6.C.(1) Resolution No. 2612 - Laserfiche WebLink

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~ ~ ~~~ ~ ~ 40UTH B 04:1 ~ "~ / o~z Community & Economic Development r ~~~ 1865 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. 2612 -Acquisition Offer for 525 W. Indiana Ave Res. No. 2613 -Acquisition Counter Offer for 525 W. Indiana Ave Date: November 06, 2009 This is the staff report for the acquisition of 525 W. Indiana Avenue. 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 1,250 square foot, two story, four bedroom house. It has a two car detached garage, full basement, and is on an extra deep lot with a fenced in back yard. Resolution No. 2612 sets the acquisition value of the property at $6,600. The acquisition value is the average value as determined by two independent appraisals. Resolution No. 2613 is the counter offer by the property owner, which is $15,000. The owner feels this price is a more accurate value of the property. The assessed value of this home is $30,200. Though the house needs some work, it is habitable and in stable condition. As part of this acquisition, the home owner, who has lived in the home for over 50 years, will not seek relocation assistance. Staff requests approval of Resolution No. 2612 and 2613, to allow for the acquisition of this property. What We Do Today Makes A Difference!