Backing Off That Exclusive

BACKING OFF THAT EXCLUSIVE Metro’s new board voted today to revise the notable exclusive 3-year contract the previous regime had signed last December with real-estate consultants McDade Smith Gould Johnson Mason + Co. The arrangement would have awarded the commercial brokerage firm up to $6.25 million in commissions on land transactions related to the construction of 5 new light-rail lines, as well as additional consulting fees. At the time of the signing, 2 of the 7 employees in Metro’s real-estate division were McDade Smith brokers. Michael Reed reports: “The new agreement with McDade Smith will be for one year and will utilize the firm only for selected properties that require their professional expertise. More work will also be done within Metro, it was indicated.” Update, 6 pm: More details on the new contract in this later story from Reed. [River Oaks Examiner; previously on Swamplot]

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