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Request for Action <br />To <br />Item Number <br />Mayor and Council <br />8.2 <br />Agenda Section <br />Meeting Date <br />Prepared by <br />General Business <br />September 8, 2020 <br />Amanda Othoudt, EDD <br />Item Description <br />Reviewed by <br />413 Proctor Ave — Engage Activity Center <br />Cal Portner, City Administrator <br />Broker <br />Reviewed by <br />Action Requested <br />Authorize, by motion, city staff to engage in an exclusive listing agreement for the property located at 413 Proctor <br />Ave, with [the chosen broker], in a form acceptable by the city attorney, and prepare an agreement for council <br />approval. <br />Background/Discussion <br />At their July 6, 2020, meeting, the City Council directed staff to engage a real estate broker to list the former <br />Activity Center, located at 413 Proctor Ave for sale. <br />Staff received three proposals in response to the request for proposals for real estate listing and development <br />services. Staff recommends utilizing a local broker to list the property for sale. <br />IAG Commercial Real Estate <br />Fee: <br />Listing Period: <br />Marketing: <br />Hardin Companies <br />6% for a direct sale with co -broker, 5% without co -broker. Paid upon closing. Commission <br />will be shared if there is a buyer's broker representing the buyer. Co -Broker to receive <br />2.75% of the commission. <br />6 months <br />Signage, Brochures/Flyers, statewide and regional outreach through CCIM network, <br />DEED and Greater MSP. Property tour/site visits. Listing will be on Costar/Loopnet, <br />MNCAR, Greater MSP, IAG. <br />Fee: 6% of sale price or appraised value whichever is greater. Commission will be shared if there <br />is a buyer's broker representing the buyer. Co -Broker will receive 3% of the gross sales <br />price and/or $1.00 sq. ft. per year of leased space if applicable. <br />Lease option of $2/sq. ft. per year of leased space. 50% upon lease execution and 50% <br />upon occupancy. <br />The Elk River Vision P 0 W E e E 0 0 V <br />A welcoming community rvitb revolutionary and spirzted resourcefulness, exceptional NATURE <br />service, and community engagement that encourages and inspires prosperztt Updated. August 2020 <br />