City Council

8. AMENDED LISTING AGREEMENT WITH CCP REAL ESTATE\nADVISORS FOR APPROXIMATELY 52 ACRES OF CITY-OWNED REAL\nPROPERTY WITHIN NEIGHBORHOOD E (PLANNING AREAS 9-12) OF\nTHE TUSTIN LEGACY SPECIFIC PLAN Amended Listing Agreement with\nCCP Real Estate Advisors to provide marketing and solicitation services\nfor approximately 52 acres of City-owned real property within\nNeighborhood E (Planning Areas 9-12) of the Tustin Legacy Specific Plan.\nRecommendation: Authorize the City Manager to negotiate and execute\nan amended Listing Agreement with CCP Real Estate Advisors, subject to\nnon-substantive additions or modifications as may be deemed necessary\nand/or recommended by the City Attorney. Fiscal Impact: There will be no\nimpact to the General Fund given that commission to a commercial real\nestate broker is paid at close of escrow on a land sale or execution of a\nground lease. The City and CCP Real Estate Advisors have negotiated\nthe following commission: Land Sale: 3.0% of gross purchase price up to\nthe first $10,000,000.00, 2.0% of gross purchase price between\n$10,000,000.00 to $20,000,000.00, 1.0% of gross purchase price\nexceeding $20,000,000.00 Ground: 3.0% of the total lease payments for\nYears 1-10 Lease: *Commission to be capped at first 10 years of ground\nlease payments. The final compensation amount to be paid will depend on\nthe success of a future conveyance. It is undetermined at this time\nwhether property would be conveyed under a sale or ground lease.