City Council

7. AMENDED LISTING AGREEMENT WITH CUSHMAN & WAKEFIELD FOR MARKETING, SOLICITATION, AND NEGOTIATION SERVICES FOR APPROXIMATELY 43 ACRES OF CITY-OWNED REAL PROPERTY WITHIN THE TUSTIN LEGACY SPECIFIC PLAN Amended Listing Agreement with Cushman & Wakefield to provide marketing, solicitation, and negotiation services for approximately 43 acres of City-owned real property within Neighborhood E (Planning Areas 9-12) and Neighborhood D South (Planning Areas 13-14) of the Tustin Legacy Specific Plan. Recommendation: Authorize the City Manager to: 1. Negotiate and execute an amended Listing Agreement with Cushman & Wakefield for the expanded offering area described below, and including a commission in an amount not to exceed the economic terms described below, in a form approved by the City Attorney; and 2. Negotiate and execute subsequent amendment(s) to the Listing Agreement provided the total commission does not exceed the economic terms described below, and the amendment(s) are in a form approved 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 from the Land Sale Proceeds fund. The City and Cushman & Wakefield 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 Lease: 3.0% of the total lease payments for Years 1-10 *Commission to be capped at first 10 years of ground lease payments.