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Community & Economic Development
I 5
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: Administrative Settlement - 1520 — 1526 S Chapin St.
Date: August 09, 2011
This is the staff report for the administrative settlement that is needed for the acquisition of
1520 — 1526 S. Chapin Street. According to the Uniform Relocation Act (Act), which has
been adopted as the Commission's relocation policy, an administrative settlement is
authorized in cases where an additional payment is necessary to acquire a property.
Before the Commission today was Resolution No. 2924, which authorized the purchase of
this property based upon its average appraised value of $18,950. Staff has been working
with the property owners to reasonably reach an agreement to acquire this property.
The property owners have expressed interest in selling this property, but in lieu of being
relocated, instead prefer a lump sum payment. This property was built as a tool and die
shop, but is currently not being used.
The owners have agreed to sell this property for $50,000. Staff searched currently listed
properties for a similar sized building, to determine what relocation costs could have been.
Prices began at $69,900.
Staff feels this lump sum administrative settlement of $50,000 is reasonable for this
property and its two parcels of land, and requests your approval of the administrative
settlement to allow the acquisition of this property.
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