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St. Paul Port Authority (SPPA) <br />•Staff contacted the SPPA <br />•There are two ways the SPPA provides <br />economic development services: <br />1. Brokerage Service Agreement <br />• Commission based <br />•Real estate brokerage services <br />•Direct land sale — 5% to 7% commission <br />• If the property were sold for a dollar, the City <br />would need to agree on a fair market value <br />• EMV $1,317,100.00 (Wash Co) <br />• 5% commission would total $65,855.00 <br />