6C(1) Amendment to CB Richard Ellis Listing Agreement

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~ ~ C-~ ~ ~ SaUTH 6~.. of ,~,1'~~ ~ /o. ~ ~ ~ Community & Economic Development ~\~ -~ .~~' ~.~~1865. ~. 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. What We Do Today Makes A Difference!