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Economic Development Authority (EDA) <br />Meeting Date: 02/11/2021 <br />Submitted For: Sean Sullivan, Community Development <br />By: Sean Sullivan, Community Development <br />Title: <br />Consider CBRE Real Estate Listing Agreement for City Owned Land <br />4. 2. <br />Purpose/Background: <br />The purpose of this case is to consider extending the listing agreement with CBRE for some of the the City owned <br />land held for resale. The City currently lists some of its own property utilizing Loopnet and MNCAR through the <br />Anoka County access. City Staff has been satisfied with the work of Brian Pankratz with CBRE on the current <br />listings. Covid-19 has slowed down many projects/retailers/restaurants the City is still receiving inquiries generated <br />from listings from CBRE and the City listings. The speed in which site selection and acquisition progresses has <br />slowed, but the City continues to respond to interest. The proposed listing agreement with CBRE would be from <br />February 1, 2021 - January 31, 2022. <br />Notification: <br />Notification is not required. <br />Observations/Alternatives: <br />There are no proposed changes to properties listed or the terms or conditions of the CBRE Listing agreement aside <br />from extending it to January 31, 2022. <br />Brian Pankratz will be in attendance to provide a market update and to highlight listing activity by CBRE. <br />Alternatives include, but are not limited to the following: <br />1. Recommend to City Council approval of Listing Agreement as presented. (Recommended) <br />2. Something else. <br />Funding Source: <br />There is no immediate or initial up front costs. CBRE is only paid at time of sale, and a commission is deducted <br />from the gross sales price rather than an hourly rate. <br />Recommendation: <br />Staff recommends approval of the Listing Agreement with CBRE, from February 1, 2021 - January 31, 2022. <br />Action: <br />Motion to recommend to the City Council approval of the attached Listing Agreement with CBRE from February 1, <br />2021 - January 31, 2022. <br />Attachments <br />ACTION - CBRE Listing Agreement Extension <br />City Owned Parcel List Summary <br />Listing Map - Citywide <br />