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RESOLUTION N0. 8780
OF THE CITY COUNCIL OF THE CITY OF PALM SPRINGS,
CALIFORNIA, ADOPTING THE FEE SCHEDULE OF THE LOS
ANGELES REALTY BOARD, AND AUTHORIZING PAYMENTS IN
I ACCORDANCE THEREWITH TO BROKERS FOR MERCHANDISING
CITY-OWNED PROPERTIES THROUGH LEASE AND/OR SALE
WHEREAS, the City of Palm Springs owns or controls certain real properties
which it desires to merchandise through lease and/or sale; and
WHEREAS, these properties to be merchandised are located on the Palm Springs
Municipal Airport and the industrial park immediately east of the airport;
and
WHEREAS, the property can be most effectively merchandised utilizing the
services of licensed real estate brokers, as well as designated employees
of the City of Palm Springs; and
WHEREAS, utilizing the services of licensed real estate brokers requires
the payment of fees for services rendered;
NOW THEREFORE BE IT RESOLVED that the City of Palm Springs does authorize
utilizing the services of licensed real estate brokers in the merchandis-
ing of city-owned/controlled real properties by lease or sale, and does
adopt the fee schedule of the Los Angeles Realty Board to be paid to
bonafide real estate brokers for services performed, as shown on Exhibit
I
A, attached hereto.
BE IT FURTHER RESOLVED that the payment of any fees shall be dependent
upon a rendering to the City of Palm Springs of full broker services,
and that there will be no payment of any so-called,,finders" fees"
Adopted this 14thday of Novemb 1966
Ayes: Councilmen Dragicevich, Foster, Selig, Wiefels & Mayor McCoubrey
Noes : None
Absent: None
ATTEST: CITY1OF PALM SPRINGS, CALIFORNIA
Fa D. ALESHIRE
CITY CLERI
City Manager
By
D ty City Clerk
APPROVED AS TO FORM
WoD4ireCityAttorney
I
Li_B
Res. 8780
Page 2
EXHIBIT A - City of Palm Springs
Brokers' Fees for Commercial Property Leases
A. Lease for a term of five years or more:
a) 3% of the toal rental for the 1st five years.
1,% of the total rental for the balance of term.
b) Where the negotiation of a lease or leases is the
originating cause of a new structure or requires
structural changes to the leased property costing
in excess of $5,000:
3% of the total rental for the 1st five years.
2% of the total rental for the balance of the term
B. Lease for a term less than five years:
5% of the total rental up to the 1st year, plus
4% of the total rental up to the 2nd year, plus
3% of the total rental up to the 3rd year, plus
12% of the total rental up to the 4th year, plus
1,% of the total rental up to the 5th year.
Brokers ' Fess for Sale and Lease of Industrial Property
For vacant or improved property for a term of less than 5 years - 5%
Ordinary term gross lease for 5 years- or more:
3,% of total rent for 1st 5 yrs. l21-,% of total rent for 2nd 5 yrs.
12% of total rent for balance of tern.
Where negotiation of lease is originating cause of new structure
in excess of $5,000:
4% of total rent for 1st 5 yrs.
21-,% of total rent for 2nd 5 yrs.
12% of total rent for the balance.
I