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South Bend Redevelopment Commission <br /> Regular Meeting—January 24, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> C. Airport Economic Development Area <br /> (2) continued... <br /> Inspection Reports for demolition in Ignition <br /> Park South in a not-to-exceed amount of <br /> $5,000. <br /> (3) Administrative Settlement for acquisition <br /> of 1512 S. Kemble. <br /> Mr. Relos noted that on September 27, 2011, <br /> the Commission approved Resolution <br /> No. 2940, setting the acquisition offering <br /> price for 1512 S. Kemble at $12,250, the <br /> average of two independent appraisals. The <br /> property is a two story, four bedroom, 1,280 <br /> square foot single family residence. Staff has <br /> been working with the property owner since <br /> that time, to reasonably reach an agreement <br /> to acquire this property and relocate the <br /> occupant. <br /> Under our relocation policy, an additional <br /> $20,250 is eligible as a housing replacement <br /> payment to move this property owner into a <br /> similar sized decent, safe, and sanitary home. <br /> The owner has found another home, but an <br /> administrative settlement of$7,400 is needed <br /> to purchase it ($12,250 acquisition cost+ <br /> $20,250 housing replacement payment+ <br /> $7,400 administrative settlement= new <br /> home's price of$39,900). <br /> Property acquisitions with relocation in this <br /> same immediate area have ranged from <br /> approximately $50,000 to $70,000. Staff <br /> feels an administrative settlement of$7,400 <br /> is reasonable compared with other <br /> acquisitions in this area, and requests your <br /> 23 <br />