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1,e c( I� • dpUTH \illll ;J, O Community & Economic Development r 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 Plann - Subject: Administrative Settlement for acquisition of 1503 - 1505 S. Kemble Avenue Date: July 12, 2011 This is the staff report for the administrative settlement that is needed for the acquisition of 1503 - 1505 S. Kemble Avenue. 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 October 15, 2010, the Commission approved Resolution No. 2780, which authorized the purchase of this property based upon its average appraised value of $35,500. The owners of this property are two brothers, one of which lives with his wife in the house. These brothers inherited the property from their parents. There are two other living brothers, and a deceased sister and brother with surviving children. The proceeds from this sale will be evenly split between the original six children or their surviving children. Because of this, the brothers would like an administrative settlement instead of relocation assistance, which under the act they would be eligible for. Under the Act, the estimated acquisition and relocation costs associated with this property would be $47,600. The owners have asked for $48,600, which is $8,100 for each of the six shares these proceeds would be split between (original six children or their surviving children). Staff feels the total acquisition cost of $48,600 is reasonable for this property, and requests your approval of the administrative settlement to allow the acquisition of this property. What We Do Today Makes A Difference!