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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 /> (9) continued... <br /> business would need to be identified, and that <br /> building would then need to be brought up to <br /> current building and fire codes. Funds would <br /> need to be provided to both acquire and <br /> rehabilitate this new building, and to assist <br /> the property owner through the various <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 /> 19 <br />