Indianapolis Recorder, Indianapolis, Marion County, 16 August 1997 — Page 22

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THE INDIANAPOLIS RECORDER

SATURDAY, AUGUST 16,1907

BUSINESS BRIEFS City/State Entrepreneurs join together to establish choice lottery Eight-Indianapolis area entrepreneurs have committed nearly $250,000 to a significant expansion of the Educational CHOICE program. Their resources establish a scholarship lottery that will be open to all children from lowincome families in Indianapolis Public Schools for the 1997-98 school year. Since 1991, the Educational Choice Charitable Trust has provided matching grants up to $800 per school year to more than 2,500 eligible students in kindergarten through 8th. AFSCME employees get biggest pay hike in 20 years The just ratified contract between Council 62 of the American Federation of State, County and Municipal Employees and the state of Indiana calls for the biggest raises state employees have had in 20 yean. In January, both 1998 and 1999 AFSCME-represented state employees will receive pay hikes averaging almost 6 percent. The raises are the biggest negotiated anywhere in the country for state employees since 1995. Pilot project to be expanded A pilot projecter to educate prospective urban homeowners about insurance has been so successful in Indianapolis, it will soon be expanded to other U.S. cities, according to the Urban Partners Foundation. The foundation, which was created in September, has been conducting monthly homeowner insurance training courses in conjunction with the Indianapolis Neighborhood Housing Partnership. The sessions focus on homeowners coverage, home maintenance, and crime and loss prevention. Hundreds of low-to moderate-income prospective homeowners have attended the workshops. “We go over the types of things that are covered by the typical homeowners insurance policy and show participants the steps they can take to maintain their homes and neighborhoods in a way that will provide tangible benefits when it comes to insurance coverage," said James P. Rink, executive director of the Indianapolis-based foundation.

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Indianapolis in top 20 Indianapolis was rated as one of the top 20 cities to live and work, according to the latest issue of Employment Review magazine, a magazine designed for individuals wanting to effectively manage thencareers and maximize work force potential. The annual city assessment rated U.S. cities on statistics covering local economies, job growth, educational systems and quality of life.

Nation

Two Atlanta Black-owned

banks merge

Citizens Trust Bancshares Corp. First Southern Bancshares Inc. on^Ionday signed a letter of intent to merge, creating the nation's third-largest, black-owned com-

mercial bank.

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The merger of Citizens Trust, Atlanta’s oldest and largest blackowned bank, and First Southern Bank of Lithonia, will create an institution called Citizens Trust Bank with combined assets of $ 196 million. The deal “just made good economic sense," said Herman J. Russell, chairman of Citizens Trust. “I hope this merger will send a message not only to our AfricanAmerican customers, but our new customers, that we want to be the first bank they look at." Domestic vehicle sales increase U.S. vehicle sales increased 5 percent in July compared with a year ago, but industry analysts said much of the rebound was due to big spending on rebates, subsidized loans and other incentives. Japanese automakers. Ford Motor Co. and General Motors Corp. posted the biggest gains. Unlike the Japanese, however. Ford and GM were forced to offer a wide array of discounts to move their products. Ford, the last of the major automakers to report July sales, said Tuesday that demand for its trucks increased 15 percent, while its car sales were down 5 percent. Ford sold a total of 353,749 units - a 5 percent improvement - break-

ing its previous July record of 337,778 set 19 years ago. Apple unveils new PC Apple Computer Inc. put on its best face at the MacWorld Trade Expo by touting new machines and software, trying to keep Macintosh users loyal despite the company’s profound problems. Company officials recently unveiled a Mac billed as the fastest personal computer available. The Power Macintosh 9600 runs on a 350-megahertz microprocessor, compared with the fastest competing chip from Intel Corp. at 300megahertz. The chip that is the brains of the latest Apple machine is a significant upgrade of the PowerPC microprocessor. 115*000 African-American articles now online The African American Resources Corporation is launching a new service on the World Wide Web that will offer over 115,000 newspaper and magazine articles from 72 publications ranging from 1991 to the present. The articles can be accessed from anywhere through the Internet and the database can be searched by publication at no cost. The database is now available at http:// www.AARC.NET.

REAL ESTATE Continued from Page D1

It is important to know that the measurements shown on this type of survey are approximate ONLY and there is a disclaimer to that effect on most reports. The second type of survey is called a “Staked Survey.”The cost for a staked survey will be approximately $350 to $400 locally. Rather than a printout showing approximate lines, staked survey requires a team of surveyors to come out and determine the exact location of property lines due to set back requirements building permits and easements. If you are building a new home you probably need a staked survey which is usually a seller paid expense. If your home is in an established area but you intend to add or change fencing, do an addition to the house, major landscaping or put up a storage bam or garage or perhaps add a pool; then you really need to spend the money for a staked survey. It could be the best part of your investment. Many years ago before I started to sell real estate a friend of mine purchased a nice home here in Indy on the west side a lovely house on a huge comer lot. One side of the yard, the side nearer the street was especially wide. That’s where he

decided to build a beautiful two story shed. Not two months after it was completed he received notification from the city that it had to be tom down. The shed was built on the “easement.” These “easements” are part of every home lot, you maintain this area but you share ownership with the city. Their rights supercede your rights. The city needs access to this area to maintain public utilities, do needed repairs, widen streets when necessary. This “easement” is shown on both types of surveys. Yes, he did have to tear down the expensive shed. No, the city did not owe him any money nor replace it for him. He was angry and I was angry for him because I felt his rights as a homeowner had been violated. In fact, they had not. You do not have the right to build a permanent stmeture or obstmet an easement. Unfortunately, nobody had explained easements to him. I explained all that to say as a seller you are responsible for correcting any encroachments into the easement. As a buyer you and your Realtor should review the survey (BEFORE CLOSING PLEASE,) to be sure there are no obstmetions in theeasements. Whomever owns the property, owns the problem.

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