6B(4) - Laserfiche WebLink

Home Browse Search

(, gCLO ..,,p'4,1414, „� /0 2 Department of -*,ey '' Community Investment N;\1865 Memorandum August 14, 2014 TO: Redevelopment Commission FROM: David Relos, Economic Resources - SUBJECT: Administrative Settlement for the acquisition of 1504 S. Kemble This Administrative Settlement is needed for the acquisition of 1504 S. Kemble. According to the Uniform Relocation Act, an Administrative Settlement is authorized in cases where an additional payment is necessary to acquire a property. On April 24, 2012, the Commission approved Resolution No. 3022, which set the offering value of this property at $18,500, the average of two independent appraisals for this two story, two bedroom, 1,174 square foot single family residence. This property has been in the family for over 40 years, and is currently occupied by the grandson of the deceased owner, who was his care taker for ten years. To accommodate the grandson's move to another house, the two daughters who are heirs to the estate feel additional funding is needed to replace this property. A search of five similarly sized properties ranged from $40,000 - $48,000, with an average price of $43,960. The sisters have agreed to accept $40,000. In addition to the acquisition cost, the grandson is eligible for relocation costs in the amount of$6,950 for rental assistance and moving costs. For comparison purposes ten other homes were acquired in this block, with an average cost for acquisition and relocation equaling $46,900. Total cost for this property is $46,950. Staff requests approval of this Administrative Settlement in the amount of $46,950, to allow for the acquisition of this last property west of Scott St. in the Ignition Park South Expansion Area. 227 W. JEFFERSON BLVD. SOUTH BEND, IN 46601 I P: 574-235-9371 I FAX: 574-235-9021 I SOUTHBENDIN.GOV