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Real Estate Broker Services for City-Owned Land - Lease and Sale Copyrighted May 6, 2019 City of Dubuque Action Items # 4. ITEM TITLE: Real Estate Broker Services for City-Owned Land — Lease and Sale SUMMARY: City Manager recommending approval of the use of real estate broker services in exchange for a fee for any successful lease or sale transactions of City-owned properties. SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Approve ATTACHMENTS: Description Type Real Estate Broker Services for City-Owned Land- City Manager Memo Lease and Sale-MVM Memo Staff Memo Staff Memo Maps of Identified Sites Supporting Documentation THE CITY OF Dubuque � AIFA�erlwGh UB E '�� III► Masterpiece on the Mississippi Z°°'�w'2 7A13 2017 TO: The Honorable Mayor and City Council Members FROM: Michael C. Van Milligen, City Manager SUBJECT: Real Estate Broker Services for City-Owned Land — Lease and Sale DATE: April 28, 2019 Economic Development Director Jill Connors recommends City Council approval of the use of real estate broker services in exchange for a fee for successful lease or sale transactions of certain City-owned properties. The nine maps identifying the fifteen properties covered by this policy are attached. Currently, the City has properties that have been vacant and available for lease or sale for a number of years. In an effort to bring these parcels into useful, revenue-generating properties, it is recommended to enlist the services of real estate professionals who have appropriate sales experience and market awareness to dispose of Council-identified current and future surplus properties. Securing real estate services will reduce the burden on City staff, will provide consistency to the process of leasing and divesting of land, and will ensure that municipal land assets are being utilized most effectively. It will also ensure value for taxpayers' dollars by providing efficient and timely marketing and transactions. As opposed to releasing an RFP for the selection of a designated realtor to perform this task, it is recommended to develop a policy whereby any acceptable, appropriate offer brought to the City from a reputable realtor can be considered in exchange for a suitable commission. This commission could be included in the sale/lease price. I concur with the recommendation and respectfully request Mayor and City Council approval. �� �� ��� Mic ael C. Van Milligen �� � MCVM:jh Attachment cc: Crenna Brumwell, City Attorney Teri Goodmann, Assistant City Manager Cori Burbach, Assistant City Manager Jill M. Connors, Economic Development Director 2 Dubuque Economic Development Department THE CITY OF .� 5o West 13�^Street AIFMersality Dubuque,lowa 52001-4864 D� L E � � ��� � � Office(563)589-4393 TTY(563)690-6678 http://www.cityofd u buq ue.org 2007•2012 Masterpiece on the Mississippi �,3.Zo„ TO: Michael C. Van Milligen, City Manager FROM: Jill M. Connors, Economic Development Director SUBJECT: Real Estate Broker Services for City-Owned Land — Lease and Sale DATE: April 29, 2019 INTRODUCTION This memorandum sets forth a proposal to approve the use of real estate broker services in exchange for a fee for any successful lease or sale transactions. BACKGROUND Currently, the City has properties in the Dubuque Industrial Center West, Dubuque Industrial Center South, the Dubuque Technology Park, Port of Dubuque, and Kerper Boulevard areas that are available for lease or sale. Several of these parcels have been vacant and available for lease or sale for a number of years. In an effort to bring these parcels into useful, revenue-generating properties, I propose that the City enlist the services of real estate professionals who have appropriate sales experience and market awareness to dispose of Council-identified current and future surplus properties. Securing real estate services will assist City staff with the process of leasing and divesting of land, and will ensure that municipal land assets are being utilized most effectively. It will also ensure value for taxpayers' dollars by providing efficient and timely marketing and transactions. It is important to understand how this fits in with the partnership the City has with the Greater Dubuque Development Corporation. First of all, most of the City industrial park properties will not be included in this realtor arrangement. The Greater Dubuque Development Corporation has a focus on large scale corporate and industrial facilities. This realtor arrangement will focus on some of the smaller parcels the City owns that are generally for commercial and retail tenants, though the land the City has for lease along the industrial riverfront will be included. The land being made available to realtor commissions are: a small parcel in the Dubuque Industrial Center West along Seippel Road that is designed to be the site for commercial or retail services in support of the employees of the many companies that are located in the industrial park; vacant commercial sites on the south side of 16�n Street west of Kerper Boulevard; the former Bowling and Beyond site (1860 Hawthorne St.); the former ABC warehouse site (10 South Main St.); vacant parcels fronting Highway 151/61 in the Dubuque Technology Park; and other similar sites. No commission would be given for existing tenants who extend their lease, for businesses who are already in discussion with the City, approach the City directly, or are brought to the City by the Grater Dubuque Development Corporation. As opposed to releasing an RFP for the selection of a designated realtor to perform this task, I propose that we develop a policy whereby any acceptable, appropriate offer brought to the City from a reputable realtor can be considered in exchange for a suitable commission. This commission could be included in the sale/lease price. RECOMMENDATION/ ACTION STEP I recommend approval of the above described process of marketing and sale/lease of City-owned property with the assistance of real estate professionals. � � / V, , �, �,��, , l _ � . �">� � DubuqueCiTyLimits � '��` , �` \/ CiTy-owned Developable Properties ,� ;�� .-�,�T� �, CDBG, Urban Renewal, and Enteryrise Zone Eligible -� �� `� , � Parks � 'j � ` ;:`���'v�/ � ,�* � � >,� %' r � � , � .f i � � �� �° 1 � � � �� �� � ��`-���f � t j ," \ t';� • ,�- � � ` � \ ' +�,� /, a., , , ,, 9 ' �+�i.� ���� � °� � � ,�%��� .. ,, � � �� � a o " �. � .l w �� ' ��y/ ?� oF � �c'� . . �. ...\ .`�`• . '} A . � '� . . �' . �\ •� � � � ': . y� - ��'� �I�u, :�' _ F .� �k b..� � +:.. . . � \ �,2.. �� � � � `'� rv� • ly�l ...,s � ,pa' �'a .� -�o . . . o a * r� i 7w� � �� "�ni . t� e y ,��jQ�'.'' " �° � ����. eFR��h ��� :� � P� . � �� � . � Ws .'•: ' �;, � . § ' ;. � ,' � .�,� � '`��. Jy4. ♦ ` �Y. ��"' . � �;� � ; , ��'�, � � ,J ���. - 1��A �41�'Tj�� � , . C _� . 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