HomeMy WebLinkAboutMiehe Commercial Real Estate - Professional Services Agreement - 2/2/2026Docusign Envelope ID: 02A88E19-69FF-4399-BEF4-2FE438991172
PROFESSIONAL SERVICES AGREEMENT
THIS AGREEMENT is made effective as of February 9, 2026.
BETWEEN:
Waterloo Regional Airport (the "Client"),
AND:
Miehe Commercial Real Estate (the "Consultant").
1.Objective and Scope of Services
• Target Prospects: The Consultant shall facilitate the relocation of Hertz and Enterprise
operations to Waterloo Regional Airport (ALO).
• Strategic Consolidation: The goal is to center all national rental car activity at ALO,
However, incremental transition of such services is acceptable.
• Quick Turn Facility (QTF) Integration: The Consultant shall include the utilization of the
airport's QTF (wash/vacuum/refuel stations) as a core component of the relocation
package to add operational value for the prospects.
• CV Inventory Management: The Consultant is authorized to present a strategy for the
off --airport rental car activity and inventory, articulating how relocating operations to the
airport will optimize fleet management and local market coverage.
2. Decision -Maker Criteria
To fulfill the requirements for the initial retainer, "direct contact" shall be defined as:
• Establishing verified communication with Corporate Real Estate Directors, Regional Vice
Presidents, or Portfolio Managers for Hertz and Enterprise.
• The contacts must possess the authority to review site -specific data, approve Letters of
Intent (LOI), and influence final lease execution.
3. Compensation and Milestones
The Client shall compensate the Consultant as follows:
• Retainer Fee: $1,000 upon execution for securing contact with qualified corporate
decision -makers,
• LOI Incentive: $1,000 per accepted Letter of Intent (LO1) from either Hertz or Enterprise.
• Lease Commission: A 3% commission on total gross lease revenue (inclusive of counter
space, parking, and QTF fees) for three-- or five-year terms.
Docusign Envelope ID: 02A88E19-69FF-4399-BEF4-2FE438991172
• Third -Party Fees: Any additional Tenant Representative brokerage fees are subject to
separate approval by the Airport Board.
4. Term and Termination
• Duration: Effective from February 10, 2026, to February 9, 2027.
• Renewal: This agreement may be extended annually via written amendment.
SIGNATURES
WATERLOO REGIONAL AIRPORT/CITY OF WATERL
Date: 2/2/2026
MIEHE COMMERCIAL REAL ESTATE:
2/1 /.,o-i4,
Date:
,-Signed by:
cOomi j, j°jbt st,lA,
't5$aliH'desen, Mayor
14,1 (n�7`i%l2 GVEIe.P/1/442
Docusign Envelope ID: 02A88E19-69FF-4399-BEF4-2FE438991172
Adopted by the Northeast Iowa Regional Board of REALTORS,& (Otif2024)
COMPANY POLICY/AGENCY DISCLOSURE AND ACKNOWLEDGMENT"
(To he signed hf heifer -Moyer of or prior to the time specific 1155111ana• €s tirsl prnsidcd.)
When you enter into a discussion with a real estate licensee regarding a real estate transaction, you should from the outset
understand who the licensee is representing in tltc transaction. More importantly, you should understand holy that
representation affects your relationship with the Company (the terns "Company" hereinafter refers to the Real Estate Company
and its Licensees). Below i.sa list of the representation options available front Miehe Commercial Real Estate
(hereinafter referred to as the "Company") Licensee. has "checked" the nppropriatc box(s) for cacti policy that applies to
Company. The tents "Seller" shall hereinafter refer to Seller, Landlord or Optionor. The last€ "fiuyer" shall hereinafter refer
to Buyer, Tenant or Optionce.
n I. SELLER EXCLUSIVE AGENCY: When the Company/Licensee lists property for sale and the property is sold by a
different real estate Company. it is the policy of the Company to represent the Seliet(s) exclusively.
