REPORT TO THE CITY COUNCIL
March 1, 2018
FROM: WILMA QUAN-SCHECTER, City Manager
City Manager's Office
LAURA GLORIA, Deputy City Manager
City Manager's Office
SUBJECT
Title
Approve the First Amendment to Agreement between the City of Fresno and PACCOM Realty Advisors, INC., a California corporation, dba Cushman and Wakefield Pacific
Body
RECOMMENDATION
Staff recommends that City Council Approve the First Amendment to Agreement between the City of Fresno and PACCOM Realty Advisors, INC., a California corporation, dba Cushman and Wakefield Pacific and authorize the City Manager or designee to execute the amendment.
EXECUTIVE SUMMARY
On March 6, 2014, the Fresno City Council adopted the Asset Management Act (Act) which was authorized by then Councilmember Lee Brand. The Act included a provision that called for the issuance of a Request for Proposals (RFP) from qualified real estate professionals who could assist the City in strategic planning and asset management. On October 28, 2014, the City received a RFP response from CBRE, in partnership with Cushman & Wakefield/Pacific Commercial Realty Advisors (PACCOM) who were subsequently awarded the Asset Management Contract effective March 9, 2015.
Since then, CBRE and PACCOM have provided a variety of real estate and asset management services, including the creation of a detailed listing of all properties owned and leased by the City of Fresno as well as a Strategic Real Estate Plan which was presented to council on December 10, 2015. CBRE and PACCOM have worked closely with the City's administration to identify opportunities to increase revenues or reduce expenses by identifying the number and type of properties owned or leased by the City, evaluating the overall condition and lease terms of these properties, analyzing opportunities to reduce and renegotiate leases based on market conditions, and whether additional revenue can be generated through the sale, lease or auction of underutilized ...
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