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South Bend Redevelopment Commission <br /> Regular Meeting—June 14, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> D. Airport Economic Development Area <br /> (4) Resolution No. 2885 related to acquisition <br /> of property in the Airport Economic <br /> Development Area (1518 S. Scott St.) <br /> Mr. Relos noted that 1518 S. Scott St. is a <br /> two story, four bedroom single family <br /> residence. Resolution No. 2885 sets the <br /> acquisition value of the property at $12,750, <br /> the average value as determined by two <br /> independent appraisals. Staff requests <br /> approval of Resolution No. 2885. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED SEPARATELY <br /> Mr. Alford and unanimously carried, the RESOLUTIONS 2883,2884,AND 2885 ALL <br /> Commission approved separately Resolutions ACQUISITION PROPERTIES,PERSONAL <br /> PROPERTIES(1518 AND 1513 S.CHAPIN AND <br /> 2883, 2884, and 2885 all acquisition 1518 S. SCOTT)IN THE AIRPORT ECONOMIC <br /> properties, personal properties (1518 and DEVELOPMENT AREA. <br /> 1513 S. Chapin and 1518 S. Scott)in the <br /> Airport Economic Development Area. <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 /> 44 <br />