CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Lisa Kremer, Director of Real Property Management |
Recommendation:
title
Approve and authorize the Director of Real Property Management or designee to sign a Property Marketing Agreement with Commercial Real Estate Exchange, Inc. for marketing and online auction services of Department of Aviation property and the attendant ground leases as a single sale unit to be sold at public auction; or take other action as appropriate. (For possible action)
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FISCAL IMPACT:
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Fund #: |
5250.850 5201.701 |
Fund Name: |
CMA Operations McCarran Unrestricted Operations |
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Fund Center: |
2200400050 |
Funded PGM/Grant: |
N/A |
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Amount: |
One and one-half percent (1.5%) of the sales price |
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Description: |
Property Marketing Agreement |
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Additional Comments: |
N/A |
BACKGROUND:
On April 15, 2014, the Board of County Commissioners (Board) directed Real Property Management (RPM) to proceed with the monetization of the majority of the ground leases for possible marketing. On May 19, 2015, the Board adopted a resolution authorizing the Director of RPM to prepare the ground leases for sale.
RPM has prepared the Beltway Business Park development for sale and the property is ready to be auctioned. To maximize marketing efforts and reach a larger pool of potential bidders, and to conduct the online auction, RPM recommends entering into a Property Marketing Agreement with Commercial Real Estate Exchange, Inc. (CREXI) for the sale unit. CREXI is an online real estate marketing and sales service, which markets properties and conducts online auctions.
Under the proposed Agreement, CREXI will provide the following services:
• Advertising, marketing, and promoting the sale of the property;
• Registering and pre-qualifying bidders;
• Tracking and distributing due diligence packages;
• Conducting an online public auction in accordance with Nevada Revised Statues and pursuant to the terms contained in the Resolution of Intent to Sell Real Property as approved by the Board; and
• Coordinating the closing process between RPM, County's title company and successful bidder.
DOA will pay CREXI's fee of one and one-half percent (1.5%) of the sale price (defined as the amount of the bid for the property the County accepts).
This item was presented to the County Long Range Planning Committee on August 26, 2021.