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South Bend Redevelopment Commission <br /> Regular Meeting—August 23, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> B. Airport Economic Development Area <br /> (3) continued... <br /> usually rate at 10%. The higher cap rate <br /> brought the value down. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED THE ADMINISTRATIVE <br /> Mr. Alford and unanimously carried, the SETTLEMENT FOR ACQUISITION OF 1527 S. <br /> Commission approved the Administrative KEMBLE IN THE AMOUNT OF$65,000. <br /> Settlement for acquisition of 1527 S. Kemble <br /> in the amount of$65,000. <br /> (4) Resolution No. 2929 related to acquisition <br /> of property in the Airport Economic <br /> Development Area (1530 S. Kemble). <br /> Mr. Relos noted that 1530 S. Kemble was <br /> added to the Airport Economic Development <br /> Area Acquisition List by Resolution <br /> No. 2668 on May 21, 2010. This particular <br /> property is an 8,400 square foot vacant lot at <br /> the corner of Kemble and Indiana Ave. <br /> Resolution No. 2929 sets the acquisition <br /> value of the property at $3,650 the average <br /> value as determined by two independent <br /> appraisals. The property owner is willing to <br /> sell for the set value of$3,650. Staff <br /> requests approval of Resolution No. 2929. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED RESOLUTION No.2929 <br /> Mr. Alford and unanimously carried, the RELATED TO ACQUISITION OF PROPERTY IN THE <br /> Commission approved Resolution No. 2929 AIRPORT ECONOMIC DEVELOPMENT AREA <br /> related to acquisition of property in the (1530 S.KEMBLE IN THE AMOUNT OF$3,650 <br /> Airport Economic Development Area (1530 <br /> S. Kemble) in the amount of$3,650. <br /> (5) Resolution No. 2930 related to acquisition <br /> of property in the Airport Economic <br /> Development Area (1526 S. Catalpa). <br /> 13 <br />