6. F (2) Staff report on 1513 S. Scott

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~~ f' ~~) ~ ~`~ cC~iLtTH IB~~~ i~/ 2 Community & Economic Development ~ ~ ~µ~' 1865 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 1513 S. Scott St. Date: February 22, 2011 This is the staff report for an additional administrative settlement that is needed for the acquisition of 1513 S. Scott 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. On August 06, 2010, the Commission approved Resolution No. 2737, which set the offering price for this property at $17,750, and an administrative settlement in the amount of $25,000. At that time, the house had been assessed at $38,300 for many years, and the property owner had been paying taxes on that value. This property is a rental property that is occupied and pays rent in the amount of $600 per month. The property owner believes her property, based on the net income stream valuation method, is worth $35,000 instead of $25,000, which can be substantiated. Staff feels an additional $10,000 to acquire this property is reasonable, in light of its rental history and the property improvements made to it over the years, and requests your approval of a $35,000 administrative settlement to allow for the acquisition of this property. What We Do Today Makes A Difference!