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1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 Phone 574/235-9371 Fax 574/235-9021
To: Redevelopment Commission
From: David Relos, Economic Development Planner
Subject: Professional Services Agreement
CBRE Listing Agreement Amendment
Date: October 01, 2010
Attached to this memorandum is a proposal from CBRE to extend and modify the listing
agreement for the Hotel La Salle and the vacant lot at Colfax & Hill.
This amendment extends the agreement for another year, and clarifies paragraph D.1.
Paragraph D.1 refers to the broker commission payment. The new language clarifies that if
the sales price of either property is not substantially equivalent to the listing price, the
brol~er's commission shall be based on the listing price.
Since listing the Hotel with CBRE, the department has had four serious interested
developers study potential uses for it. Currently staff is working with two of those
developers, as they continue to gather and analyze the possible funding sources necessary
to rehabilitate the Hotel.
Staff requests approval of this 1St Amendment of Listing Agreement with CBRE, to allow for
the continued marketing of these two Commission owned properties.
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The City of South Bend
Department of Redevelopment
227 W. Jefferson Blvd.
South Bend, IN 46601
Re: "Colfax & Hill" and "LaSalle Hotel"
151 Amendment of Listing Agreement
Date: August 31, 2010
202 S. Michigan St., Suite 200
South Bend, IN 46601
T: 574.237.6000
F: 574.237.6001
www.cbre.com/southbend
This Amendment to the Listing Agreement ("Listing") dated September 1 , 2009 between The City of South
Bend, Department of Redevelopment, acting by and through its South Bend Redevelopment Commission,
("Owner') and Robert Bradley Associates, LLC d/b/a CB Richard Ellis ~ Bradley ("Broker") for the real
property described as: "Colfax & Hill" and "LaSalle Hotel" Owner and Broker hereby agree to amend the
Listing as follows:
Paragraph A. Term: The Listing Term shall be extended through August 31 201 1
Paragraph D.1 . Sale or Exchange: Replace the third sentence with the followinq~ When the consideration is
not set forth as a monetary value or substantially equivalent to the listing rice in an exchange agreement
or any related purchase agreement, the consideration of the property shall be deemed to be the listing
price set for thin the contract.
Except as expressly set forth in this Amendment, the aforesaid Listing shall remain in full force and effect.
The undersigned hereby acknowledges a receipt of a copy of this Amendment.
Robert Bradley Associates, LLC
d/b/a CB Richard Ellis ~ Bradley
City of South Bend, Department of
Redevelopment
By:
Bradley J. Toothaker
Its:
C B R E Bradley
CB RICHARD ELLIS
By:
Marcia I. Jones
Its: President
Date: Date:
By:
Nancy N. King
{ts: Secretary
Date:
As used herein the term "Owner" shall be deemed to include a tenant wishing to effect a sublease, lease assignment,
or lease cancellation.