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Administration seeks broker to market 843 Fremont Street; evaluation matrix will weigh price and community objectives
Summary
Administration requested authority to retain Compass Real Estate to market 843 Fremont Street and evaluate offers with a matrix that balances price against consistency with the comprehensive plan and community objectives; staff said proceeds will go to the general fund and there is no outstanding debt on the property.
City administration presented a resolution on Nov. 3 asking council to authorize retention of Compass Real Estate to market, solicit and evaluate offers for 843 Fremont Street.
Director of Economic Development (Director Delfes) said Compass will use an evaluation matrix to score and rank offers and that the city intentionally included criteria beyond price — such as consistency with the comprehensive plan and neighborhood objectives — so decision makers can balance sale price with community benefit. The marketing agreement includes a 365‑day listing term and Compass’s compensation is payable only if a sale occurs in that period, staff said.
Mayor Sarachi and staff said the city’s intent is to reach a broader market through MLS listing and targeted outreach, to receive multiple offers, and to use the evaluation matrix to recommend a buyer. Staff told the committee that two parties already have expressed interest; those contacts will be shared with Compass and the process will remain open to other bidders.
A public commenter asked whether sale proceeds will go to the general fund and whether there is outstanding debt on the property. Staff said proceeds would be deposited to the general fund and that there was no outstanding debt on the building.
The committee voted to move the resolution to full council on Nov. 11.
