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�, c, ( Z) • r a n • U M n!'m Community & Economic Development 227 West Jefferson, Suite 1200, South Bend, Indiana 46601 -1830 ❑ Phone 574/235 -9371 ❑ Fax 574/235 -9021 To: Redevelopment Commission From: Jitin Kain ",,V- Subject: Contract with CBRE /Bradley Date: March 23, 2012 On March 6, 2012, Redevelopment staff received a Request for Proposal (RFP) from a local broker representing a high tech company. This company is looking to lease approximately 8,000- 10,000 sq.ft of office and lab space in the area. The RFP requests a response from the Commission for two of their buildings - Schillings Building (329 Lafayette) and Sinco Pool Building (130/202 E. Sample). Attached is a service contract from CBRE /Bradley to respond on behalf of the Commission to the RFP. Terms of the agreement are included in the attached agreement and generally include: 1. CRRE /Bradley will act as the Commission's broker in order to complete a leasing proposal for a potential tenant in the two Commission owned properties stated above. 2. The Commission agrees to pay broker $2,250 to complete the Request for Proposal issued by the potential tenant. CBRE will additionally coordinate all efforts required in the proposal and engage in negotiations and other discussions with the potential tenant. If the Commission property is leased by the tenant, then CBRE will receive an additional commission of $3,500. The total fee for this service is $5,750 with $3,500 being paid to the broker only if one of the above mentioned properties is leased. Staff requests approval of the attached contract with CBRE /Bradley.