City Council

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