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6� /3 ( )) <br />me morand LI III A, <br />Community & Economic Development <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: David Relos, Economic Development Planner <br />Subject: Administrative Settlement for acquisition of 1517 S. Kendall <br />Date: August 23, 2011 <br />This is the staff report for the administrative settlement that is needed for the acquisition of <br />1517 S. Kendall. According to the Uniform Relocation Act (Act), an administrative <br />settlement is authorized in cases where an additional payment is necessary to acquire a <br />property. <br />Before the Commission today was Resolution No. 2931, setting the offer price for this <br />property at $21,250, which is the average appraised value. Staff has been working with the <br />property owner to reasonably reach an agreement to acquire this property. <br />This property is a large, newly remodeled two story rental. The income stream from this <br />property is $642 per month. Using a 12% cap rate, the annualized investment property <br />value is calculated to be a little more than $44,000. The owner has agreed to sell this <br />property for $44,000. <br />Staff feels the acquisition cost of $44,000 is reasonable for this property, and requests your <br />approval of the administrative settlement to allow for the acquisition of this property. <br />What We Do Today Makes A Difference! <br />