Agenda - Council - 02/24/2020 - Laserfiche WebLink

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CC Regular Session Meeting Date: 02/24/2020 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development 5. 10. Information Title: Adopt Resolution #20-033 Approving Extension to Commercial Real Estate Brokerage Services with CBRE Purpose/Background: Purpose: The purpose of this case is to review the City's strategy for real estate management for city -owned parcels listed by CBRE and to consider an extension to the listing agreement. Background: City staff has been working with CBRE to sell city owned parcels. At this time, the Listing Agreement is limited to listings within The COR. The City self -lists properties outside of The COR. The Listing Agreement expired on February 1, 2020. Over the course of the last six months the City has closed on Parcel 45 (West Armstrong Retail project), and entered into purchase agreements with GiGi's Salon and Cobblestone Hotel. CBRE has brought multiple leads to the city for multiple sites that include housing developers and other commercial users during the past 6 months. CBRE has worked on the City behalf for the GiGi's Salon PA and has continued to market city parcels online and with their contacts. City staff has been satisfied with the work done by CBRE to this point and would recommend to continue to utilize their services until August 1, 2020 and to continue to evaluate. The proposed Amendment to Listing Agreement does not add or reduce the amount of parcels that are listed and the terms remain the same. A registration letter for expired users has been provided in the event that the contract is not extended. These users are subject to the 180 day term in paragraph 10 of the attached listing agreement. In late 2018, Anoka County added a regional economic development presence to Anoka County as presented to the EDA in the past. The City of Ramsey is included in this partnership and has the opportunity to list its properties on the Minnesota Commercial Association of Realtors (MNCAR) listing service at a nominal cost and is taking advantage of that service. Notification: Notification is not required. Observations/Alternatives: Alternatives include, but are not limited to the following: 1. Recommend approval of Amendment to Listing Agreement as presented.. 2. Amend Amendment to Listing Agreement 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. 5. Something else. Funding Source: