24-1682
The linkage to the Strategic Plan is subsection: 6.5 Deliver services timely and effectively with focus on continual improvement. Award Summary: Discussion and action on the award of Solicitation 2024-0584R Real Estate Management (Re-Bid) to CAP Rate Real Estate Group for an initial term of three (3) years for an estimated amount of $900,000.00. The award also includes two (2), one (1) year options for an estimated amount of $600,000.00. The total contract time is for five (5) years for a total estimated amount of $1,500,000.00. This contract will allow for real estate management services needed for real estate transactions. Contract Variance: No variance in comparison to the previous contract awarded for these services due to the same budgeted amount being recommended for award. Department: Streets and Maintenance Award to: CAP Rate Real Estate Group City & State: El Paso, TX Item(s): All Initial Term: 3 Years Option Term: 2 - 1 Year Total Contract Time: 5 Years Annual Estimated Award: $300,000.00 Initial Term Estimated Award: $900,000.00 Option Term Estimated Award: $600,000.00 Total Estimated Award: $1,500,000.00 Account(s) 532-1000-521020-32080 Funding Source(s): General Fund District(s): All This was a Request for Proposals Procurement - service contract. The Purchasing & Strategic Sourcing and Streets and Maintenance Departments recommend award as indicated to CAP Rate Real Estate Group the highest ranked offeror based on the evaluation factors established in the evaluation criteria for this procurement. It is requested that the City Manager be authorized to establish the funding sources and make any necessary budget transfers and execute any and all documents necessary for execution of this award. In accordance with this award, the City Manager or designee is authorized to exercise future options if needed.
- Committee
- City Council
- Requested by
- Purchasing & Strategic Sourcing
- Introduced
- December 2, 2024
- On agenda
- December 17, 2024