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C� A- C, uT� 04 �di ;ilrl, /„ Ne G Community & Economic Developmentr�a€ 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 Planner6�1j Subject: Res. No. 2872 — Counter Offer & Relocation for Prairie Salvage 1504 — 1514 Prairie Ave Date: May 10, 2011 This is the staff report for the acquisition and relocation of Prairie Salvage. On April 12, 2011, Resolution No. 2867 was approved, which set the offering price for this property at $63,950, which is the average value as determined by two independent appraisals. The owners of this property have counter offered a value of $104,000. They feel this value is a more appropriate value for their long standing business location, which includes three parcels of land, a house (922 square feet, in good condition, with full basement), and various retail and storage buildings (total of 7,200 square feet under roof). The land value alone of these properties appraised at $32,000. In addition to the acquisition price of $104,000 for this property, relocation and moving expenses of $246,000 are needed, broken down as follows: • $65,000 to move large amounts of fabric, equipment, shelving, etc, and store set up at the new location • $181,000 to acquire and refashion the new location on State Road 2 just west of town (the old Jeep Acres property). Staff feels the total acquisition, relocation, and moving costs of $350,000 for this property is reasonable, and requests approval of Resolution No. 2872 and relocation expenses of $246,000, to allow for the acquisition and relocation of this property. What We Do Today Makes A Difference!