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South Bend Redevelopment Commission <br />Regular Meeting —June 14, 2011 <br />(5) Administrative Settlement for 1518 S. <br />Scott St. <br />Mr. Relos noted that Resolution No. 2885 set <br />the acquisition offering price for 1518 S. <br />Scott at $12,750. The property owner has <br />expressed her interest in selling this property, <br />which she grew up in, but feels that based on <br />the size of the house, and the fact that it has a <br />two car garage with shop area, the value <br />placed on it should be higher. The assessed <br />value of this property is $46,900. The owner <br />has agreed to accept $26,000. <br />Mr. Relos put this value in context by noting <br />that prices paid for the surrounding four <br />houses were from $25,500 - $35,000, three of <br />which had smaller square footage and no <br />garage. The average value paid for these <br />four houses is $29,500. <br />The owner of 1518 S. Scott does not <br />currently live in the house, but if she did, <br />acquisition and relocation costs would be <br />approximately $25,000. <br />In light of the above considerations, staff <br />feels the counter offer of $26,000 is <br />reasonable and recommends approval. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved the Administrative <br />Settlement for 1518 S. Scott St. <br />(6) Administrative Settlement for 1525 S. <br />Kemble Avenue. <br />Mr. Relos noted that Resolution No. 2718 set <br />the acquisition offering price at $29,000 for <br />1525 S. Kemble Ave. The owner of this <br />.m <br />COMMISSION APPROVED THE ADMINISTRATIVE <br />SETTLEMENT FOR 1518 S. SCOTT ST. <br />