6D(11) Administrative settlement of 1502 S. Catalpa

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C', -h ( ) 1) • r a In • u m o /�, Community & Economic Development r�a�' 1866 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: Administrative Settlement for acquisition of 1502 S. Catalpa St. Date: October 15, 2010 This is the staff report for the administrative settlement that is needed for the acquisition of 1502 S. Catalpa St. 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. Before the Commission today was Resolution No. 2787, setting the offer price for this property at $11,250, which is the average appraised value. In discussions with the property owner, they currently have this property leased to family members. To acquire another house for these family members, the owner will need more that the average appraised value of this property. The property owner has agreed to accept $25,000, an amount they feel is adequate to replace this rental property with another income producing property. Staff feels the acquisition cost of $25,000 is reasonable for this property, and requests your approval of the administrative settlement to allow for the acquisition of this property. What We Do Today Makes A Difference!