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CC Work Session 2. 5. <br />Meeting Date: 05/27/2014 <br />Information <br />Title: <br />Discuss Amendment to Real Estate Broker Services Contract with CBRE (PORTIONS MAY BE CLOSED TO <br />THE PUBLIC) <br />Purpose/Background: <br />Purpose of Case: <br />1. Discuss Amendment to Professional Services Agreement with CBRE: add phase two listings. <br />2. Review phase two listings, including pricing strategy (PORTIONS MAY BE CLOSED TO THE PUBLIC) <br />Background: <br />The City of Ramsey owns a large inventory of developable land available for purchase by the private sector. In an <br />effort to reduce the number of tax exempt parcels in the Ramsey, and encourage private market development, the <br />City Council has identified the sale of developable City owned land as a priority. <br />In January 2014, the City entered into a contract for real estate broker services with CBRE to facilitate the sale of <br />City owned land. Said contract included a large portion of City owned properties available for development. <br />However, for a number of reasons, a small inventory of developable City owned land was not included. This <br />non -listed inventory was identified as "Phase Two" listings in previous discussions with the City Council. It was <br />anticipated parcels from the "Phase Two" listing inventory would be added to the CBRE contract as they became <br />ready. <br />The purpose of this case is to add a small inventory of "Phase Two" listings to the existing CBRE contract. No <br />other amendments are being proposed. Additionally, Staff would like to discuss and confirm pricing strategy for <br />said parcels with the City Council. <br />Attachments: <br />- -Existing Professional Services Agreement with CBRE <br />- -Phase Two Listings (#13 and #45 proposed to be added only) <br />- -Amendment to Professional Services Agreement with CBRE <br />City Council Regular Session: <br />The proposed amendment to the CBRE contract is included in the Council consent agenda tonight. <br />Timeframe: <br />10-20 minutes. This proposed lease amendment will be included on tonight's City Council regular session consent <br />agenda. <br />Funding Source: <br />Future land proceeds. <br />Responsible Party(ies): <br />Patrick Brama (contract) <br />Ted LaFrance (relationship management) <br />Outcome: <br />