To: Board of Supervisors
From: Gus Kramer, County Assessor
Report Title: CoStar Realty Information, Inc.
☒Recommendation of the County Administrator ☐ Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE and AUTHORIZE the Purchasing Agent, or designee, to execute, on behalf of the Assessor, a purchase order with CoStar Realty Information, Inc., in the amount of $57,774.72, for subscription/license access to CoStar Suite, a Commercial and Industrial property valuing subscription service for the period of July 1, 2024 through June 30, 2025.
FISCAL IMPACT:
The subscription will be billed monthly, in the amount of $4,564.56, and will be paid by the General Fund.
BACKGROUND:
CoStar Realty Information, Inc., “CoStar Suite,” has been used by the Assessor's Office since 2020, and provides vital, proprietary information used to help determine Commercial and Industrial property valuation for tax purposes. The subscription provides access for 10 users, to CoStar Property, CoStar Comps, and CoStar Tenants, with complete platform data for all counties in the State of California. The CoStar Realty Information, Inc., CoStar Suite, enables appraisers to have on-line access to comparable market, sales, cost, and income data, property characteristics, tenant data, and market trend information, which is used to analyze and determine Commercial and Industrial property appraisals for enrollment of the Assessment Roll. CoStar Suite has become a mission critical subscription service for the appraisal staff, providing tools and services that extend beyond the capabilities of the County's Land Information System (LIS).
CoStar’s license terms and conditions include an indemnification provision from the County to CoStar, as well as a limitation of liability capping CoStar’s liability at the amount of license fees paid by the County in the twelve (12) months prior to the claim arising.
CONSEQUENCE OF NEGATIVE ACTION:
If the purchase order is not approved, the Assessor's Office will no longer have the ability to access this vital and proprietary information essential to the appraisal staff who value the most complicated properties in our county, for tax assessment purposes.