HomeMy WebLinkAboutE-15 Staff Report - CoStar Superseding AgreementCONSENT ITEM
E-15
TO: HONORABLE MAYOR AND CITY COUNCIL MEMBERS
VIA: SERGIO GONZALEZ, CITY MANAGER
FROM: ANN GRAF, DIRECTOR OF INFORMATION TECHNOLOGY AND
LIBRARY SERVICES
DATE: JULY 15, 2019
SUBJECT: REQUEST TO ENTER INTO A SUPERSEDING THREE (3) YEAR
AGREEMENT WITH COSTAR FOR PROPERTY AND REAL ESTATE
DATABASE TOOLS
BACKGROUND:
The City entered into a one (1) year subscription with CoStar, a firm that provides property and
market information for the real estate industry. The rate under the current agreement is $12,240
annually. CoStar offers a 20% discount on three (3) year agreements. The annual cost with the
20% discount is $9,792 which results in a savings of $2,448. In order to take advantage of the
same level of service at a discounted rate, Staff recommends the City enter into a superseding
agreement. This action approves a superseding three (3) year agreement with CoStar.
RECOMMENDATION:
Staff recommends the City Council take the following actions:
1)Waive formal sealed bids in accordance with Azusa Municipal Code Section 2-520
section b.2; and
2)Award a three (3) year superseding agreement with CoStar Realty Information, Inc., in the
amount of $9,972 annually; and
3)Authorize the City Manager to execute the agreement, in a form acceptable to the City
Attorney on behalf of the City.
APPROVED
CITY COUNCIL
7/15/2019
ANALYSIS:
On April 11, 2019, the City entered into a one (1) year subscription with CoStar, a firm that
provides research information and analytics for the real estate industry. Through the CoStar
Suite, the City has access to CoStar Property, CoStar COMPS and CoStar Tenant. The suite
provides access to information such as but not limited to:
• Access to a full market inventory of properties and spaces available and fully leased;
• View of market activity;
• Market performance with key metrics;
• Target prospective tenants with expiring leases; and
• Alerts to track tenants, recent transactions and broker activity.
CoStar was instrumental in preparing for developer and retailer meetings scheduled at ICSC
RECon 2019 and it continues to support Staff’s economic development efforts. Its commercial
real estate market reports provide useful data when attracting investment opportunities.
FISCAL IMPACT:
Funding for the superseding three (3) year agreement with CoStar was included in the
Information Technology Fiscal Year 2019-2020 budget in Computer Software/Licensing
account number 48-49-930-000-6504. The annual cost associated with the agreement is $9,792,
for a total contract amount of $29,376.
Prepared by: Reviewed and Approved:
Carina Campos Ann Graf
Economic Development Specialist Director of Information Technology
and Library Services
Reviewed and Approved:
Sergio Gonzalez
City Manager
Attachment:
1) CoStar Subscription Form
Attachment 1