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& (gay <br />�U <br />,plyib'r o <br />Community & Economic Development r ', <br />IffS <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planner <br />Subject: Lump Sum payment for the acquisition of 1511 S. Kemble Ave. <br />Date: November 22, 2011 <br />This is the staff report for the lump sum administrative settlement that is needed for the <br />acquisition of 1511 S. Kemble Ave. According to the Uniform Relocation Act (Act), an <br />administrative settlement is authorized in cases where an additional payment is necessary <br />to acquire a property. <br />On September 27, 2011, the Commission approved Resolution No. 2942, which authorized <br />the purchase of this property based upon its average appraised value of $24,250. Because <br />the property owner owes more on their mortgage than the appraised value, this same day <br />the Commission approved an Administrative Settlement in the amount of $17,500, for a <br />total acquisition cost of $41,750. <br />In addition to the acquisition cost of this property, there will be relocation costs of $32,650. <br />This property owner is married with three small children, and would like to quickly relocate. <br />To enable them to do this, they would like a lump sum payment instead of going through the <br />acquisition and relocation process. <br />A lump sum payment now would allow them to move, clear their credit report more timely, <br />and to then use the remaining relocation money of approximately $30,000 to put toward the <br />acquisition of a new home. <br />Staff feels the total acquisition and relocation cost of $74,400 is reasonable for this <br />property, and requests your approval of the Lump Sum Administrative Settlement to allow <br />its acquisition. <br />What We Do Today Makes A Difference! <br />