Title
Online Access to Real Property Market Data - Request for Award (Ordinance S-50859)
Description
Request to authorize the City Manager, or his designee, to enter into a contract with CoStar Realty Information, Inc., (CoStar) to provide a one-year subscription for online access to real property market data for the Finance Department Real Estate Division. Further request to authorize the City Controller to disburse all funds related to this item. The total value of the contract will not exceed $170,000.
Report
Summary
CoStar is a comprehensive online database for commercial real estate market data, statistics, and reporting. CoStar provides staff the tools necessary to complete appraisals, appraisal reviews and valuation services, manage existing contracts and develop new business transactions for revenue contract services, and assist developers, investors and companies interested in relocating to or investing in Phoenix. The subscription enables staff to conduct market research and market-based valuations to ensure compliance with the applicable federal, state and City regulations and requirements related to real estate transactions.
This item has been reviewed and approved by the Information Technology Services Department.
Procurement Information
In accordance with Administrative Regulation 3.10, standard competition was waived as a result of an approved Determination Memo based on the following reason: Special Circumstances Without Competition. CoStar is the only vendor that can provide online access to real property market data needed by the City.
Contract Term
The agreement will begin on or about June 1, 2024, for a one-year term.
Financial Impact
The aggregate contract value for the one-year agreement is $170,000. Funding is available in the Finance, Community and Economic Development, Aviation, Neighborhood Services and Housing departments' budgets.
Department
Responsible Department
This item is submitted by the City Manager Jeffrey Barton and the Finance, Community and Economic Development, Aviation, Neighborhood Services and Housing departments.