story residence is located in a pocket area that is surrounded on three sides by the Oliver Industrial Park. To allow for the expansion of the park and to remove non- conforming land uses, the residents were approached about selling their properties through a "friendly" acquisition process. Upon acquisition, the property will be cleared and will be used to allow for the expansion of the retention pond that is north of the property. Resolution No. 2578 sets the acquisition value of the property at $27,500.00. The acquisition value is the average value as determined by two independent appraisals. The property owner submitted a counter offer value of $31,376.50. Upon researching the improvements the property owner has done to this property, and because no relocation assistance is associated with this transaction, this counter offer is a reasonable value for this property. Staff requests approval of Resolution No. 2578 and counter offer Resolution No. 2579 to allow for the acquisition of this property. What We Do Today Makes A Difference!