Title
One-Year Subscription for CoStar Realty Information, Inc. (Ordinance S-49741)
Description
Request to authorize the City Manager, or his designee, to enter into an agreement with CoStar Realty Information, Inc., (CoStar) to provide a one-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.
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 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
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 and services due to the unique nature of the requirement.
Contract Term
The agreement will begin on or about June 1, 2023, for a one-year term.
Financial Impact
The fee for the one-year agreement is $147,660, plus applicable taxes. Funding is available in the Finance, Community and Economic Development, Aviation, Neighborhood Services and Housing department budgets.
Department
Responsible Department
This item is submitted by City Manager Jeffrey Barton and the Finance, Community and Economic Development, Aviation, Neighborhood Services and Housing departments.