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6 o6l (�_) <br />repUTH 6`p <br />Community & Economic Development <br />1865 <br />1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 <br />To: Redevelopment Commission <br />From: Matthew Sikora, Economic Development Planner S <br />Subject: Contract to list real estate <br />Date: September 27, 2011 <br />Attached for consideration and approval are five (5) listing contracts with Bruce Gordon of <br />Hallmark Real Estate for the sale of five Redevelopment -owned properties in the Monroe <br />Park Neighborhood. <br />On June 28, 2011 the Redevelopment approved the bid specs, fair - market valuation, and <br />advertising of legal notices to begin the disposition process for each of the five properties. <br />At the July 26, 2011 Redevelopment Commission meeting, staff reported that no bids had <br />been received on any of the properties and that they would thus be able to be sold at a <br />negotiated price less than the fair - market valuation. <br />The attached contract is an example of previous contracts the city has had with Mr. Gordon <br />(revised contracts will be made available on Tuesday). This is a standard agreement <br />wherein commission on each property sold is the higher of $2000 per property or 7% of the <br />negotiated sale price. Should Mr. Gordon sell to one of his clients directly, the $2000 <br />decreases to $1500. <br />I've attached a property list for reference. Some of the properties do have tenants, who are <br />all renting month -to -month and have been made aware of the possibility of a sale. <br />Staff requests your approval of this contract to allow for the marketing and sale of the <br />Monroe Park Neighborhood properties. <br />What We Do Today Makes A Difference! <br />