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Home My WebLink AboutPR 24064 - AUTHORIZING A 1 YEAR CONTRACT BETWEEN PAEDC AND COSTAR GROUP _.,::)_,-,,,,) o_ 1 PORT*ARTHUR ONOMIC DEVELOPMENT CORPORATION MEMORANDUM Date: December 3, 2024 To: Honorable Mayor and Members of the City Council of Port Arthur Through: Ronald Burton, CPM I Port Arthur City Manager From: Terry Stokes, PAEDC Chief Executive Officer RE: PR 24064 I Regarding the 1-year service contract between the Port Arthur Economic Development Corporation and CoStar Group, Inc. Introduction: The intent of this Agenda Item is to seek the Port Arthur City Council's consideration and approval of a 1-year service contract with CoStar Group, Inc. Background: The PAEDC is requesting to engage the services of CoStar Group, Inc. to enhance its ability to attract and retain businesses by leveraging cutting-edge commercial real estate intelligence. CoStar provides comprehensive data on available properties,market trends, and competitive analyses, empowering PAEDC to make informed decisions and present Port Arthur as a premier destination for business development. This tool will allow PAEDC to identify opportunities, evaluate market demands, and connect prospects with the right spaces, ensuring strategic growth and economic impact for the community. The attached prepared contract provides the terms and conditions of the engagement. Budget Impact: The budget impact of this item is $6,804.00, funds available in PAEDC FY 24-25 Acct. No. 120- 80-625-5420-00-00-000 (Professional Development) Recommendation: It is recommended that the Port Arthur City Council approve the Purchase Agreement with CoStar Group, Inc. P. R. No.24064 11/26/2024 MDP RESOLUTION NO. A RESOLUTION AUTHORIZING THE PORT ARTHUR ECONOMIC DEVELOPMENT CORPORATION TO ENTER INTO CONTRACT WITH COSTAR GROUP, INC., WASHINGTON,DC FOR THE PURPOSE OF IDENTIFYING AVAILABLE REAL ESTATE FOR SITE SELECTION IN AN AMOUNT NOT TO EXCEED$6,804.00,FUNDS AVAILABLE IN PAEDC FY 24-25 ACCT. NO. 120-80-625-5420-00-00-000 (PROFESSIONAL SERVICES') WHEREAS,the Port Arthur Economic Development Corporation(the"PAEDC") deems it is in the public interest to engage the services of CoStar Group, Inc. ("CoStar"); and WHEREAS,CoStar is a Delaware corporation and would like to provide real estate listing support,access,and research services to PAEDC to use to support the City of Port Arthur's current and prospective businesses; and WHEREAS, at its Regular Board Meeting of December 2, 2024, the PAEDC Board of Directors approved the engagement of CoStar's services through a 1-year contract, Exhibit "A"; and WHEREAS,the contract amount is $6,804.00. NOW,THEREFORE,BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR, TEXAS: Section 1. That the facts and opinions in the preamble are true and correct. Section 2. That the City Council of the City of Port Arthur approves the contract, Exhibit "A", with CoStar Group, Inc. in the amount of$6,804.00 per year for 1 year. Section 3. That a copy of this Resolution shall be spread upon the Minutes of the City Council. READ, ADOPTED AND APPROVED on this day of A.D., 2024, at a Meeting of the City Council of the City of Port Arthur, Texas, by the following vote: AYES: Mayor Councilmembers NOES: • Thurman Bartie,Mayor ATTEST: Sherri Bellard, City Secretary APPROVED: Terry Stokes, PAEDC CEO APPROVED AS TO FORM: 7\ f Charles Zech, PAEDC Attorney APPROVED AS TO FO • Roxann Pais Cotroneo, City Attorney APPROVED AS TO AVAILABILITY OF FUNDS: ;. • ; aE Lynda Boswell,Finance Director #1155970 Page 2 Exhibit "A" CoStar FOR INTERNAL ONLY:(Ref ID) 2924177 �t CoStar. AE: Nolan Hess 111. License Agreement Location ID: 41331691 Business Code: Associations, Trade and Education TO: Licensee: City of Port Arthur Economic Development Location ID. 41331691 Address: 501 Procter St,Suite 100 City/State/Zip:Port Arthur,TX 77640-6448 Telephone: (409)963-0579 Bill-To Contact: Michelle Palmer Email for Bill-To Contact: mpalmer@paedc.org Total No.Listings: 0 ['Monthly ❑Semi-Annually Total No.Sites: 1 Total No.Authorized Users(All Sites): 1 ['Quarterly ['Yearly rt One Year Initial Term INVOICE TYPE/BILLING PREFERRED: START DAT a Single Invoice Delayed start date for all service offerings:January 1,2025. Y : _ SERVICES Monthly License Fees Site Market Product Description (Before Tax) _ 41331691 All Data CoStar Suite $567.00 Total Monthly Fees From Additional Schedule of Services: Discount: Total Monthly License Fees $567 00 Discounted Monthly License Fees: Notes: This License Agreement incorporates by reference the Terms and Conditions for the services identified above(available at:https://www.costar.com/CoStarTerms-and-Conditions)and any addenda attached hereto between CoStar Realty Information,Inc.