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South Bend Redevelopment Commission <br />IL Regular Meeting —April 19, 2002 <br />6. NEW BUSINESS (CONT.) <br />B. Housing <br />There was no Housing business. <br />C. South Bend Central Development Area <br />(1) Commission approval requested for <br />First Amendment to the Commercial <br />Property Management Agreement <br />between the South Bend <br />Redevelopment Commission and CB <br />Richard Ellis South Bend. <br />Mr. Mathia reported that the amendment <br />is an extension of the current <br />Commercial Property Management <br />Agreement the Commission holds with <br />CB Richard Ellis to manage properties in <br />the downtown area. The incorporated <br />changes follow: <br />► When the retail space in the Palais <br />Royale is totally occupied, the <br />management responsibilities will be <br />administered by The Morris Performing <br />Arts Center, and the property will be <br />deleted from the management <br />agreement. <br />► There is a modified fee structure <br />increasing management fees to 6.7 <br />percent; however, it was noted that the <br />fees continue to be under the industry <br />standard of 7 to 10 percent. <br />Mr. Mathia advised that the remainder of <br />the agreement will stay the same and the <br />contract will continue on a year to year <br />basis, including a right to cancel with <br />ILsixty days notice. <br />9 <br />THERE WAS No HOUSING BUSINESS. <br />