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(~ c~ C ~) <br />SpUTH 6 <br />• • oF.v1~~l;;I~~O. <br />Communit & Economic Develo ment ~%~~~-~~,a~ <br />Y p ~ ~~.:;.~'; <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. 2738 -Acquisition Offer for 609 W. Indiana Ave. <br />Res. No. 2739 -Counter Offer for 609 W. Indiana Ave. <br />Date: August 06, 2010 <br />This is the staff report for the acquisition of 609 W. Indiana Ave. This property was added <br />to the Airport Economic Development Area Acquisition List by Resolution No. 2668 on May <br />21, 2010. It was added in an effort to clean and clear the southern boundary of Ignition <br />Park, 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 one story brick and cement block commercial building, currently <br />being used as a warehouse by the owner. The building is 4,940 square feet, with the total <br />lot size being 5,700 square feet. Since the building is for storage purposes only, there are <br />no utilities servicing the building. <br />Resolution No. 2738 sets the acquisition value of the property at $28,500. The acquisition <br />value is the average value as determined by two independent appraisals. The property <br />owner submitted a counter offer of $30,000. The counter offer price is the amount the <br />property owner, who owns over 200 properties in the area, feels the property is worth. <br />No relocation assistance is needed. Staff feels this counter offer is a reasonable value for <br />this property. <br />Staff requests approval of Resolution No. 2738 and counter offer Resolution No. 2739, to <br />allow for the acquisition of this property. <br />What We Do Today Makes A Difference! <br />