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South Bend Redevelopment Commission <br />Regular Meeting — October 15, 2010 <br />6. NEW BUSINESS (CONT.) <br />D. Airport Economic Development Area <br />(11) continued... <br />Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED THE ADMINISTRATIVE <br />Mr. Varner and unanimously carried, the SETTLEMENT OF $13,750 FOR ACQUISITION OF <br />Commission approved the Administrative <br />1502 S. CATALPA ST. <br />Settlement of $13,750 for acquisition of 1502 <br />S. Catalpa St. <br />(12) Resolution no. 2788 related to acquisition <br />of property in the Airport Economic <br />Development Area (1518 S. Catalpa St.) <br />Mr. Relos noted that the owners of 1518 S. <br />Catalpa St. contacted staff with an interest in <br />selling their property. Resolution No. 2788 <br />sets the acquisition value of the property at <br />$11,750, the average of two independent <br />appraisals. Staff requests approval of <br />Resolution No. 2788. <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved Resolution no. 2788 <br />related to acquisition of property in the <br />Airport Economic Development Area (1518 <br />S. Catalpa St.) <br />(13) Administrative Settlement for acquisition <br />of 1518 S. Catalpa St.) <br />Mr. Relos noted that the offering price for <br />1518 S. Catalpa was $11,700. The owner is <br />the same owner as in Item 6.D.(11). He also <br />leases this home to a family member. Again, <br />he doesn't believe he could purchase an <br />adequate house for under $12,000. The <br />owner is willing to sell this home also for <br />$25,000. Mr. Relos felt that, although the <br />25 <br />COMMISSION APPROVED RESOLUTION NO. 2788 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />(1518 S. CATALPA ST.) <br />