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South Bend Redevelopment Commission <br /> Regular Meeting—September 27, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> C. Airport Economic Development Area <br /> (6) continued... <br /> yard, with enclosed front and rear porches. <br /> The property owner would like to participate <br /> in the goals of the Commission to clean and <br /> clear this area, and contacted staff of their <br /> interest in selling this property. <br /> Resolution No. 2942 sets the acquisition <br /> value of the property at $24,250, the average <br /> of two independent appraisals. Staff requests <br /> approval of Resolution No. 2942, to allow for <br /> the acquisition of this property. <br /> Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED RESOLUTION No.2942 <br /> Mr. Varner and unanimously carried, the RELATED TO ACQUISITION OF PROPERTY IN THE <br /> Commission approved Resolution No. 2942 AIRPORT ECONOMIC DEVELOPMENT AREA <br /> related to acquisition of property in the (1511 S.KEMBLE). <br /> Airport Economic Development Area (1511 <br /> S. Kemble). <br /> (7) Administrative Settlement for 1511 S. <br /> Kemble. <br /> Mr. Relos noted that the mortgage for 1511 <br /> S. Kemble is under water by $17,500. The <br /> owner has submitted a counter offer in the <br /> amount of$41,750 to allow him to pay off <br /> the mortgage completely. <br /> The Relocation Act allows the payment of an <br /> Administrative Settlement in such cases. <br /> Staff feels the total approximate acquisition <br /> cost of$41,750 is reasonable for this <br /> property, in light of its size, condition, and <br /> amenities, and requests approval of the <br /> administrative settlement. <br /> 22 <br />