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South Bend Redevelopment Commission <br />Regular Meeting — November 22, 2011 <br />departments that would need to approve this <br />relocation. In addition, actual moving costs <br />would be incurred and various closing costs <br />paid. <br />For comparison purposes, a private club one <br />block away was acquired and relocated one <br />year ago. This club's building on Indiana <br />Avenue had an average appraised value of <br />$24,000, which was the acquisition cost paid. <br />In addition, relocation costs totaled <br />$153,290, for total acquisition and relocation <br />costs of $177,290. <br />After a very difficult decision making <br />process, this property owner has decided she <br />prefers to get out of the bar business, and <br />therefore not be relocated. She requests a <br />lump sum payment of $190,000. Based on <br />relocation costs paid for the private club, <br />which was of similar size but moved <br />themselves, an acquisition cost of $33,500 <br />plus relocation costs of $156,500 is <br />reasonable. <br />Staff believes a lump sum payment of <br />$190,000 for this business is reasonable, and <br />requests your approval of the administrative <br />settlement to allow for the acquisition of this <br />property. <br />Upon a motion by Mr. Varner, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2966 <br />related to acquisition of property in the <br />Airport Economic Development Area for <br />$33,500. (701 W. Indiana) <br />(10) Administrative Settlement for 701 W. <br />Indiana. <br />17 <br />COMMISSION APPROVED RESOLUTION NO. 2966 <br />RELATED TO ACQUISITION OF PROPERTY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA FOR <br />$33,500.(701 W. INDIANA) <br />