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South Bend Redevelopment Commission <br />Regular Meeting -September 17, 2010 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(4) Resolution No. 2762 related to acquisition <br />of property in the Airport Economic <br />Development Area. (527-529 W. Indiana <br />Ave.) <br />Mr. Relos noted that 527-529 W. Indiana is a <br />duplex. At the time the appraisals were <br />done, only one unit was occupied. <br />Consequently, the acquisition offering price <br />established by Resolution No. 2762 for 527- <br />529 W. Indiana Ave is $30,500. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously car-ied, the <br />Commission approved Resolution No. 2762 <br />related to acquisition of property in the <br />Airport Economic Development Area. (527- <br />529 W. Indiana Ave.) <br />(5) Administrative Settlement for acquisition <br />of 527-529 W. Indiana Ave. <br />Mr. Relos noted that according to the <br />Uniform Relocation Act (Act), which has <br />been adopted as the Commission's relocation <br />policy, an administrative settlement is <br />authorized in cases where an additional <br />payment is necessary to acquire a property. <br />Before the Commission today was <br />Resolution No. 2762, setting the offering <br />price for this property at X30.500, which is <br />the average appraised value. Because the <br />second unit of this property was not currently <br />rented, an income value approach was not <br />fully utilized. <br />When valuing this duplex based on the <br />COMMISSION APPROVED RESOLUTION NO. 2762 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC' DEVELOPMENT AREA. <br />(527-529 W. INDIANA AVE.) <br />13 <br />