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Council approves broker agreement for Renewal Industrial Park land; asking price set at $45,000 per acre
Summary
The council approved a brokerage agreement with American Commercial Real Estate to market city-owned industrial land, with an asking price of $45,000 per acre and a flat commission of $4,500 per acre.
Developer-broker Adam Wilkett of American Commercial Real Estate presented a proposal to market city-owned land in the Renewal Industrial Park. Wilkett said comparables support an asking price of $45,000 per acre and proposed a flat commission of $4,500 per acre, roughly 10% of the asking price.
Wilkett said his firm would not require the city to pay upfront commissions. Instead, the commission would be paid from transaction proceeds when a deal closed. He referenced recent local industrial deals and his experience working with municipalities.
Council members moved to approve the brokerage arrangement and commission structure; a motion carried after a second and a voice vote, and staff were authorized to proceed with the engagement.
The council did not change the asking price or the commission structure at the meeting; the broker will begin marketing efforts and report back to staff and council on interested users and offers.