("Costar")and the above-named Licensee,and establishes the terms and conditions under which CoStar will license the products set forth in this License Agreement.The Terms and Conditions are an integral part of the License Agreement being formed hereby.In addition,use of any CoStar product is subject to the website Terms of Service/Use("Website Terms of Use")available online for each applicable service provided under this License Agreement.Licensee agrees to comply with such Website Terms of Use and to regularly review them for updates and changes.To the extent a conflict exists,this License Agreement shall govern over such Website Terms of Use.Terms used on this License Agreement and not otherwise defined shall have the meanings set forth in the applicable Terms and Conditions. In the event Licensee does not execute this License Agreement by 12/31/2024,this License Agreement shall become null and void; however, if both parties execute and commence performance of their duties and obligations under this License Agreement after such date,this License Agreement shall continue in full force and effect and be binding on the parties.The person executing this License Agreement on behalf of Licensee represents and warrants that he or she has been authorized to do so and that all necessary actions required for the execution have been taken.CoStar hereby provides notice that only an authorized officer of CoStar or its parent company can execute this License Agreement on behalf of CoStar. Delivery of an executed signature page to this License Agreement by electronic means shall be effective and constitute a legal and binding agreement between the parties. CoStar �� City of Port Arthur Economic Development C By: ,Z Signature: Name: Chris Lown Print Name: Title: Chief Financial Officer Title: Date: Dec 03,2024 Date: Address: 1331 L Street,NW Address: 501 Procter St,Suite 100 Address: Washington,DC 20005-4101 Address: Port Arthur,TX 77640-6448 Schedule Of Services Page 1 of 1 CoStar 1*• CoStar- License Agreement AUTHORIZED SITE& USERS LIST Licensee: City of Port Arthur Economic Development Location ID 41331691 Address: 501 Procter St,Suite 100 Port Arthur,TX 77640-6448 Total Number of Authorized Users at Site 1 USERS AT ABOVE LISTED SITE Contact Name: Michelle Palmer Phone (409)282-1026 Email: mpalmer@paedc.org Role. User User Detail Page 1 of 1 4. t CoStar The CoStar databases not only provide market specific information on financing, property income and expenses, rental rates, occupancy levels but also maps and photos of the properties. The CoStar Suite is a collection of online services that provides commercial real estate information, analytics, and news: •Property inventory: Access to a large inventory of commercial properties for sale or lease, including photos, floor plans, and aerial maps •Market insights: Get in-depth information on the commercial real estate market, including historical trends, comps, and KPIs •News and analytics: Stay up-to-date on industry news with alerts, analytics tools, and commentary •Comparable sales information: Get information on comparable sales •Tenant information: Get information on tenants •Industry professionals: Get information on industry professionals and their business relationships •Property marketing: Get information on property marketing •Data integration: Integrate data with other systems •Custom reporting tools: Access data in the right format for assessing assets or markets CoStar also offers a mobile app that allows users to access information and analytics on the go.