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Economic Development Authority (EDA) <br />Meeting Date: 06/14/2018 <br />By: Tim Gladhill, Community Development <br />Title: <br />Review Options for Expiring Contract with CBRE <br />4. 6. <br />Purpose/Background: <br />The purpose of this case is to consider recommending to the City Council to extend the existing contract with <br />CBRE for real estate brokerage services for City -Owned Properties. The contract is a month -to -month contract with <br />an expiration date of July 31, 2018. Since the City is currently recruiting for an Economic Development Manager <br />that will be the point of contact for these services, Staff recommends extending at least six (6) months. This will <br />allow the new Economic Development Manager to recommend a longer -term option for management of City real <br />estate assets. Additionally, this would coincide with the 2019 EDA and General Fund Budget discussions. <br />Notification: <br />Notification is not required. <br />Observations/Alternatives: <br />For specifics of the contract itself, please see the attached contract. <br />Funding Source: <br />CBRE collects a commission fee at time of land sale deducted from the land sale price. <br />Recommendation: <br />Staff recommends extending the contract with CBRE on a month to month basis through December 31, 2018. <br />Action: <br />Motion to recommend that the City Council extend the contract with CBRE on a month to month basis through <br />December 31, 2018. <br />Existing Contract <br />Original Contract <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Tim Gladhill (Originator) Tim Gladhill 06/07/2018 11:21 AM <br />Kurt Ulrich Kurt Ulrich 06/07/2018 11:55 AM <br />Form Started By: Tim Gladhill Started On: 05/23/2018 05:53 PM <br />Final Approval Date: 06/07/2018 <br />