I. RECOMMENDATION:
The City Manager recommends approving the renewal of the Exclusive Authorization and Right to Sell Agreement between the City of Coalinga and Mid State Realty through December 31, 2020.
II. BACKGROUND:
The City of Coalinga currently employs and grants Mid State Realty the exclusive and irrevocable right to see or exchange real property situated in the City of Coalinga. The current Agreement expired on December 31, 2019. Mid State Realty has successfully assisted with the sale of many properties, however a few properties remain, while a couple properties are still in escrow.
III. DISCUSSION:
Approval to renew the Agreement would allow Mid State Realty to continue to work on the sale of the remaining properties not currently in escrow that still need to be sold.
Staff feels that Mid State Realty has been doing a great job for the City and is familiar with the properties, process and procedures.
IV. ALTERNATIVES:
1. Approval renewal of Agreement extending the date to December 31, 2020; or
2. Do not approve the renewal and direct staff to begin a Request for Proposals (RFP) process.
V. FISCAL IMPACT:
There is no fiscal impact as compensation to the broker comes out of the proceeds of the sales. |