CITY COUNCIL: Agreement with CB Richard Ellis Consulting for Flanders Mansion Property Economic Analysis

Meeting Date: August 5, 2008
Prepared by: Rich Guillen

City Council
Agenda Item Summary

Name: Consider a Resolution entering into an agreement with CB Richard Ellis Consulting to prepare an economic analysis for the Flanders Property in an amount not to exceed $40,000.

Description: CB Richard Ellis Consulting (CBRE) is a real estate and urban economics firm. The firm has substantial experience in the real estate market and financial analysis. CBRE will evaluate the property from a sales standpoint as well as being offered for lease.

Overall Cost:
City Funds: $40,000
Grant Funds: N/A

Staff Recommendation: Adopt the Resolution.

Important Considerations: CBRE will evaluate the sale versus lease options for the Flanders property. If sold, the property would be offered as is for use as a single family residence or a non-profit organization with limited permitted events. If leased, the City would perform the necessary rehabilitation and maintenance as one alternative and the lessee would be responsible for rehabilitation and maintenance in the other alternative.

Decision Record: Adopted Resolution No. 2004-86 approving an agreement with Denise Duffy & Associates to prepare and EIR. Adopted Resolution No. 2007-71 decertifying the EIR for the Sale of Flanders Property.

Reviewed:


Rich Guillen, City Administrator Date

CITY OF CARMEL-BY-THE-SEA
CITY COUNCIL
RESOLUTION NO. 2008-

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARMEL-BY-THE-SEA ENTERING INTO AN AGREEMENT WITH CB RICHARD ELLIS CONSULTING TO PREPARE AN ECONOMIC ANALYSIS FOR THE FLANDERS PROPERTY IN AN AMOUNT NOT TO EXCEED $40,000

WHEREAS, CB Richard Ellis Consulting (CBRE) is a full-service real estate and urban economics consulting firm;

WHEREAS, CBRE will perform an economic analysis of the Flanders Property to evaluate both sale and lease alternatives for the property;

WHEREAS, CBRE will perform an economic analysis in accordance with the Scope of Work outlined in the attached proposal.

NOW, THEREFORE, BE IT RESOLVED THAT THE CITY COUNCIL OF THE CITY OF CARMEL-BY-THE-SEA DOES:

1. Authorize the execution of the CBRE Consulting agreement in an amount not to exceed $40,000 for an economic analysis of the Flanders property.

2. Authorize payment for the professional services rendered in the agreement from the Account No. 01-64051.

PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF CARMEL-BY-THE-SEA this 5th day of August, 2008, by the following roll call vote:

AYES: COUNCIL MEMBERS:
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS

SIGNED:

_________________
Heidi Burch, City Clerk

ATTEST:

_______________________
SUE McCLOUD, MAYOR