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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 /> (6) Resolution No. 2931 related to acquisition <br /> of property in the Airport Economic <br /> Development Area (1517 S. Kendall). <br /> Mr. Relos noted that 1517 S. Kendall 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 a vacant two story rental. It is a <br /> four bedroom, one bath, 1,216 square foot <br /> structure. <br /> Resolution No. 2931 sets the acquisition <br /> value of the property at $21,250, the average <br /> value as determined by two independent <br /> appraisals. Staff requests approval of <br /> Resolution No. 2931, to allow for the <br /> acquisition of this property. <br /> Upon a motion by Mr. Varner, seconded by COMMISSION APPROVED RESOLUTION No.2931 <br /> Mr. Alford and unanimously carried, the RELATED TO ACQUISITION OF PROPERTY IN THE <br /> Commission approved Resolution No. 2931 AIRPORT ECONOMIC DEVELOPMENT AREA <br /> related to acquisition of property in the (1517 S.KENDALL). <br /> Airport Economic Development Area (1517 <br /> S. Kendall). <br /> (7) Administrative Settlement for acquisition <br /> of 1517 S. Kendall. <br /> Mr. Relos noted that the staff has been <br /> working with the property owner of 1517 S. <br /> Kendall to reach a reasonable agreement to <br /> acquire this property. This property is a <br /> large, newly remodeled two story rental. The <br /> income stream from this property is $642 per <br /> month. Using a 12% cap rate, the annualized <br /> investment property value is calculated to be <br /> a little more than $44,000. The owner has <br /> 15 <br />