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CITY OF CENTERVILLE <br />REQUEST FOR <br />COUNCIL ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />April 22, 2020 <br />Administration/EDA <br />IX.2 <br />TITLE OF ISSUE: <br />Listing Agreement - 1737 Main Street - Titus Commercial <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br />At the EDA meeting on 4/15, Mike Brass presented a concept sketch and financial pro-forma for a potential <br />multi-use building on the city's property at 1737 Main Street. The concept plan was commissioned by the EDA <br />to elicit interest in the property. Attached is a Listing Agreement to allow Mr. Brass to market the property for <br />development. The listing fee, as a percentage of the sale is higher than typical, due to the small size of the <br />property and the complexity of the project, but is certainly fair as a raw cost. The concept sketch will be used to <br />market the property, but does not necessarily prevent Mr. Brass from bringing the city potential buyers with <br />other development proposals in mind. The EDA voted unanimously to recommend that the Council either a) <br />enter into a Listing Agreement with Mr. Brass for 1737 Main Street, or b) transfer ownership of the property to <br />the EDA, with the condition that they enter into said agreement. <br />COST AND SOURCE(S) OF FUNDING: <br />$6,500- Proceeds from sale of the land or General Fund. Fee only payable upon sale of the land - no upfront fee. <br />REQUESTED COUNCIL ACTION: <br />Motion to authorize execution of the Listing Agreement with Titus Commercial (Mike Brass) for 1737 Main <br />Street. \[or\] <br />Motion to transfer the property at 1737 Main Street to the EDA, conditioned on them entering into Listing <br />Agreement with Titus Commercial (Mike Brass) for the sale of said property. <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />Vote Record: Aye Nay <br /> _____ <br />_____ <br />Listing Agreement, Concept Sketch <br />Other (specify) ____________ <br /> _____ _____ Love <br /> _____ _____ <br />_______________________________________________________________ <br /> _____ _____ Koski <br /> _____ _____ Montain _______________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br /> <br />