Commercial Real Estate Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 8 years ago,
How do I sell my city-given Relocation Assistance contract?
The city of San Marcos (in San Diego County, CA) gave my client a $600k contract in addition to what he got for the sale of his business when they bought him out.
This contract is Relocation Assistance that is to be used to help build a new location. It is "financial assistance in the form of fee waivers and financing of public infrastructure requirements." This could be improving the sidewalks, beautifying the median, upgrading sewage, etc. That's what the $600k is for.
My client ended up doing a long-term lease for his new space and now has this contract just sitting there. How do I sell that contract and to whom?
The contract is assignable, provided that I "assign, transfer and/or sell all or part of...Relocation Assistance to a sales tax-generating use elsewhere within City's jurisdictional boundaries that is reasonably acceptable to City." In other words, it has to be sold to a business that will produce tax revenue for the city, aka a developer, yes?
How to do I find a company that wants to buy the contract and for what discounted rate should I sell it for?
Thank you!