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South Bend Redevelopment Commission <br /> Regular Meeting—April 10, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> C. Airport Economic Development Area <br /> (2) Staff report on acquisition of property. <br /> (725-731 W. Indiana) <br /> Mr. Relos noted that 725 —731 W. Indiana <br /> was added to the Airport Economic <br /> Development Area's Acquisition List by <br /> Resolution No. 2668 on May 21, 2010. The <br /> property is a double vacant lot at the <br /> northwest corner of Kendall and Indiana. <br /> Resolution No. 3015 sets the acquisition <br /> value of the property at $5,900, the average <br /> of two independent appraisals. Staff requests <br /> approval of Resolution No. 3015. <br /> Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED COMMISSION <br /> Mr. Davis and unanimously carried, the APPROVED RESOLUTION No.3015 RELATED TO <br /> Commission approved Commission approved ACQUISITION OF PROPERTY IN THE AIRPORT <br /> ECONOMIC DEVELOPMENT AREA.(725-731 W. <br /> Resolution No. 3015 related to acquisition of INDIANA) <br /> property in the Airport Economic <br /> Development Area. (725-731 W. Indiana) <br /> (3) Administrative Settlement for three <br /> commonly owned properties. (1509 S. <br /> Scott and 725-731 W. Indiana) <br /> Mr. Relos noted that on April 10, 2012, the <br /> Commission approved Resolution No. 3014 <br /> and 3015, which authorized the purchase of <br /> these properties based on their average <br /> appraised value of$5,400 and $5,900 <br /> respectively. Staff has been working with <br /> the property owner to reasonably reach an <br /> agreement to acquire these properties. <br /> Under this agreement, the Commission <br /> would acquire the two vacant lots at 725 — <br /> 731 W. Indiana for $6,000, and the house and <br /> property at 1509 S. Scott for $25,000, for a <br /> 22 <br />