To: MAYOR AND CITY COUNCIL
From: GREG KAPOVICH, WATERFRONT AND ECONOMIC DEVELOPMENT DIRECTOR
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APPROVE AN AGREEMENT WITH KOSMONT & ASSOCIATES, INC. FOR REAL ESTATE CONSULTING SERVICES FOR AN AMOUNT NOT TO EXCEED $50,000 AND THE TERM AUGUST 19, 2025 TO AUGUST 18, 2026
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EXECUTIVE SUMMARY
The City has maintained an agreement for consulting services with Kosmont & Associates, Inc. (Kosmont) to provide tailored real estate and economic development guidance on an as-needed basis for a number of years. The City's most recent Agreement with Kosmont expired on August 6, 2025. The new Agreement, if approved, would set a not to exceed amount of $50,000 for on-call consulting services to provide assistance with real estate appraisals and the negotiation of critical lease agreements for City-owned properties. There is no guaranteed expenditure commitment, as Kosmont is paid only for services assigned by the City over the course of the year.
BACKGROUND
Kosmont has more than 25 years of consulting experience and the firm's broad professional expertise has been helpful in navigating the broad scope and complexity of ongoing real estate, public finance, and economic development issues in the City. Kosmont initially assisted the City with the preparation of two key documents: the Pier & Harbor Asset Management Plan (2007) and the Harbor Enterprise Business Plan (2010), which have served as the foundation for real estate activities within King Harbor. In addition, Kosmont has served as the City's advisor during the reacquisition of several large leaseholds; advised the City on the waterfront revitalization effort; provided transaction support for the development of the Marine Avenue hotels; and served as advisor for the proposed reuse of the AES site. Over the most recent 12-month agreement term with Kosmont, the City utilized $31,000 of as-needed services.
After reviewing potential real estate work in the coming year, staff is recommending the Ci...
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