TO: Mayor and Commissioners
FROM: Jeff Oris, Assistant City Manager
THROUGH: Terrence R. Moore, ICMA-CM
DATE: August 16, 2022
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APPROVAL OF RESOLUTION NO. 131-22 FOR AN AGREEMENT WITH CBRE, INC. FOR TENANT BROKER AND REAL ESTATE CONSULTANCY SERVICES
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Recommended Action:
Recommendation
Motion to approve Resolution No. 131-22 approving an agreement with CBRE, Inc. For tenant broker and real estate consulting services and authorize the City Manager to approve renewal options, in the amounts below, contingent on appropriations of funds.
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Background:
The City of Delray Beach encourages redevelopment of underdeveloped and underutilized properties through public-private partnerships where appropriate. Properly structured partnerships share risk and expense amongst the public and private partners, encouraging efficiencies and innovation in design, construction, operations, maintenance, and the maximization of cash flow. Securing the best partner for maximum city benefit requires a meticulous pre-development process that includes a robust marketing effort to find the best development partner. This public-private partnership is a complex structure that requires significant planning and subject matter expertise in real estate development, construction timelines, technical and financial analysis. CBRE endeavors to support the City in the preparation of the developer solicitation, broadly market the opportunity, perform financial and construction analysis, and negotiate the best transaction terms on the City's behalf, all in accordance with State of Florida Statutes and local procurement policies.
The intent of this agreement is to piggyback a competitively bid state contract for consultancy services related to procuring a public-private partnership for the Delray Beach City Hall & Municipal Complex with CBRE, Inc., a national commercial real estate firm with significant experience in public-private partnerships. The proposal attached as Exhibit A to...
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