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& C (?) • r a n d u m 6°ura 04 � t" III; G Community & Economic Development 8s 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: Matthew Sikora, Economic Development Planner Subject: Administrative Settlement for acquisition of 622 E. Sample Street Date: August 9, 2011 This is the staff report for the administrative settlement that is needed for the acquisition of 622 E. Sample 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. On August 9, 2011, the Commission approved Resolution No. 2926, which authorized the purchase of this property based upon its average appraised value of $27,000. Though the property (a two -story, 1,806 square foot, three - bedroom single family residence) dates back to 1900, it remains in excellent shape. The appraisal reflects the fact that the home is essentially alone in the neighborhood, a result due in part to previous acquisitions in the area. (The property's prior appraisal put its value at $68,000.) A search for decent, safe and sanity homes similar in size and scope to this property resulted in an average value of $65,900. Under the Act, the owner is eligible for relocation benefits. Following the Act, the estimated acquisition and relocation costs associated with this property would be $68,400 (including $2500 in moving costs). The owner would like a lump sum payment in this amount. Staff feels the total acquisition cost of $68,400 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!