Agenda - Council - 02/23/2021 - Laserfiche WebLink

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CC Regular Session Meeting Date: 02/23/2021 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development Information Title: Adopt Resolution #21-052 Approving CBRE Real Estate Listing Agreement for City Owned Land 5. 11. Purpose/Background: The purpose of this case is to consider extending the listing agreement with CBRE for some of the the City owned land held for resale. The City currently lists 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. Covid-19 has slowed down many projects/retailers/restaurants the City is still receiving inquiries generated from listings from CBRE and the City listings. The speed in which site selection and acquisition progresses has slowed, but the City continues to respond to interest. The proposed listing agreement with CBRE would be from February 1, 2021 - January 31, 2022. Notification: Notification is not required. Observations/Alternatives: There are no proposed changes to properties listed or the terms or conditions of the CBRE Listing agreement aside from extending it to January 31, 2022. Brian Pankratz, CBRE, presented a market update and highlighted listing activity in Ramsey at the February 11, 2021 EDA meeting. Alternatives include, but are not limited to the following: 1. Approval of Listing Agreement as presented. 2. Approval of Listing Agreement, with additional changes 3. 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: EDA recommends approval Resolution #21-052 Approving CBRE Real Estate Listing Agreement for City Owned Land Action: Motion to Adopt Resolution #21-052 Approving CBRE Real Estate Listing Agreement for City Owned Land Attachments ACTION - Resolution #20-052