City Council

9. SELECTION OF A REAL ESTATE BROKER FOR MARKETING AND\nSOLICITATION SERVICES FOR CITY-OWNED REAL PROPERTY AT\n150 E. FIRST STREET Request for selection of a real estate broker to\nprovide marketing and solicitation services for approximately 0.4 acres of\nCity-owned real property at 150 E. First Street within Development Area 2\nof the Downtown Commercial Core Specific Plan.\nRecommendation: Authorize the City Manager to negotiate and execute a\nListing Agreement with Professional Real Estate Services, Inc., 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 real estate broker\nis paid at close of escrow on a land sale or execution of a ground lease.\nThe City and Professional Real Estate Services, Inc., have negotiated the\nfollowing commission: Sale: 4.0% of gross purchase price Lease: 4.0% of\nthe total lease payments for Years 1-10 *Commission to be capped at first\n10 years of lease payments.