City Council

7. RECOMMENDATION OF PROPOSALS TO PROCEED TO A FINAL ROUND OF NEGOTIATIONS FOR THE COMPETITIVE OFFERING FOR 150 E. FIRST STREET Two (2) proposals are recommended for City Council consideration to proceed to a final round of negotiations for the competitive offering for 150 E. First Street within Development Area 2 of the Downtown Commercial Core Specific Plan. Recommendation: It is recommended that the City Council take the following actions: 1. Authorize staff and the City's broker Professional Real Estate Services Inc. to inform two (2) proposers from the competitive offering for 150 E. First Street that they will be proceeding to a final round; and 2. Authorize staff to further reduce the number of proposals that will ultimately be recommended to the City Council for consideration at a later date. Fiscal Impact: There is no fiscal impact associated with this item.