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6 _�) (/ 3) <br />pUTH <br />• r a n d u m <br />Community & Economic Development ^a <br />1865 <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planner 6k4 <br />Subject: Administrative Settlement for acquisition of 1518 S. Catalpa St. <br />Date: October 15, 2010 <br />This is the staff report for the administrative settlement that is needed for the acquisition of <br />1518 S. Catalpa St. According to the Uniform Relocation Act (Act), which has been <br />adopted as the Commission's relocation policy, an administrative settlement is authorized in <br />cases where an additional payment is necessary to acquire a property. <br />Before the Commission today was Resolution No. 2788, setting the offer price for this <br />property at $11,750, which is the average appraised value. <br />In discussions with the property owner, they currently have this property leased to family <br />members. To acquire another house for these family members, the owner will need more <br />that the average appraised value of this property. <br />The property owner has agreed to accept $25,000, an amount they feel is adequate to <br />replace this rental property with another income producing property. <br />Staff feels the acquisition cost of $25,000 is reasonable for this property, and requests your <br />approval of the administrative settlement to allow for the acquisition of this property. <br />What We Do Today Makes A Difference! <br />