Title
Resolution to Approve a Professional Services Agreement with CBRE for Brokerage Services for the Sale of City-owned Real Estate (the property commonly referred to as the Kline's Lot and 415 W. Washington) and Appropriate $700,000.00 (8 Votes Required)
Memorandum
Attached for your review and consideration is a resolution approving a Professional Services Agreement with CBRE in the amount of $700,000.00 for real estate brokerage services for the sale and development of the Kline's lot and the 415 W. Washington parcel.
Subsequent to Council action in R-24-279 and R-24-347, the City issued RFP#24-50 and RFP#24-55 on October 10, 2024 and November 13, 2024 respectively. The City conducted two separate processes with two separate teams that reviewed five responses for Kline's lot solicitation and three responses for the 415 Washington solicitation. At the conclusion of each process, CBRE was the recommended vendor. Although #R-24-347(415 W. Washington) authorized the execution of a contract with the successful firm, packaging the projects together allowed the City to negotiate pricing; therefore, staff is seeking approval of the package deal.
CBRE will develop a custom strategic plan for each property that includes a vision that reflects the community's values without overburdening the scope resulting in an infeasible development. A marketing package will be prepared highlighting the attributes of the properties. The properties will be actively marketed in a public process open to multiple developers. In consultation with City staff, CBRE will select two or three best offers for each property to present to City Council for consideration.
Budget/Fiscal Impact: These services were not contemplated or included in the approved FY 2025 Budget process; therefore, a budget appropriation in the amount of $700,000.00 is required to pay for the requested services, which will be reimbursed by the proceeds of the sale of properties.
Staff
Prepared by: Marti...
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