2. Minutes 10/15/10 meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting — October 15, 2010 6. NEW BUSINESS (CONT.) D. Airport Economic Development Area (10) Resolution No. 2787 related to acquisition of property in the Airport Economic Development Area (1502 S. Catalpa St.) Mr. Relos noted that the owners of 1502 S. Catalpa St. contacted staff with an interest in selling their property. Resolution No. 2787 sets the acquisition value of the property at $11,250, the average of two independent appraisals. Staff requests approval of Resolution No. 2787. Upon a motion by Mr. Downes, seconded by Ms. King and unanimously carried, the Commission approved Resolution No. 2787 related to acquisition of property in the Airport Economic Development Area (1502 S. Catalpa St.) (l 1) Administrative Settlement for acquisition of 1502 S. Catalpa St.) Mr. Relos noted that the offering price for 1502 S. Catalpa was $11,250. The owner leases the home to a family member. He doesn't believe he could purchase an adequate house for under $12,000. The owner is willing to sell for $25,000. Mr. Relos felt that, although the administrative settlement of 13,750 was more than double the offering price, it was still not excessive under the circumstances. He recommended approval. Ms. King asked if there would be other expenses in addition to the administrative settlement. Mr. Relos responded that there would be relocation expenses for the tenant of about $1,700 - $2,300. 24 COMMISSION APPROVED RESOLUTION NO. 2787 RELATED TO ACQUISITION OF PROPERTY IN THE AIRPORT ECONOMIC DEVELOPMENT AREA (1502 S. CATALPA ST.)