6.D4 Resolution No. 2641 - Laserfiche WebLink

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r~ ~ < <~) ~ CSC • • SOUTH B ~i/~J O\/ O e Community & Economic Development `~ `~~~;~ 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 PlannerV~r'f Subject: Res. No. 2641 -Acquisition Offer for 1506 S. Taylor St. Res. No. 2642 -Acquisition Counter Offer for 1506 S. Taylor St. Date: January 15, 2010 This is the staff report for the acquisition of 1506 S. Taylor St. 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 single family residence. The property owner would like to 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. 2641 sets the acquisition value of the property at $26,750. The acquisition value is the average value as determined by two independent appraisals. Resolution No. 2642 is the counter offer by the property owner, which is $48,000. The property owner had a licensed realtor do a comparative market analysis for homes that had sold in their neighborhood. This analysis compared three similar homes that had sold in the last year, with a median sales price of $48,500. In addition, the owner would like $4,000 in relocation costs. The house and garage at this property are very full, and this amount is less than if a mover were hired to pack, move, and unpack its contents. Staff feels both the counter offer and relocation costs are reasonable, and requests approval of Resolution No. 2641 and 2642, to allow for the acquisition of this property and the relocation of the property owner. What We Do Today Makes A Difference!