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South Bend Redevelopment Commission <br />Regular Meeting -September l 7, 2010 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(5) continued... <br />annual net income it could generate, the <br />capitalization rate method commonly used by <br />local financial institutions on income <br />producing properties arrives at a value for <br />this property at $50,000 - $52,000. <br />Recent updates to this property include a new <br />roof 3 years ago, new furnace 2 years ago, <br />and separate 100 amp electrical service for <br />both units. It is one of the nicer looking <br />properties along that stretch of Indiana. <br />The property owner has counter offered at <br />$50,000. In light of the recent improvements <br />to this duplex, its overall good condition, and <br />the above capitalization rate valuation, Staff <br />feels the property owner's counter offer of <br />$50,000 is reasonable, and requests <br />Commission approval of this Administrative <br />Settlement to allow for the acquisition of this <br />property. <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved the Administrative <br />Settlement of $19,500 over the purchase <br />offer for 527-529 W. Indiana Ave. <br />(6) Administrative Settlement for acquisition <br />of 605 W. Indiana Ave. <br />Mr. Relos noted that on July 23, 2010, the <br />Commission approved Resolution No. 2727, <br />which authorized the purchase of this <br />property based upon its average appraised <br />value of S 19,500. Staff has been working <br />COMMISSION APPROVED THE ADMINISTRATIVE <br />SETTLEMENT OF $19.500 OVER THE PURCHASE <br />OFFER FOR 527-529 W. INDIANA AVE. <br />14 <br />