6.C.(1) Resolution No. 2609 - Laserfiche WebLink

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~ c ~-) ~: oB 04 ~~~~'~ i,,,/~~o: `_ !; Community & Economic Development ~_\`~_~',~~~~ ~. 'a65 . 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. 2609 -Acquisition Offer for 1508 S. Taylor St. Res. No. 2610 -Acquisition Counter Offer for 1508 S. Taylor St. Date: October 23, 2009 This is the staff report for the acquisition of 1508 S. Taylor Street. This property was added to the Airport Economic Development Area Acquisition List by Resolution No. 2596 on August 26, 2009. It was added in an effort to clean and clear the southern boundary of Ignition Park, and to help stabilize the Rum Village neighborhood to the south. The Rum Village Neighborhood Association strongly supports the redevelopment of this area on the north side of Indiana Avenue. This particular property is a one story, two bedroom rental house. The property owner would like participate in the goals of the Commission in its efforts to clean and clear this area, and contacted Staff of their interest in selling this property. Resolution No. 2609 sets the acquisition value of the property at $35,750. The acquisition value is the average value as determined by two independent appraisals. Resolution No. 2610 is the counter offer by the property owner, which is $41,000, the amount they paid in 2002 for the property. They feel with the improvements and upkeep to the property they have made over the years, to be paid what they paid for the property seven years ago is only fair. Staff agrees. In addition, Staff requests approval to pay the current tenant $950 in relocation assistance. This amount was arrived at based on the Indiana residential fixed payment schedule, which bases the amount of reimbursement on the number of rooms in the residence. Staff requests approval of Resolution No. 2609 and 2610, to allow for the acquisition of this property. What We Do Today Makes A Difference!