Agenda - Economic Development Authority - 01/13/2022

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Economic Development Authority (EDA) Meeting Date: 01/13/2022 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development 4. 1. Title: Consider Extension of CBRE Real Estate 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 held for resale. The City currently lists some of its own property utilizing Costar/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 but the City is still receiving inquiries generated from listings from CBRE and the City listings. The speed in which site selection and acquisition progressed has seemed to improve over the past few months and the City continues to entertain offers and interest. The City closed on three parcels in 2021 and has four others under a purchase agreement. The proposed listing agreement with CBRE would be from February 1, 2022 - January 31, 2023. Notification: Notification is not required. Observations/Alternatives: The the of the listing agreement is proposed to be extended 1 year to January 31, 2023. All other terms and condition remain the same as July 10, 2019 Listing Agreement The following changes (and current status) have been made to the properties on the attached listing agreement below: 1. Parcel 50a - 28-32.-2.5-1 1 0020 28-32-25-41-0024 (O'Reilly site sold on 12/15/21 for $228,900. Remnant parcel under contract with Java Companies for $1,366,259) 2. Parcel 17c - 28-32-25-31-0023 (Parcel sold to Stories Foundation on 12/29/21 for $67,953.60) 3. Parcel 47e - 28 32 25 23 0018 28 32 25 23 0020 (Gigi's Salon site sold on 7/21/21 for $247,324. Remnant former Hotel Site on Market) 4. Parcel 46 - 28-32-25-22-0058 (Centra Homes interest in majority of site. Site on Market) 5. Parcel 42a -7994 Sunwood Drive - 28-32-25-23-0012 (Under Purchase Agreement with RGH Ramsey for $461,155) 6. Parcel 42b - 7990 Sunwood Drive - 28-32-25-23-0011 (Under Purchase Agreement with RGH Ramsey for $461,155) 7. Parcel 42c - 7992 Sunwood Drive- 28-32-25-23-0013 (Under Purchase Agreement with RGH Ramsey for $461,155) 8. Parcel 48a -28-32-25-24-0017 (Site on the Market) 9. Parcel 48c - 28-32-25-31-0025 (Muni Plaza Retail - Site on Market) Brian Pankratz will be in attendance to answer questions and to highlight listing activity by CBRE. Alternatives include, but are not limited to the following: 1. Recommendation to City Council approval of Listing Agreement as presented. (Recommended) 2. Something else. Funding Source: