Laserfiche WebLink
Member Hardin asked about language that indicated that if the purchaser had their own <br />agreement, the City would modify it. He asked why the City wouldn't use theirs all of the time. <br />E • . nomic Development Manager /Assistant City Administrator Brama stated that the City would <br />mpt to use the City's purchase agreement, but some buyers may not be willing to accep <br />mpt <br />may jeopardize a deal if we are strong on that. The City would open negotiations with <br />using their agreement. If a prospect refused to use the City's purchase agreement, the City <br />would use their policy for the sale of city owned land to review a buyer's purchase agreement <br />and make sure it matches with the components the City needs in the purchase agreement. <br />City Administrator Ulrich asked Board Members for feedback regarding their experience <br />working with larger corporations on land deals. <br />Member Williams stated that it was on more of a lawyer -by- lawyer basis and definitely more of <br />an individual preference. She stated that she would like to think a major tenant would be treated <br />a little bit differently and that it is good to have a template to show the City's starting position. <br />She has found that a broker who won't use the seller's purchase agreement usually doesn't have <br />the authority to negotiate the terms. <br />Economic Development Manager /Assistant City Administrator Brama stated Tom Bray did feel <br />that this template will be useful for all the reasons the Board has discussed but added a word of <br />caution that some of the terms might be debated by a buyer, especially a very educated buyer, <br />because they lean in favor of the city. He wanted the Board to know that there are a few terms <br />that are not standard. <br />Member Hardin asked if the template has been reviewed by CBRE. <br />Member Riley stated that he likes that it has been drafted and reviewed by the professionals and <br />will rely on the experts. <br />Vice Chairperson Skaff concurred with Member Riley and stated that it's nice to have a template <br />to start with so that issues are straightforward and laid out. <br />Member Hardin asked if CBRE will be using the template. <br />Economic Development Manager /Assistant City Administrator Brama answered affirmatively <br />and stated that he will contact them to let them know they should be using the template as their <br />starting point. <br />Member Riley stated that he would still want negotiations and flexibility and would not want the <br />City to look like it is difficult to work with, but the template seems to cover everything the City <br />needs. <br />Member Williams asked if Tom Bray had given the City an idea of where a reasonable line <br />would lie in regard to the questionable sections. <br />Economic Development Authority /April 2, 2015 <br />Page 5 of 9 <br />