Agenda - Council - 01/24/2023 - Laserfiche WebLink

Home

CC Regular Session 5. 16. Meeting Date: 01/24/2023 By: Sean Sullivan, Community Development Information Title: Adopt Resolution #23-033 Approving Extension of CBRE Real Estate Listing Agreement for City Owned Land in COR Purpose/Background: The purpose of this case is to consider extending the listing agreement with CBRE for some of 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 and we communicate frequently. The proposed amended listing agreement with CBRE would be from February 1, 2023 - January 31, 2024. There are currently two active purchase agreements and an LOI on CBRE listed parcels. Two purchase agreements have been from city generated leads (Cor Trust Bank, Hotel) and the third was collaboration between CBRE and the City to garner interest and ultimately an LOI (convenience grocer). CBRE has been working with many interested parties for the development of portions of Parcel 46 but some of the leads have been staff generated as well. Development interest has slowed for Parcel 50a due to the pending construction of the interchange on Hwy 10 at Ramsey Boulevard. Java Properties asked to terminate their PA due to this project. Having a reputable company like CBRE helps broadcast our available sites to a large group of contacts as noted in the 2023 City of Ramsey Land Review provided by CBRE. Notification: Notification is not required. Observations/Alternatives: The listing agreement is proposed to be extended 1 year to January 31, 2024. 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 - 28-32-25-41-0024 2. Parcel 47f —28-32-25-23-0020 (Currently under PA with Hotel Group) 3. Parcel 46 - 28-32-25-22-0058 -Multiple Developers (Housing, Apartments, Single Family Housing) have expressed sincere interest in site (Working on Wetland information and COR Infrastructure project). 4. Parcel 42a -7994 Sunwood Drive - 28-32-25-23-0012 (LOI Convenience Grover) 5. Parcel 42b - 7990 Sunwood Drive - 28-32-25-23-0011 (Pt LOI Convenience Grocer) 6. Parcel 42c - 7992 Sunwood Drive- 28-32-25-23-0013 (LOI Convenience Grocer) 7. Parcel 48a -28-32-25-24-0017 (Pt. COR Trust Bank PA) 8. Parcel 48c - 28-32-25-31-0025 (Muni Plaza Retail - Site on Market) Some of the CBRE real estate signs in the COR and surrounding areas have become weathered. These signs will be updated upon execution an extension of the Listing Agreement. Brian Pankratz will be in attendance to answer questions. Alternatives include, but are not limited to the following: 1. Adopt Resolution #23-033 Approving Extension of CBRE Real Estate Listing Agreement for City Owned Land in COR (as presented); subject to City Attorney Review (Recommended)