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South Bend Redevelopment Commission <br /> Regular Meeting—November 22, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> B. Airport Economic Development Area <br /> (2) continued... <br /> in May 2010, leaving no will. Staff has been <br /> working with the owner's heirs and their <br /> attorney to reach an agreement to acquire this <br /> property. <br /> The property is a 1,416 square foot, one and <br /> a half story, 4 bedroom, 1 bath house with a <br /> fenced back yard. <br /> In 2001, a $50,000 mortgage was secured by <br /> the property owner, paying off a 1997 <br /> mortgage in the amount of$22,000 with the <br /> additional funds to remodel this house. <br /> Since the illness and death of the property <br /> owner, the mortgage has become delinquent. <br /> In addition, there are approximately $1,500 <br /> in legal fees, and $2,100 in moving costs to <br /> the son that currently lives at the property. <br /> The total cost of this acquisition is $59,100 <br /> ($55,500 mortgage payoff, $1,500 legal fees, <br /> $2,100 moving costs), which is similar to the <br /> total acquisition and relocation costs of <br /> similar properties. <br /> Staff requests your approval of the <br /> Administrative Settlement. <br /> Ms. King asked how long the son lived at the <br /> property. Mr. Relos responded that he's been <br /> living there for at least a couple of years and <br /> taking care of the property owner. <br /> Upon a motion by Ms. King, seconded by COMMISSION APPROVED THE ADMINISTRATIVE <br /> Mr. Alford and unanimously carried, the SETTLEMENT FOR ACQUISITION OF 1509 S. <br /> KENDALL STREET IN THE AMOUNT OF$59,100. <br /> 13 <br />