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2. BUYER EXCLUSIVE AGENCY: When the C'ontpany/Licensee assists you in writing your purchase agreement and the
property is listed with a different real estate company, it is the policy of Mc Company/Licensee to represent the Buyer(s)
exclusively. If the C'onipat€y!Liccnscc represents the Buyer(s) exclusively, the CnmpanytLicensce may rcccivc
eotnpcnsatinn liar the transaction 1'rotn the listing company pursuant to a cooperation agreement between the two
Companies or may he compensated by the Buyer.
3. SELF' REPRESENTATION: A persoit(s), partnership, or company (buying or selling) may represent themselves in a
transaction. If a Buyer or Seller elects to represent themselves its a transaction, it is the policy of the Company/Licensee
to treat that Buyer ur Seller as a "Customer" and not as 'a "Client" "Customer" means a consumer of real estate services
in connection with a real estate transaction who is not being represented by the licensee, but for whore the licensee may
perform ministerial acts. A customer may be a client of another broker, may not have yet decided whether or not to be
represented by any broker, or may have chosen not to be represented by any broker. "Client" is defined below under "Duties
of'a Real Estate Licensee to a Client'.
4. CONSENSUAL DUAL AGENCY:
A, When a real estate Company both lists and sells the property (the Lining Company and the Selling Company are the
saute company), it is the policy of the Company/Licensee to represent the Sellers) and Buyer(s) as Consensual Dual
Agent(s).
B, A real estate Company/Liecnsce acting directly or through a licensee can legally be ilte Agent of'both the Seller and
the Buyer, but only with itte knowledge and written consent of both parties. If a Boyer represented by a
Company/Licensee wants detailed information about, or to sec, a property of a Seller being represented by the same
Company, the Company/Licensee shall make every reasonable eftbrt to remain impartial to the parties. in these
circumstances, Company/Licensee immediately becomes a Dual Agent, Seller and Buyer acknowledge that, prior to
:melt circumstances, Company/I,icensee acted as agent oftlte Seller acid acted as agent atilt. Buyer. Its those separate
roles, Company/Licensee may have obtained information which, if disclosed, could hams the. bargaining position of
the party providing such intimation to Company/Licensee.
Provisions that govern the actions ot'Company/Licensee:
I. ('ontpanyiLicensee shall not knowingly say anything or do anything which might place one party at a
disadvantage, disclose personal confidence of one party to the other party. inclatling motivation to
seltlstiv, negotiating strategy, or any other information a party specifically instructs
Company/Licensee in writing not to disclose, unless disclosure is required by law.
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Buyer Buyer Seller Seller
Docusign Envelope ID: 02A88E19-69FF-4399-BEF4-2FE438991172
Adopted by the Northeast Iowa Regional Board of REALTORSE (O6/2024)
il, CompanyiLicenseeshall not, without prior express written consent of Seller, disclose to Buyer that
Seller might accept a price lees titan the listing price. or accept terns less favorable to Seller than
is indicated in the listing agreement, nor shall C'onpany?Licetsee. without the prior express xtritten
consent of Buyer, disclose to Seller that I3uycr may be willing,, to pay a higher price, or accept terms
less favorable 10 Buyer than those indicated in Buyers last written offer_
111. Company/Licensee will endeavor to be impartial between the parties and shall not represent the
interests of either Seller or Buyer to the detriment of the other party_ Company/Licensee is obligated
to inform each party of all facts Company!Liccnsce knows which would affect the party's decision
to permit Cunlpanyf Licensee 10 represent birth Seller and Buyer
Seller and Buyer are not required to consent to Dual Agency.
S. APPOINTED AGENCY:
A. Appointed Seller Agency exists when Broker appoints an affiliated licensee, thc listing agent, to act on
Sellers behalf to the exclusion of ail other affiliated licensees of Broker,
B. Appointed I3uvc'r Agency exists when Broker appoints an affiliated licensee, the selling agent, to act on
Buyer's behalf to the exclusion of all other affiliated licensees of Broker.
C. In the event an Appointed Licensee personally represents bosh Seller and Buyer in the sane transaction. that
Appointed Agency is considered to he a Consensual Dual Agent.
