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South Bend Redevelopment Commission <br />Regular Meeting — November 8, 2011 <br />market valuation, and advertising of legal <br />notices to begin the disposition process for <br />this property. <br />At the April 26, 2011, Redevelopment <br />Commission meeting, staff reported that no <br />bids had been received on the property and <br />that as such it would now be able to be sold <br />at a negotiated price. <br />The Listing Contract is a standard agreement <br />wherein sales commission would be 5% if a <br />tenant or purchaser is found by Cressy & <br />Everett and 7% if the tenant or purchaser is <br />represented by another agent. Additionally, <br />the agent understands a prospective tenant or <br />buyer may not be able to obtain possession <br />until after December 31, 2012, unless certain <br />conditions contained in the Extension <br />Agreement are satisfied, in which event, <br />possession may be available on November 1, <br />2012. <br />Staff requests your approval of the Listing <br />Contract. <br />Upon a motion by Mr. Downes, seconded by <br />Ms. King and unanimously carried, the <br />Commission approved Listing Contract with <br />Grubb & Ellis /Cressy & Everett for the sale <br />of 111 S. St. Joseph Street (College Football <br />Hall of Fame). <br />(2) Lease with Carl Duncan for 121 S. <br />Michigan Street. <br />Ms. Jennings noted that Carl Duncan would <br />like to lease 121 S. Michigan Street to <br />operate a licensed Notre Dame apparel store. <br />The lease terms are: <br />COMMISSION APPROVED LISTING CONTRACT <br />WITH GRUBB & ELLIS /CRESSY & EVERETT FOR <br />THE SALE OF I 1 I S. ST. JOSEPH STREET <br />(COLLEGE FOOTBALL HALL OF FAME). <br />