City Council

7.\nAMENDED LISTING AGREEMENT WITH CUSHMAN & WAKEFIELD\nFOR MARKETING, SOLICITATION, AND NEGOTIATION SERVICES\nFOR APPROXIMATELY 43 ACRES OF CITY-OWNED REAL PROPERTY\nWITHIN THE TUSTIN LEGACY SPECIFIC PLAN Amended Listing\nAgreement with Cushman & Wakefield to provide marketing, solicitation,\nand negotiation services for approximately 43 acres of City-owned real\nproperty within Neighborhood E (Planning Areas 9-12) and Neighborhood\nD South (Planning Areas 13-14) of the Tustin Legacy Specific Plan.\nRecommendation: Authorize the City Manager to: 1. Negotiate and\nexecute an amended Listing Agreement with Cushman & Wakefield for\nthe expanded offering area described below, and including a commission\nin an amount not to exceed the economic terms described below, in a\nform approved by the City Attorney; and 2. Negotiate and execute\nsubsequent amendment(s) to the Listing Agreement provided the total\ncommission does not exceed the economic terms described below, and\nthe amendment(s) are in a form approved by the City Attorney. Fiscal\nImpact: There will be no impact to the General Fund given that\ncommission to a commercial real estate broker is paid from the Land Sale\nProceeds fund. The City and Cushman & Wakefield have negotiated the\nfollowing commission: Land Sale: 3.0% of gross purchase price up to the\nfirst $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 Lease: 3.0% of the total lease\npayments for Years 1-10 *Commission to be capped at first 10 years of\nground lease payments.