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2. Adopt Resolution #23-033 Approving Extension of CBRE Real Estate Listing Agreement for City <br />Owned Land in COR (with changes.); subject to City Attorney Review <br />3. 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. In addition, Staff negotiated a reduction of commission from <br />5% to 3% for City generated leads on CBRE listed property which continues in this Amended Listing Agreement <br />term. <br />Recommendation: <br />At the January 12, 2023 meeting, the EDA unanimously adopted a motion to recommend to City Council <br />approval of the Amended Listing Agreement with CBRE from February 1, 2023 — January 31, 2024 (as presented) <br />Draft EDA minutes are attached for review of motion and discussion. <br />Action: <br />Adopt Resolution #23-033 Approving Extension of CBRE Real Estate Listing Agreement for City <br />Owned Land in COR (as presented); subject to City Attorney Review <br />Attachments <br />ACTION -Resolution #23-033 <br />ACTION -Amendment to Listing Agreement with CBRE <br />CBRE Property Listing Activity <br />CBRE Sign locations <br />Parcel Map of Listings in COR <br />CBRE 2023 Land Review <br />MPLS Office Market <br />MPLS Industrial Market <br />CBRE Listing Agreement (Reference) <br />REFERENCE - DRAFT EDA Minutes 1.12.23 Excerpt <br />Inbox <br />Sean Sullivan (Originator) <br />Brian Hagen <br />Form Started By: Sean Sullivan <br />Final Approval Date: 01/19/2023 <br />Form Review <br />Reviewed By <br />Sean Sullivan <br />Brian Hagen <br />Date <br />01/18/2023 08:36 AM <br />01/19/2023 12:15 PM <br />Started On: 01/13/2023 05:17 PM <br />