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South Bend Redevelopment Commission <br /> Regular Meeting—July 12, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> D. South Bend Central Development Area <br /> (5) continued... <br /> Lease retail space at 117 E. Wayne Street(in <br /> Wayne Street Garage)to Vesuvio's Pizza. <br /> E. Airport Economic Development Area <br /> (1) Administrative Settlement for acquisition <br /> of 1503-1505 S. Kemble Avenue. <br /> Mr. Relos noted that on October 15, 2010, <br /> the Commission approved Resolution No. <br /> 2780, which authorized the purchase of this <br /> property for $35,000, the average of two <br /> independent appraisals. <br /> The owners of this property are two brothers, <br /> one of which lives with his wife in the house. <br /> These brothers inherited the property from <br /> their parents. There are two other living <br /> brothers, and a deceased sister and brother <br /> with surviving children. The proceeds from <br /> this sale will be evenly split between the <br /> original six children or their surviving <br /> children. Because of this, the brothers would <br /> like an administrative settlement instead of <br /> relocation assistance, which under the <br /> Relocation Act they would be eligible for. <br /> Under the Act, the estimated acquisition and <br /> relocation costs associated with this property <br /> would be $47,600. The owners have asked <br /> for $48,600, which is $8,100 for each of the <br /> six shares. <br /> Staff feels the total acquisition cost of <br /> $48,600 is reasonable for this property, and <br /> requests approval of the administrative <br /> 21 <br />