City Council

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