4.6. SR 09-21-2020 - Laserfiche WebLink

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Request for Action To Item Number Mayor and Council 4.6 Agenda Section Meeting Date Prepared by Consent September 21, 2020 Amanda Othoudt, EDD Item Description Reviewed by Exclusive Listing Agreement for Activity Center Peter Beck, City Attorney Property at 413 Proctor Avenue Reviewed by Cal Portner, City Administrator Action Requested Approve, by motion, an exclusive listing agreement for the property located at 413 Proctor Ave, with IAG Commercial. Background/Discussion At their July 6, 2020, meeting, the City Council directed staff to engage a real estate broker to list for sale the former Activity Center located at 413 Proctor Avenue. On September 8, 2020, Council directed staff to engage in an exclusive listing agreement with IAG Commercial, adding certain exclusions to the listing agreement, where in the event the sale of the property would result from a contract or an agreement with any person or entity from a protected list that the city provides, the city would pay a lower rate. The term of the agreement commences on September 21, 2020, and expires and terminate on March 31, 2021, subject to the protective period provided in Section 4 of this agreement. Unless otherwise notified in writing, the term of this agreement will automatically renew and extend for a period of six (6) months from April 1, 2021 through September 30, 2021. SALE COMMISSION SCHEDULE: If the city executes any purchase agreement or other contract concerning the sale of all or any portion of the property during the term of this agreement, or enters into such an agreement during the Protective Period with a person or entity not identified on the protective list, the city will pay the broker a sale commission in an amount determined as follows: 5% of sales price at closing if sale is direct. 6% of sales price at closing if a co-broker is involved. The city must provide the broker a “Seller Protected List”. Seller Protected List is defined as any party who has inquired with the City of Elk River concerning the availability of the Property prior to September 14, 2020. The city will provide Broker the Seller Protected List with three (3) days of the date of this Agreement. The city must agree that none of the parties on the Seller Protected List are represented by a broker and thus that any sale to any party on the “Seller Protected List” is a direct sale. The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity. Updated: August 2020