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South Bend Redevelopment Commission <br /> Regular Meeting—March 27, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> G. Other <br /> (2) continued... <br /> The total fee for this service is $5,750 with <br /> $3,500 being paid to the broker only if one of <br /> the above mentioned properties is leased. <br /> Staff requests approval of the attached <br /> contract with CBREBradley. <br /> Mr. Varner asked if this was a percentage of <br /> the gross lease. Mr. Kain responded that it <br /> would be a five-year lease and that the city <br /> was given a flat-fee discount. <br /> Mr. Inks noted that typically the city would <br /> go through a disposition process on these <br /> properties, which has not been done, and <br /> we'd hire a company or realtor firm to <br /> represent us in the marketing. In this case <br /> SINCO was purchased as part of an <br /> acquisition strategy for the eventual <br /> expansion of Ivy Tech. The Schillings <br /> building was bought as part of an acquisition <br /> strategy to create a development block across <br /> from Coveleski Stadium. In both properties <br /> now, the potential uses have changed. Ivy <br /> Tech has a new Chancellor and its plans have <br /> changed, and Schillings sits next to what is <br /> now going to be the VA hospital instead of a <br /> development block. There is a technology <br /> firm that's looking to stay in the area and <br /> needs interim space before moving on to <br /> Ignition Park. So one of these properties <br /> could be of use and staff approached CBRE <br /> to help us respond to the request for proposal. <br /> Mr. Davis asked if we approached any other <br /> realty companies. Mr. Inks responded that <br /> staff has not. Staff has experience working <br /> 15 <br />