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�- a (s) Community & Economic Development 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 6y/. Subject: Administrative Settlement - 1518 S. Scott St. Date: June 14, 2011 This is the staff report for the administrative settlement that is needed for the acquisition of 1518 S. Scott Street. 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. 2885, which authorized the purchase of this property based upon its average appraised value of $12,750. Staff has been working with the property owner, to reasonably reach an agreement to acquire this property. The property owner has expressed her interest in selling this property, which she grew up in, but feels that based on the size of the house, and the fact that it has a two car garage with shop area, the value placed on it should be higher. She does not currently live in the house, but if she did, acquisition and relocation costs would be approximately $25,000. The assessed value of this property is $46,900. The owner has agreed to accept $26,000. To put this value in context, prices paid for the surrounding four houses are from $25,500 - $35,000, three of which had smaller square footage and no garage. The average value paid for these four houses is $29,500. Staff feels the acquisition cost of $26,000 is reasonable for this property, in light of its size and amenities, and requests your approval of the administrative settlement to allow the acquisition of this property. What We Do Today Makes A Difference!