To: MAYOR AND CITY COUNCIL
From: GREG KAPOVICH, WATERFRONT & 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 $62,425 AND THE TERM AUGUST 16, 2022 TO AUGUST 15, 2023
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EXECUTIVE SUMMARY
On December 2, 2014, the City of Redondo Beach (City) entered into an agreement for Consulting Services (Agreement) with Kosmont & Associates, Inc. (Kosmont), to provide advisory services to the City on various real estate and economic development matters. The Agreement has been amended ten times over the past eight years and totaled $1,445,000 in expenses. The most recent amendment expired on June 30, 2022. To refresh the terms of the agreement and ensure reasonable pricing, staff pursued a new contract rather than proceed with another amendment.
As part of the of the City's Fiscal Year 2022-2023 Adopted Budget, the City Council appropriated $62,425 of General Fund, Tidelands and Uplands Funds for as-needed professional services to support the City's efforts related to waterfront real estate transactions and general economic development projects in the City. The Department also expects to recommend the carryover of unspent FY 2021-22 professional services funds to provide additional resources for these efforts. The proposed one-year agreement with Kosmont is for an amount not to exceed $62,425 and if approved would expire on August 15, 2023.
BACKGROUND
Kosmont has over 25 years of consulting experience and the firm's broad professional expertise has been invaluable given the scope and complexity of ongoing real estate, public finance, and economic development activities in the City. Kosmont initially assisted the City with the preparation of two key documents that have served as the foundation for real estate activities within King Harbor - the Pier & Harbor Asset Management Plan in 2007 and the Harbor Enterprise Business Plan in 2010. In addi...
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