Title
Staff Report, Board Discussion and Possible Action Regarding Approval Of Exclusive Real Estate Listing Agreement with Jones Lang LaSalle Brokerage, Inc for MEDC Owned Property Near the Corner of Easy Drive and 7th Avenue.
Requested Action
Approval of the Exclusive Real Estate Listing Agreement with Jones Lang LaSalle Brokerage, Inc for MEDC owned property Near the Corner of Easy Drive and 7th Avenue
Recommendation
Approval of the Exclusive Real Estate Listing Agreement with Jones Lang LaSalle Brokerage, Inc for MEDC owned property Near the Corner of Easy Drive and 7th Avenue
Description/History
Following the announcement of the Amazon project locating on the southern tract of the MEDC property commonly referred to as the Mansfield International Business Park, numerous offers were received from a variety of industrial developers wanting to purchase the remaining land on the north side of Klein Tools Blvd at the corner of Easy Drive and 7th Avenue. These developers wanted to construct large speculative industrial warehouses. These offers were not accepted as the City would prefer to attract a different use with a larger economic impact to the community. Staff believes the best approach is to engage a national broker to market and sell the land for a different type of industrial use. Staff interviewed five different brokers and believes Jones Lang LaSalle will provide MEDC with the best opportunity for success.
Justification
Enlisting JLL to market the site using their global resources will provide a more targeted approach to attracting the desired type of investment for this property.
Funding Source
4A
Prepared By
Richard Nevins, Director Economic Development, 817-728-3652