6B(4) Administrative Settlement 531 W. Indiana

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C~ ~ C ~~ Sp T ~ • ~ Q h~iC%i O ~ c\,. o Community & Economic Development r'. ~',,~ .,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 Planne Subject: Administrative Settlement for acquisition of 531 W. Indiana Ave. Date: April 23, 2010 This is the staff report for the administrative settlement that is needed for the acquisition of 531 W. Indiana Avenue. 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. On March 19, 2010, the Commission approved Resolution No. 2633, which authorized the purchase of this property based upon its average appraised value of $30,000. There has been no counter offer. Staff has been working with the property owner, within the acquisition and relocation sections of the Act, to reasonably reach an agreement to acquire this property. Approximately $15,100 additional is needed to gain clear title to this property. Under the Act, an administrative settlement is authorized, though not required, in a case such as this. However, to acquire this particular property and gain clear title to it, the Act does authorize this payment. This property is a 1,400 square foot, two story, three bedroom single family residence. It has a one stall detached garage, a fenced yard, two porches, a new roof, and newer furnace and central air. Staff feels the total approximate acquisition cost of $45,100 is reasonable for this property, in light of its size, condition, and amenities, and requests your approval of the administrative settlement to allow the acquisition of this property. What We Do Today Makes A Difference!