2.3.
CC Work Session
- Meeting Date:
- 08/11/2014
Information
Title:
Discuss 2nd Amendment to Real Estate Broker Services Contract with CBRE (PORTIONS MAY BE CLOSED TO THE PUBLIC)
Purpose/Background:
Purpose of Case:
1. Discuss Amendment #2 to an existing Professional Services Agreement with CBRE.
2. Review new listing, including pricing strategy (PORTIONS MAY BE CLOSED TO THE PUBLIC)
Background:
The City of Ramsey owns a large inventory of developable land available for purchase by the private sector. In an effort to reduce the number of tax exempt parcels in the City of Ramsey, and encourage private market development, the City Council has identified the sale of developable City and HRA owned land as a priority.
In January 2014, the City entered into a contract for real estate broker services with CBRE to facilitate the sale of City owned land. Said contract included a large portion of City owned properties available for development. However, for a number of reasons, a small inventory of developable City owned land was not included. This non-listed inventory was identified as "future listings" in previous discussions with the City Council. It was anticipated parcels from the "future listing" inventory would be added to the CBRE contract as they became ready.
The purpose of this case is to add a one "future listing" parcel to the existing CBRE contract. No other amendments are being proposed. Additionally, Staff would like to discuss and confirm pricing strategy for said parcels with the City Council.
Attachments:
--Existing Professional Services Agreement with CBRE
--New/proposed listing
--Amendment to Professional Services Agreement with CBRE
City Council Regular Session:
The proposed amendment to the CBRE contract is included in the Council consent agenda tonight.
1. Discuss Amendment #2 to an existing Professional Services Agreement with CBRE.
2. Review new listing, including pricing strategy (PORTIONS MAY BE CLOSED TO THE PUBLIC)
Background:
The City of Ramsey owns a large inventory of developable land available for purchase by the private sector. In an effort to reduce the number of tax exempt parcels in the City of Ramsey, and encourage private market development, the City Council has identified the sale of developable City and HRA owned land as a priority.
In January 2014, the City entered into a contract for real estate broker services with CBRE to facilitate the sale of City owned land. Said contract included a large portion of City owned properties available for development. However, for a number of reasons, a small inventory of developable City owned land was not included. This non-listed inventory was identified as "future listings" in previous discussions with the City Council. It was anticipated parcels from the "future listing" inventory would be added to the CBRE contract as they became ready.
The purpose of this case is to add a one "future listing" parcel to the existing CBRE contract. No other amendments are being proposed. Additionally, Staff would like to discuss and confirm pricing strategy for said parcels with the City Council.
Attachments:
--Existing Professional Services Agreement with CBRE
--New/proposed listing
--Amendment to Professional Services Agreement with CBRE
City Council Regular Session:
The proposed amendment to the CBRE contract is included in the Council consent agenda tonight.
Timeframe:
10-20 minutes. This proposed lease amendment will be included in tonight’s City Council regular session consent agenda.
Funding Source:
Future land proceeds.
Responsible Party(ies):
Patrick Brama (contract)
Ted LaFrance (relationship management)
Ted LaFrance (relationship management)
Outcome:
- 2nd Amendment to Professional Services Agreement with CBRE executed.
- Council direction regarding pricing strategy of phase two listings.
Attachments
- Property to be added (proposed listing)
- Contract Amendment 2 (purpose of case)
- Existing Agreement w CBRE
- Contract Amendment 1
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 08/07/2014 08:23 AM |
- Form Started By:
- Patrick Brama
- Started On:
- 08/01/2014 08:21 AM
- Final Approval Date:
- 08/07/2014