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South Bend Redevelopment Commission <br /> Regular Meeting—August 9, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. Airport Economic Development Area <br /> (7) continued... <br /> Airport Economic Development Area (622 E. <br /> Sample Street). <br /> (8) Administrative Settlement for 622 E. <br /> Sample Street. <br /> Mr. Sikora noted that 622 E. Sample Street is <br /> a two-story, 1,806 square foot, three- <br /> bedroom single family residence dating back <br /> to 1900. It remains in excellent shape. The <br /> purchase offer of$27,000 reflects the <br /> depressed values of homes in neighborhood, <br /> a result due in part to previous acquisitions in <br /> the area. (The property's prior appraisal put <br /> its value at $68,000.) A search for decent, <br /> safe and sanitary homes similar in size and <br /> scope to this property resulted in an average <br /> value of$65,900. Under the Act, the owner <br /> is eligible for relocation benefits, estimated at <br /> $68,400. The owner has made a counter <br /> offer to the purchase price, requesting a lump <br /> sum payment of that amount. Staff feels the <br /> sum is reasonable for this property and <br /> requests your approval of the administrative <br /> settlement in the amount of$68,400. <br /> Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED ADMINISTRATIVE <br /> Mr. Alford and unanimously carried, the SETTLEMENT FOR 622 E. SAMPLE STREET IN THE <br /> Commission approved Administrative AMOUNT OF$68,400. <br /> Settlement for 622 E. Sample Street in the <br /> amount of$68,400. <br /> (9) Proposal for professional services related <br /> to Data Realty site in Ignition Park <br /> (Environmental testing). <br /> 24 <br />