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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 /> Commission approved the Administrative <br /> Settlement for acquisition of 1509 S. Kendall <br /> Street in the amount of$59,100. <br /> (3) Administrative Settlement for acquisition <br /> of 1511 S. Kemble Avenue. <br /> Mr. Relos noted that on September 27, 2011, <br /> the Commission approved Resolution <br /> No. 2942, which authorized the purchase of <br /> 1511 S. Kemble at an offering price of <br /> $24,250, the average of two independent <br /> appraisals. Because the property owners owe <br /> more on their mortgage than the appraised <br /> value, the Commission, on the same day, <br /> approved an Administrative Settlement in the <br /> amount of$17,500, for a total acquisition <br /> cost of$41,750. <br /> In addition to the acquisition cost of this <br /> property, there will be relocation costs of <br /> $32,650. This property owner is married <br /> with three small children, and would like to <br /> quickly relocate. To enable them to do this, <br /> they would like a lump sum payment instead <br /> of going through the acquisition and <br /> relocation process. A lump sum payment <br /> now would allow them to move, clear their <br /> credit report more timely, and to then use the <br /> remaining relocation money of <br /> approximately $30,000 to put toward the <br /> acquisition of a new home. <br /> Staff feels the total acquisition and relocation <br /> cost of$74,400 is reasonable for this <br /> property, and requests your approval of the <br /> 14 <br />