Title
CoStar Realty Information, Inc. - Three-Year Subscription (Ordinance S-47665)
Description
Request to authorize the City Manager, or his designee, to enter into an agreement with CoStar Realty Information, Inc. to provide a three-year subscription for online access to real property market data. Further request to authorize the City Controller to disburse all funds related to this item. The agreement value will not exceed $381,139.68, plus applicable taxes.
Report
Summary
The CoStar Realty Information, Inc. database subscription renewals are for the Community and Economic Development, Aviation and Finance departments to provide online access to comprehensive market data, information and reports on commercial property sales, listings, and leases. The information is used extensively to research market data to support the disposal, acquisition and leasing of real property; provide the tools necessary to complete appraisals, appraisal reviews and valuation services; manage existing contracts and development of new business transactions for revenue contract services; and assist business developers, investors and companies interested in relocating to or investing in Phoenix. A three-year subscription provides for a two percent cost savings from the prior annual subscription.
Procurement Information
An exception to the procurement process was determined to select the vendor set forth in City of Phoenix Administrative Regulation 3.10. A direct selection was made because there is only one known capable supplier of goods or services due to the unique nature of the requirement.
Contract Term
The agreement will begin on or about June 16, 2021, for a three-year term.
Financial Impact
The fee for the initial year of the agreement is $121,497.24 with 4.5 percent annual increases for a total amount not to exceed $381,139.68, plus applicable taxes. Funding is available in the Community and Economic Development, Aviation and Finance departments' budgets.
Department
Responsible Department
This item is submitted by Deputy City Managers Ginger Spencer and Mario Paniagua, and the Community and Economic Development, Aviation and Finance departments.