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n � Op • n14( 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 cil- Subject: Administrative Settlement - 1510 S. Kendall St. Date: July 12, 2011 This is the staff report for the administrative settlement that is needed for the acquisition of 1510 S. Kendall 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. 2914, which authorized the purchase of this property based upon its average appraised value of $21,750. Staff has been working with the property owner, to reasonably reach an agreement to acquire this property. The property owner has expressed interest in selling this property, but in lieu of being relocated, instead prefers a lump sum payment. Under the Act, acquisition and relocation costs amount to approximately $50,000, which is the amount the owners would accept as their lump sum payment. The owners currently are purchasing this property on land contract. After paying off the land contract, the owners would have almost $34,000 to acquire another home. They have found another home in this price range, and upon approval of the administrative settlement, would move forward with its acquisition. Staff feels this lump sum administrative settlement of $50,000 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!