REPORT TO THE CITY COUNCIL
March 4, 2021
FROM: CITY MANAGER THOMAS C. ESQUEDA
MAYOR JERRY DYER
BY: TIM A. ORMAN, Chief of Staff to the Mayor
Office of the Mayor and City Manager
SUBJECT
Title
Approve the Second Amendment to the Agreement between the City of Fresno and Cushman and Wakefield/Pacific Commercial Realty Associates to exercise the option for a 1-year extension
Body
RECOMMENDATIONS
Staff recommends that City Council Approve the Second Amendment to the Agreement between the City of Fresno and Cushman and Wakefield/Pacific Commercial Realty Associates (PACCOM) and authorize the City Manager to execute the amendment.
EXECUTIVE SUMMARY
PACCOM has been providing real estate services to the City of Fresno since March 9, 2015. The original contract was amended on March 1, 2018 to extend it for three years, and included an option for two additional one year terms. This amendment activates the first additional one year term. This agreement has no impact on the General Fund as the sole compensation provided to PACCOM are commissions from the sale, lease or purchase of property for the City. The commissions also include all expenses incurred by PACCOM in performance of their services.
BACKGROUND
Since 2015, PACCOM has provided strategic insight, market research, broker opinions of value, negotiated sales, leases and renewals on behalf of the City. Tony Cortopassi is our main contact and he is currently assisting the Department of Public Utilities in the purchase of The Fresno Bee building complex on E Street. They have also engaged appraisals for the potential sale of Selland Arena and Valdez Hall and provided valuations for other surplus properties such as Broadway and Elizabeth, Gottschalks/Spiral Garage and the Met Museum. Completed transactions include the purchases of Travel Inn & Suites, 5191 N. Sixth Street, and Fire Headquarters on H Street. They have also sold property at 1929 E. Church Street, 808 M Street, and 631 H Street. In addition, they have worked on leases throughout the City.
ENVIRONMENTAL FINDINGS
This is not a project for the purposes of CEQA.
LOCAL PREFERENCE
Local preference was not implemented because this is an amendment of an existing agreement
FISCAL IMPACT
No impact
Attachment:
Second Amendment to the Agreement with Cushman and Wakefield/Pacific Commercial Realty Associates (PACCOM)