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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: February 25. 2008 <br /> <br />Appropriation <br /> <br />Requested By: .fohn .foerns <br /> <br />Source of Funds: <br /> <br />N/A <br /> <br />Department: <br /> <br />~dmillidntiQIl <br /> <br />Account Number: N/A <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: <br /> <br />x <br /> <br />Amount Budgeted: NI A <br /> <br />Exhibits: Ordinance 2008- <br /> <br />Amount Requested: <br /> <br />N/A. <br /> <br />Exhibits: Exclusive Rie:ht to Sell Contract <br /> <br />Budgeted Item: YES <br /> <br />NO <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City issued an RFP for Real Estate Brokerage Services. Six responses were received and evaluated by staff. The <br />fmn of Cushman & Wakefield of Texas, Inc. (C & W) was identified as the top respondent. <br /> <br />An agreement for services has been negotiated and has been reviewed by Knox Askins. The agreement provides for <br />C & W to represent the City for the following properties. <br />. An estimated 47.60 Ac (residual of80.97 Ac tract) on Bay Area Blvd. Fee at 3.75% of sales price. <br />. The former PD sitelMunicipal Court building and related properties (will include lease back provisions for <br />Municipal Court). Fee at 5% of sales price. <br />. The residual of the 5.9 Ac on North Broadway (known as the Flanagan Lease). Fee at 5% of sales price. <br /> <br />The agreement includes a right to terminate clause for anyone or more of the three properties and provides for <br />reimbursement of expenses not to exceed $5,000 upon expiration or termination ofthe agreement in the event C & W is <br />not paid a commission. <br /> <br />The agreement further notes that the properties are not presently ready to sell and that the City will notify C & W when <br />each property is available for sale. <br /> <br /> <br />authorizing City Manager to approve contract for services of C & W to represent City in <br /> <br />d ~ I{)s <br /> <br />Date <br />