ROLE OF BUYER AND SELLER IN CONSENSUAL DUAL AGENCY, in a Dual Agency situation. Seller and Buyer
acknowledge and agree they have the responsibility to negotiate and make their own decisions as to what terms are to be included
in any )agreement for the pllrelllse and sale of Seller's property. Seller and Buyer also acknowledge they understand
that Companyll.icensce representing more than one party to a transaction can creak a conflict of interest since
both clients may rely upon Company/Licensee's advice, and the client's respective interests may be adverse to each
other. Seller and Buyer understand they may seek independent legal coronet in order to assist then with any matter relating
to a purchase agreement or ally other aspect ol'this I€allSactioll. Seller anal Buyer have the duty to protect their own hucresls
and are advised by Company/Licensee to carefully read all documents to assure that they adequately express the parties
understanding of the transaction. lfSeller or Buyer have questions regarding the duties and responsibilities ot'Company?Licensee.
those questions should be resolved before signing this document.
DUTIES OF A REAL ESTATE LICENSEE TO A CLIENT: A client is a party to a transaction who has an agency relationship
with a Company/Licensee for real estate services. A Company/Licensee providing real estate services to a client shall do all of the
following.:
A. Place the client's interests ahead of thc interests of any other party, unless loyalty to a client violates the Licensee's
duties tinder the Consensual Dual Agency provision of the Iowa Code (such as with Appointed Agency or
Consensual Dual Agency) or any other applicable law.
B. Disclose to the client all information known by tteCutnpanyilicensee that is material to the transaction and that
Is not known by the cheat llr could not be discovered by the client Itlrongh reasonably diligent inspection.
C. fulfill any obligation that is within the scope of this Company Policy/Agency Disclosure and
Acknowledgment, except those obligations that are mvoitsistcnt with other duties that the
ConlpanyiLicenseehas under the provisions of the Iowa Code or any other law.
D. Keep their client(s) confidential information confidential unless they have written permission to reveal.
E. Diligently exercise reasonable skill and care in providing brokerage Services,
F. Disclose to a client may financial interests the Conlpanyvi.icellsee has in any husiness entity to which the
Company/ Licensee refers a client for any service or product related to the transaction. The client is not obligated
to use any such recommended company and may select a different company.
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Equycr Rnycr Seller Sella
Docusign Envelope ID: 02A88E19-69FF-4399-BEF4-2FE438991172
Adopted by the Northeast lima Regional Board of REALTORSO(06/2024)
Q NOTE: (Check If applicable) Compunyll-iccnseehas a financial interest in or an affiliate relationship with the
following companies or busiucss entities;
J111TIES OF A REV. ESTATE LICENSEE TO ALL PARTIES TO THE. TRANSACTIONS; In providing real estate services
to all panics to a transaction, Company/Licensee shall do all of the following:
A. Provide brokerage services to all parties to the transaction honestly and in good faith.
li. Diligently exercise reasonable skill and care in providing real estate services to all parties.
C. Disclose to each party all material adverse facts that the licensee knows except for the following:
I. Material adverse facts known by the party.
ii. Material adverse facts the party could discover through a reasonably diligent inspection, and which
would be discovered by a reasonable prudent person under like or similar circumstances.
ill. Material adverse facts the disclosure of which is prohibited by law.
iv. Material adverse facts that are known to a person who conducts an inspection on behalf of the party.
D. Account for all property coning into the possession of a licensee that belongs to any party within a reasonable
time ufrecclving the property.
Broker fees and the sharing of fees between Brokers are not fixed, controlled, recommended, suggested, or maintained
by any Association of REAL'I'ORS®. any listing service, or any government.
1F VOU DO NOT UNDERSTAND THIS DOCUMENT, SEEK LEGAL ADVICE BEFORE SIGNING.
The undersigned acknowledges that the CompanytLiccnscc has made a full disclosure of the types of representation the
Company can provide. The undersigned acknowledges receipt of copy ol'this Company Policy/Agency Disclosure and
Acknowledgment document.
Signed by:
�aunid �tst
3tet:R6pa421...
2/2/2026
itiA?-ffr mit,L
U.itc Broker.• Licensee Date
Seller/Buyer Detc
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