Approve CBRE Real Estate Listing Contract: Amendment #3

PURPOSE
The purpose of this case is to approve the attached Listing Agreement Amendment #3 with CBRE.  Changes summarized below.

(1) Former BA Cylinder site added to listing agreement.
No other changes made.

 

 

NA

(1) Former BA Cylinder site added to listing agreement.
This site was a part of the original CBRE contract.  Staff accidently took it off as part of the last contract amendment (#2).  Staff would like to update the CBRE contract accordingly.  Staff would note, CBRE has seen strong interest for this parcel from a commercial user.


NOTE: McDonald's parcel review with EDA.
As the EDA/ Council knows, the city recently took back possession of the former McDonald's site.  Staff would like to update the CBRE contract accordingly.  Staff would note, both staff and CBRE have been working with multiple prospects on this site.  At the EDA meeting on 11/09, it was requested this specific listing not be added to the CBRE contract, and it be brought back to the EDA for further discussion.  Therefore, the former McDonald's site is NOT included in the attached amendment.

 

 

NA

Staff is generally supportive of this amendment.  The proposed change is consistent with past discussions.  No other changes are being made (including term).  The EDA reviewed this case on 11/09, with three total EDA members in attendance.  Informal direction from the EDA was to adopt the attached amendment.

 

Motion to recommend the City Council:
Approve the attached Listing Agreement Amendment #3.