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) McDonald's parcel added to the listing agreement.
(2) Former BA Cylinder site added to listing agreement.
No other changes made.

 

 

NA

(1) McDonald's parcel added to the listing agreement.
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.

(2) 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.
 

 

NA

Staff is generally supportive of this amendment.  The two proposed changes are consistent with past discussions.  No other changes are being made (including term).

 

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