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South Bend Redevelopment Commission <br /> Regular Meeting—July 12, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> E. Airport Economic Development Area <br /> (3) continued... <br /> Mr. Relos noted that staff has been working <br /> with the property owner to reasonably reach <br /> an agreement to acquire this property. The <br /> property owner has expressed interest in <br /> selling this property, but in lieu of being <br /> relocated, prefers to receive a lump sum <br /> payment. Under the Act, acquisition and <br /> relocation costs would amount to <br /> approximately $50,000, which is the amount <br /> the owners would accept as a lump sum <br /> payment. <br /> The owners currently are purchasing this <br /> property on land contract. After paying off <br /> the land contract, the owners would have <br /> almost $34,000 to acquire another home. <br /> They have found another home in this price <br /> range, and upon approval of the <br /> administrative settlement, would move <br /> forward with its acquisition. <br /> Staff feels this lump sum administrative <br /> settlement of$50,000 is reasonable for this <br /> property, in light of its size and amenities, <br /> and requests your approval. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED RESOLUTION No.2914 <br /> Mr. Downes and unanimously carried, the RELATED TO ACQUISITION OF PROPERTY AT 1510 <br /> Commission approved Resolution No. 2914 S.KENDALL ST.IN THE AMOUNT OF$50,000 <br /> related to acquisition of property at 1510 S. <br /> Kendall St. in the amount of$50,000. <br /> (4) Administrative Settlement for acquisition <br /> of 921 N. Bendix Drive. <br /> Mr. Sikora noted that during Sterling Group <br /> 23 <br />