Agenda - Economic Development Authority - 07/16/2020

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Economic Development Authority (EDA) Meeting Date: 07/16/2020 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development 4.2. Title: Consider CBRE Listing Agreement for City Owned Land Purpose/Background: The purpose of this case is to consider extending the listing agreement with CBRE for some of the the City owned land. The city has started listing some of its own property utilizing Loopnet and MNCAR through the Anoka County access. City Staff has been satisfied with the work of Brian Pankratz with CBRE on the current listings. Although, Covid-19 has somewhat slowed down some projects/retailers the City is still receiving inquiries generated from listings from CBRE and the City listings. The speed in which site selection and acquisition has slowed but things are moving. The proposed listing agreement with CBRE would be from August 1, 2020 - January 31, 2021. Notification: Notification is not required. Observations/Alternatives: It should be noted that the proposed listing agreement removes Parcel 52b. Parcel 52b was the land previously under contract with AEON for Phase 2. Staff brought this project forward to City Council twice in 2020 and the direction from the City Council was not to move forward with this apartment project on this site until more retail was constructed. Based on this information, Staff is suggesting that the City remove this parcel from the CBRE listing and put it under the City umbrella. The City would not actively list the parcel until conditions change. Brian Pankratz will be in attendance to provide a market update and to highlight listing activity by CBRE. Alternatives include, but are not limited to the following: 1. Recommend to City Council approval of Listing Agreement as presented. (Recommended) 2. Seek proposals from other real estate brokers. 3. List and market more properties utilizing City Staff. 4. Something else. Funding Source: There is no immediate or initial up front costs. CBRE is only paid at time of sale, and a commission is deducted from the gross sales price rather than an hourly rate. Recommendation: Staff recommends approval of the Listing Agreement with CBRE, from August 1, 2020 - January 31, 2021. Action: Motion to recommend to the City Council approval of the attached Listing Agreement with CBRE from August 1, 2020 - January 31, 2021.