METRO’S BOARD APPROVES NEW REAL ESTATE CONTRACT AND MAJOR BUS PURCHASE

July 22, 2010

METRO’s Board of Directors voted today to end an existing real estate contract with McDade, Smith, Gould, Johnston, Mason & Co. and enter into a new contract with the firm that meets the NEW METRO’s standards.

“The result of this action will accomplish three important things,” said METRO Chairman Gilbert Garcia, CFA.

“First, it will clearly define the relationship between METRO and McDade Smith. Second, it will clearly identify those specific real estate transactions that McDade Smith will work on and eliminates any exclusivity. And third, it brings the flexibility of other real estate transactions and their commissions back to METRO and to (Acting President & CEO) George Greanias.”

“McDade Smith has done a good job for METRO. This new contract allows METRO to work with McDade Smith to successfully close some of the more vital and complicated real estate transactions,” Chairman Garcia added.

The new contract is posted on METRO’s Web site.

The board also approved a $53-million purchase of 100 buses from Daimler Bus North America as part of an ongoing program to add 100 new buses per year to the 1,200-bus fleet.

These buses, all environmentally friendly, hybrid-electric models, will be used for local service, replacing older diesel-powered buses. METRO has 294 hybrids in its fleet today.

To improve the communication system on METRO’s buses, the Board also voted to free up local funds to purchase new radios.

Download New Real Estate Contract (PDF) >>