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South Bend Redevelopment Commission <br /> Regular Meeting—June 14, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> E. West Washington-Chapin Development Area <br /> (2) Resolution No. 2887 approving and <br /> accepting a counteroffer for the <br /> acquisition of property (601-605 W. <br /> Washington) <br /> Mr. Relos noted that the owner of 601-605 <br /> W. Washington has submitted a counter offer <br /> in the amount of$87,000. When valuing this <br /> property, the appraisals did not consider the <br /> income approach since only one of the three <br /> units is currently leased. The property owner <br /> states that in anticipation of this sale, he has <br /> not actively pursued leasing the units. <br /> Using the income capitalization method of <br /> valuing this property based on its historic <br /> rental income, with a capitalization rate of <br /> 11%, the value would be $126,000. This <br /> building had a new roof put on 3 years ago, <br /> with the center unit recently remodeled. <br /> Staff feels the acquisition cost of$87,000 for <br /> this property is reasonable, and requests your <br /> approval of Resolution No. 2886. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED RESOLUTION No.2887 <br /> Mr. Alford and unanimously carried, the APPROVING AND ACCEPTING A COUNTEROFFER <br /> Commission approved Resolution No. 2887 FOR THE ACQUISITION OF PROPERTY(601-605 W. <br /> approving and accepting a counteroffer for WASHINGTON) <br /> the acquisition of property (601-605 W. <br /> Washington) <br /> (3) Resolution No. 2889 related to acquisition <br /> of property in the West Washington- <br /> Chapin Development Area (109-111 N. <br /> Taylor) <br /> Mr. Relos noted that 109 — 111 N. Taylor St. <br /> was added to the West Washington Chapin <br /> 56 <br />