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• r a n • u m sours e <br />�j <br />Community & Economic Development <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 <br />Subject: Res. No. 2792 — Counter Offer for 905 — 909 W. Indiana Ave. <br />Date: November 02, 2010 <br />This is the staff report for the counter offer of 905 — 909 W. Indiana Ave. On October 15, <br />2010, the Commission approved Resolution No. 2783. This resolution set the offer price for <br />this property at $35,250, which is the average value as determined by two independent <br />appraisals. <br />After a discussion with the owners, they feel the value of this rental property is $40,000. <br />The higher of the two appraisals valued this property at $37,500, which is only $2,500 less <br />than their counter offer. <br />This property is a two story, four bedroom, 1.5 bath, 1,506 square foot single family rental <br />property. The acquisition includes an adjoining vacant lot. <br />Staff feels the $40,000 counter offer is a reasonable value for this property, and requests <br />approval of counter offer Resolution No. 2792, to allow for the acquisition of this property. <br />What We Do Today Makes A Difference! <br />