The City Commission signed a property agreement with CBRE for the Nottingham Center during its Monday meeting.
Earlier this month, CBRE presented a plan that included a monthly management fee of $6,500 to the city. The payment, CBRE said, covers lot ownership.
After much discussion, the City Commission decided to defer signing the contract and requested additional information about the proposed management fee before taking action.
Following the meeting, the team worked with CBRE to better outline the vision and cost breakdown.
CBRE representative Melissa Gray presented to the commission Monday an annual estimate of how many lots the real estate company would own versus the city.
The city will owe the most to CBRE in January and October of next year. Their lot ownership, and therefore how much money they owe CBRE, will dwindle in December 2022 and March and June 2023, according to CBRE’s presentation. In other words, retailers are expected to fill in the Nottingham Center during that time.
“Based on these plans, I do not anticipate any city risk in 2023. However, this is all based on assumptions,” Gray said. “The goal would be that once all those lots are sold, the city has no risk because all those expenses would be paid for by the [Nottingham] Association.”
The city will have ownership of the Village Green, but will not have to pay CBRE for the property, according to the documentation Gray presented.
The goal of the Village Green area will act as a focal point of community activity, such as farmers markets, Christmas tree sales and food truck parking.
The Village Green will attract retailers to rent spaces in the Nottingham Center, Gray said. The Village Green will activate more foot traffic into the retail space, which will benefit tenants.
A main concern Mayor Tim Reazin had was the amount of control the city would have over the Village Green in terms of activity and community-based events. City Attorney David Waters said it will not be a problem.
“As long as you own the Village Green, you control it. You have no obligation to provide amenities to CBRE,” Waters said. “The association cannot limit the rights as to the use of or programming to the Village Green like scheduling events.”
In the presentation, Gray predicted that by 2024, the city will not own any of the lots on the property and will thus owe no money to CBRE. Right now, CBRE has rented out two lots for Casey’s and Wendy’s. There are still seven lots to be filled.
In signing this agreement, city commissioners agreed to the monthly management fee of $6,500.
The commission also approved a revised Nottingham Center Declaration that presents a proposed approach to the maintenance and operations of the common areas, including the Village Green at the Nottingham Center.
All landscaped areas, walkways, sidewalks and street lighting shall be maintained under the city.
In other business, the City Commission authorized the 2021 Purple Wave auction, which auctions off used construction, farm fleet and other types of vehicles.
The proceeds from the sale will be applied toward updating equipment and the necessary improvement to Eudora’s infrastructure. Public Works Director Branden Boyd said the department will purchase a one-and-a-half-ton pickup truck with a dump bed.
The commission also adopted Douglas County’s new emergency action plan. The plan explains the functions of law enforcement, fire and public works. The city government of Eudora would be responsible for providing the first response in case of an emergency.
“The plan provides ways the county can support and coordinate resources across the county,” Deputy Director for Douglas County Emergency Management Jillian Rodrigue said. “It really gives the direction of how we would like to operate during a disaster.”
Reach reporter Tatum Goetting at email@example.com.
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