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~ ~ ~ ~~ Community & Economic SpUTH~g ~V \\~ ,i~, %~rO Development `~,~~r' ~~~~. JB65 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. 2740 -Acquisition Offer for 1507 S. Taylor St. Date: August 06, 2010 This is the staff report for the acquisition of 1507 S. Taylor St. This property was added to the Airport Economic Development Area Acquisition List by Resolution No. 2668 on May 21, 2010. 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 consists of a two story house, with rental apartments on both the first and second floors. Each apartment has its own heating and electrical service. The first floor apartment has two bedrooms and 1 '/z baths. The second floor apartment is one bedroom and one bath. Attached to the house is a 3,135 square foot cement block warehouse used for storage by the property owner. 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. 2740 sets the acquisition value of the property at $27,000. The acquisition value is the average value as determined by two independent appraisals. Staff requests approval of Resolution No. 2740, to allow for the acquisition of this property. What We Do Today Makes A Difference!