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o45Vv I� /a <br />Department of <br />Community <br />ieu <br />Memorandum <br />May 30, 2013 <br />TO: Redevelopment Commission <br />FROM: David Relos, Economic Resources <br />SUBJECT: 620 Columbia Purchase Offer <br />Investment <br />U-b., i, <br />This is the remaining property of five Monroe Park HDC houses that went through the <br />disposition process in June 2011, and were listed for sale in September 2011. <br />This particular property is a two story, 1,174 sf house. It has been converted to two <br />apartments, with the stairway between the floors removed. There is no inside basement <br />access. Both factors make it very difficult to sell to an owner occupant. The average <br />appraised value of the property was determined to be $17,000. <br />The previous four houses sold had an average appraised value of $15,500 to $27,000, with <br />an average of $21,250. Two of these four were sold for $5,000, one for $8,000, and one <br />for $10,000. <br />Most of these houses have sat empty for years, have deferred maintenance issues, and in <br />some cases have been broken into and vandalized. This particular property needs a new <br />roof, water heaters, and has only one working furnace. <br />Recently a purchase offer of $7,200 was received for this property. <br />Staff requests approval of this Purchase Offer and to move forward with its closing. <br />cz, IN. is rrtKavry owv. avU in "tNU, in 4bbU1 IV: 5/4 -235 -9371 I FAX: 574- 235 -9021 1 SOUTH BEND I N.GOV <br />