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HomeMy WebLinkAboutResolution - 2001-R0130 - Brokerage Policy Amendement For The Land At Airport - 04/12/2001Resolution No. 2001-RO130 April 12, 2001 Item No. 63 RESOLUTION WHEREAS, the City of Lubbock adopted a policy in Resolution No. 6074 regarding land brokerage at Lubbock International Airport; and WHEREAS, the City of Lubbock finds that there is a need to replace this policy regarding land brokerage for the Interport Trade Center at the Lubbock International Airport; and WHEREAS, the Airport Board of the City of Lubbock approved the new Interport Trade Center policy and recommended that the City Council approve the policy; NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK: THAT the City Council of the City of Lubbock hereby adopts and Resolution No. 6074 is amended by replacing the policy with a new brokerage policy for the land at Lubbock International Airport. Said policy is attached hereto and incorporated herein as if fully set forth in this resolution and shall be included in the minutes of the Council. Passed by the City Council this 12th day of April , 2001. Y SIT O ,MAYOR ATTEST: Rebecca Garza, City Secretary APPROVED M Tp CONTENT: Director of Aviation AS TO FORM: Linda L. Chamales, Supervising Attorney Resolution No. 2001-R0130 LUBBOCK INTERNATIONAL AIRPORT INTERPORT TRADE CENTER BROKERAGE POLICY The City has the sole right to accept or reject any offers to sell or lease, and no commissions will be paid on a transaction that the City has rejected. 2. The City shall retain an exclusive agent to dispose of all or a portion of the Trade Center Properties. Where the exclusive agent is the sole procuring cause of a sale of one or more of the Trade Center Properties, the City shall pay a 6% commission to the exclusive agent upon closing of the sale of the property. Where a cooperating broker is involved as a procuring cause of the sale of any one or more of the Trade Center Properties, the City shall pay a 4% commission to the exclusive agent and a 4% commission to the cooperating broker upon closing of the sale of the property. 4. Where the exclusive agent is the sole procuring cause of a land lease of any one or more of the Trade Center Properties, the City shall pay a commission for each piece of property equal to one year's average base rent over the term of the lease less adjustments for inflation, and payable in equal quarterly payments over the first twenty four (24) months of the term of the lease. Where a cooperating broker is involved as a procuring cause of a land lease of the Trade Center Properties, the City shall pay to the exclusive agent a commission for each piece of property equal to nine months average base rent less adjustments for inflation, and payable in equal quarterly payments over the first twenty-four (24) months of the lease. In addition, the City shall pay to the cooperating broker a commission for each piece of property equal to nine months average base rent less adjustments for inflation, and payable in equal quarterly payments over the first twenty-four (24) months of the lease. The City shall pay no commissions on any breakout leases or subleases.