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The work of an industrial site consultant and realtor is under review by a city-supported business organization to determine if they would recommend renewing the contract for another year.
A Wapakoneta Area Economic Development Council (WAEDC) ad-hoc committee is reviewing contract terms between the city of Wapakoneta and CB Richard Ellis, an international real estate firm with 90 industrial brokers and 150 offices throughout the world, before recommending, if any, changes to the one-year contract.
Wapakoneta City Council members must approve the agreement which expires at the end of June.
WAEDC Executive Director Greg Myers said extending the contract to continue the work by CB Richard Ellis agents, most notably Mike McNulty, is a smart move by city leaders.
“Having a third-party realtor for the 471-acre Job Ready Sites manufacturing site and having them located near us with an office in Columbus with strong connections with other professional realtors throughout the country and world, especially those that deal with industrial properties, is wise for us because it just gives us one more avenue for which we can promote the site,” Myers told the Wapakoneta Daily News. “Mike McNulty, who has been our consultant-realtor with CB Richard Ellis, has been doing a very good job for us, not only with the presentations on specific projects but also with government-related things, utility-related things that have been very beneficial to our efforts for the Job Ready Sites manufacturing site.”
The city pays CB Richard Ellis $42,000 annually to represent the site, with the total amount to be spent to be deducted from their commission when land is sold. If renewed, the total contract amount would be $126,000.The firm receives a 10 percent commission if any land is sold.
At present, Myers noted the contract must be evaluated beyond land being sold and an industry locating in the West Central Ohio Industrial Center.
“We have had a number of site visits, a number of projects looking at the property, we have had a number of projects come and visit the site,” said Myers, who says he cannot disclose any specific firm or business showing interest in Wapakoneta. “Mike’s services have been very helpful in preparing those and conducting those site visits.
“The fact remains we have not closed a deal to date, but it is good to have the right team in place to help us be able to do that,” the executive director said. “We also have to realize we have had the worst two or three years of a national economy that we have seen in a generation or more.”
Watching the economy improve in the past couple of years, Myers said he believes Wapakoneta is well-positioned to take advantage as the national economy gains traction.
“We have the right team members in place and Mike’s offices have provided us with great expertise, allowed us to make the right contacts in Columbus for a number of projects — it is just really, really helpful,” Myers said.
The ad hoc committee will report their findings to WAEDC members, who will forward their recommendation to Wapakoneta City Council members.