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�L.(1) • r a n • u m nan Community & Economic Development 1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021 To: Redevelopment Commission From: Tamara Nicholl- Smith, Economic Development Subject: Contract to list real estate Date: November 8, 2011 Attached for consideration and approval is a listing contract with Tim Mehall, Edward Bradley, and George Cressy of Grubb & Ellis ( Cressy & Everett for the sale of 111 S. St. Joseph Street (College Football Hall of Fame), located in the South Bend Central Economic Development Area. On March 22, 2011 the Redevelopment approved the bid specs, fair - market valuation, and advertising of legal notices to begin the disposition process for this property. At the April 26, 2011 Redevelopment Commission meeting, staff reported that no bids had been received on the property and that as such it would now be able to be sold at a negotiated price. The attached contract is a standard agreement wherein commission on the property sold would be 5% if a tenant or purchaser is found who is not represented by another agent and 7% if the tenant or purchaser is represented by another agent. Additionally the agent understands a prospective tenant or buyer may not be able to obtain possession until after December 31, 2012 unless certain conditions contained in the Extension Agreement (attached) are satisfied in which event possession may be available on November 1, 2012. Staff requests your approval of this contract to allow for the marketing and sale of 111 S. St. Joseph Street. What We Do Today Makes A Difference!