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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 /> (3) continued... <br /> total acquisition cost of$31,000. <br /> 1509 S. Scott is the last property on Scott <br /> Street not owned by the Commission, and is <br /> an important acquisition because Scott is <br /> planned to be the southern entrance to <br /> Ignition Park. <br /> Prior to appraisals being completed at 1509 <br /> S. Scott this past fall, the property was <br /> broken into and vandalized, with many items <br /> being removed for their scrap value. This <br /> dramatically lowered the appraised value. <br /> The house for the last several years has been <br /> assessed at $25,000 - $28,000. Similar <br /> houses acquired from property owners on <br /> this same street have ranged from $25,500 - <br /> $35,000. <br /> Because the house is not currently occupied, <br /> no relocation costs will be incurred. If the <br /> owner occupied this house, additional <br /> relocation costs of$25,000 would be <br /> expected. <br /> Staff feels the total acquisition cost of <br /> $31,000 is reasonable for these three <br /> properties, and requests approval of the <br /> administrative settlement. <br /> Upon a motion by Mr. Davis, seconded by COMMISSION APPROVED THE ADMINISTRATIVE <br /> Mr. Downes and unanimously carried, the SETTLEMENT FOR THREE COMMONLY OWNED <br /> Commission approved the Administrative PROPERTIES.(1509 S. SCOTT AND 725-731 W. <br /> Settlement for three commonly owned INDIANA <br /> properties. (1509 S. Scott and 725-731 W. <br /> Indiana) <br /> 23 <br />