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5.2.
HRA Regular Session
Meeting Date:
09/10/2013
Submitted For:
Kurt Ulrich
By:
Jo Thieling, Administrative Services

Information

Title:

Discuss Request for Proposals for Real Estate Broker Services

Background:

Attached is a draft Request for Proposal (RFP) for Real Estate broker services to sell land that is owned by either the City or the HRA.  The ten sites selected are primarily, single-user, "shovel-ready" sites.  Only the four residential lots in COR 3, and the one commercial lot in COR 2 are located within The COR.  The other sites are at various locations throughout the City, and include two sites (the adult book store and the Kiefer residence) that the City recently purchased with County HRA funds.

The City/HRA have an interest in selling these properties to free up capital for other uses.  Proceeds from sales can be used toward achieving the City's "strategic infrastructure investment" outlined in the City's vision statement.

The RFP as proposed would seek to obtain the services of a professional real estate broker, under competitive terms, to sell any or all of these surplus parcels.



 

Observations/Alternatives:

The RFP for Broker Services is proposed as a way to efficiently market these selected properties.  A professional brokerage listing (as proposed) would be for a period of six months.  At the end of six months, the City/HRA can review results, and extend or terminate the listings.

The City is currently recruiting for an Economic Development Manager staff position.  This position would be expected to take over many of the duties of a broker in this case,  However, listing these properties would give these properties a several month jump to market, and take advantage of the advanced marketing connections that a broker would have to get these properties on the market.  Some of these properties have been in the City's inventory for years without interest from potential buyers.  The City has the alternative of listing all or none of these properties.

Recommendation:

It is recommended that the HRA discuss the merits of an RFP for brokerage services and consider any revisions prior to action.  Importantly, final selection and approval of a brokerage agreement will need to come back for Council/HRA approval.

Funding Source:

No funding required.

Action:

It is recommended that the HRA consider the draft RFP, modify as desired,  and direct staff to solicit RFPs for future board consideration.

Attachments

Form Review

Inbox Reviewed By Date
Kurt Ulrich Kurt Ulrich 09/05/2013 04:09 PM
Form Started By:
Jo Thieling
Started On:
09/05/2013 10:09 AM
Final Approval Date:
09/05/2013