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South Bend Redevelopment Commission <br />Regular Meeting —March 27, 2012 <br />6. NEW BUSINESS (CONT.) <br />G. Other <br />(2) continued... <br />The total fee for this service is $5,750 with <br />$3,500 being paid to the broker only if one of <br />the above mentioned properties is leased. <br />Staff requests approval of the attached <br />contract with CBRE/Bradley. <br />Mr. Varner asked if this was a percentage of <br />the gross lease. Mr. Kain responded that it <br />would be a five -year lease and that the city <br />was given a flat -fee discount. <br />Mr. Inks noted that typically the city would <br />go through a disposition process on these <br />properties, which has not been done, and <br />we'd hire a company or realtor firm to <br />represent us in the marketing. In this case <br />SINCO was purchased as part of an <br />acquisition strategy for the eventual <br />expansion of Ivy Tech. The Schillings <br />building was bought as part of an acquisition <br />strategy to create a development block across <br />from Coveleski Stadium. In both properties <br />now, the potential uses have changed. Ivy <br />Tech has a new Chancellor and its plans have <br />changed, and Schillings sits next to what is <br />now going to be the VA hospital instead of a <br />development block. There is a technology <br />firm that's looking to stay in the area and <br />needs interim space before moving on to <br />Ignition Park. So one of these properties <br />could be of use and staff approached CBRE <br />to help us respond to the request for proposal. <br />Mr. Davis asked if we approached any other <br />realty companies. Mr. Inks responded that <br />staff has not. Staff has experience working <br />15 <br />