Agenda - Economic Development Authority - 03/14/2019 - Canceled

Home

There are many options the City could look at regarding the marketing of city owned land. They could include: 1. Continue Contract with CBRE. 2. Amend Contract with CBRE on the number of properties listed for specific properties, commission, look -back period, or other standards. 3. Seek proposals from other real estate brokers 4. List and market properties utilizing City Staff Based on the complexity of these options, Staff is seeking input from the EDA to discuss our marketing and listing strategy moving forward. In the interim, Staff is comfortable in continuing listing with CBRE but is certainly open to suggestions. Funding Source: No additional funding is necessary at this point. Commission is paid to CBRE and deducted from the sale of real property. Recommendation: • Continue to list its industrial listings (28, 37 and 55) and consider adding 6b (Water Tower #3 remnant site in Elmcrest District - 167th Avenue/Highway 47) and 11 (former gas station on Highway 47). • Retain CBRE for other listing types. Staff is open to discussion relating to whether CBRE should continue to list all housing, retail, office, COR, non-COR and multi -family parcels. • On parcels that CBRE is retained, add language in the contract the reduces or eliminates commission for prospects that originate with Staff. Action: Motion to recommend amendments to the contract with CBRE as recommended by City Staff. Attachments Map of Listing Type List of Properties For Sale Recent Land Transaction Summary Current Listing Agreement 7.30.19 Month To Month Listing Amendment Original Listing Agreement Form Review Inbox Reviewed By Date Sean Sullivan (Originator) Sean Sullivan 03/06/2019 05:39 PM Tim Gladhill Tim Gladhill 03/08/2019 02:45 PM Form Started By: Sean Sullivan Started On: 03/05/2019 09:04 AM Final Approval Date: 03/08/2019