To: MAYOR AND CITY COUNCIL
From: STEPHEN PROUD, WATERFRONT AND ECONOMIC DEVELOPMENT DIRECTOR
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APPROVE THE NINTH AMENDMENT TO THE AGREEMENT WITH KOSMONT & ASSOCIATES, INC FOR REAL ESTATE CONSULTING SERVICES FOR AN ADDITIONAL AMOUNT OF $50,000 FOR A NOT-TO-EXCEED TOTAL OF $1.445M AND EXTENDING TERM TO DECEMBER 31, 2021
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EXECUTIVE SUMMARY
Kosmont & Associates, Inc. ("Kosmont") has served as the City's consultant on a variety of real estate matters and brings over 25 years of experience in public/private and economic development transactions. The firm's broad professional perspective is invaluable to the City given the scope and complexity of ongoing economic development activities. As part of the City's 2020-2021 Adopted Budget, the City Council appropriated approximately $42,000 in the tidelands and uplands funds and more recently carried over approximately $15,000 for as-needed professional services to support the City's efforts related to real estate transactions in the Waterfront, support for the redevelopment of the AES site, and general economic development projects throughout the City. The proposed Ninth Amendment would add an additional $50,000 to the Kosmont Contract bringing the total not-to-exceed amount to $1.445M and extend the term of the contract to December 31, 2021.
BACKGROUND
The initial contract executed with Kosmont & Associates ("Kosmont") resulted in the preparation of two key documents that have served as the foundation for the real estate activities within King Harbor - the Pier & Harbor Asset Management Plan in 2007 and the Harbor Enterprise Business Plan in 2010. In implementing the recommendations set forth in those documents, Kosmont has served as the City's advisor during the reacquisition of several large leaseholds and advised the City on the waterfront revitalization effort. During that same time period, Kosmont has provided real estate advisory services on economic development activities within the Ci...
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