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HomeMy WebLinkAboutO-2008-3065 Cushman Wakefield of Texas, Inc./exclusive right to sell certain real properties 9 REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: February 25. 2008 Appropriation Requested By: .fohn .foerns Source of Funds: N/A Department: ~dmillidntiQIl Account Number: N/A Report: Resolution: Ordinance: x Amount Budgeted: NI A Exhibits: Ordinance 2008- Amount Requested: N/A. Exhibits: Exclusive Rie:ht to Sell Contract Budgeted Item: YES NO Exhibits: SUMMARY & RECOMMENDATION The City issued an RFP for Real Estate Brokerage Services. Six responses were received and evaluated by staff. The fmn of Cushman & Wakefield of Texas, Inc. (C & W) was identified as the top respondent. An agreement for services has been negotiated and has been reviewed by Knox Askins. The agreement provides for C & W to represent the City for the following properties. . An estimated 47.60 Ac (residual of80.97 Ac tract) on Bay Area Blvd. Fee at 3.75% of sales price. . The former PD sitelMunicipal Court building and related properties (will include lease back provisions for Municipal Court). Fee at 5% of sales price. . The residual of the 5.9 Ac on North Broadway (known as the Flanagan Lease). Fee at 5% of sales price. The agreement includes a right to terminate clause for anyone or more of the three properties and provides for reimbursement of expenses not to exceed $5,000 upon expiration or termination ofthe agreement in the event C & W is not paid a commission. The agreement further notes that the properties are not presently ready to sell and that the City will notify C & W when each property is available for sale. authorizing City Manager to approve contract for services of C & W to represent City in d ~ I{)s Date ORDINANCE NO. 2008-~ AN ORDINANCE APPROVING AND AUTHORIZING AN EXCLUSIVE RIGHT TO SELL CONTRACT BETWEEN CITY OF LA PORTE AND CUSHMAN &: WAICEFIELD OF TEXAS, INC., FOR THE EXCLUSIVE RIGHT TO SELL CERTAIN REAL PROPERTIES OWNED BY THE CITY OF LA PORTE, MAKING VARIOUS FINDINGS AND PROVISIONS RELATING TO THE SUBJECT, FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW, AND PROVIDING AN EFFECTIVE DATE HEREOF. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. The City Council hereby approves and authorizes the contract, agreement, or other undertaking described in the title of this ordinance, a copy of which is on file in the office of the City Secretary. The City Manager is hereby authorized to execute such document and all related documents on behalf of the City of La Porte. The City Secretary is hereby authorized to attest to all such signatures and to affix the seal of the City to all such documents. Section 2. The City Council officially finds, determines, recites, and declares that a sufficient written notice of the date, hour, place and subject of this meeting of the City Council was posted at a place convenient to the public at the City Hall of the City for the time required by law preceding this meeting, as required by the Open Meetings Law, Chapter 551, Texas Government Code; and that this meeting has been open to the public as required by law at all times during which this ordinance and the subject matter thereof has been discussed, considered and formally acted upon. The City Council further ratifies, approves and confirms such written notice and the contents and posting thereof. Section 3. This Ordinance shall be effective from and after its passage and approval, and it is so ordered. PASSED AND APPROVED, this 25th day of February, 2008. By: ATTEST: IUliktlflll Mar ha A. Gi I tt City Secretary APPROVED: j /;~ /' 0! II . /. ~ /1 (2:a~JJL~ ~ L~J Knox W. Askins ' City Attorney CUU:t::~_ Alton E. Porter, Mayor 2