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AGENDA ITEM NO. 16.
CITY OF HAWTHORNE City Council AGENDA BILL For the meeting of 05/13/2025 Originating Department: Planning |
City Manager:
Department Head:
SUBJECT:
Economic Development Advisory Services Agreement with Kosmont Companies.
RECOMMENDED MOTION:
Approve the agreement.
DISCUSSION:
The Kosmont Companies will provide advisory services in the following areas:
- High-level real estate market demand assessments of retail, hotel, residential or other commercial uses;
- Demographic analysis illustrating social and economic characteristics including but not limited to population, household incomes, race/ethnicity, housing preferences, educational attainment, resident/employee concentrations, and tourist population;
- Potential tenanting strategies for vacant properties and opportunity sites based on marketand demographic research;
- Assessment of the development/redevelopment potential of up to three opportunity sites within the City;
- Evaluation of economic development tools and/or incentive programs to be considered (e.g., value capture zoning strategies, hotel incentive programs, special purpose financing districts, site-specific tax revenue pledges, as well as state and federal grants);
- Tenant and business attraction strategies for existing vacancies;
- Preparation of a high-level illustrative pro forma to demonstrate the supportable investment value for a potential redevelopment project;
- Recruitment and targeted business/developer attraction activities including attendance at ICSC conferences (i.e., preparation of marketing fliers and meeting coordination); and
- Other economic development advisory services, as needed.
ECONOMIC DEVELOPMENT STRATEGIC PLAN:
Goal 1: Create an economic development plan for the City.
- Objective 1.1: Make ED part of every City decision.
- Objective 1.4: Develop plan to attend annual ICSC and other local ED events to seek opportunities to capitalize on area attractions, infrastructure, and City assets, and to market Hawthorne as a favorably situated base for tourist and business travelers.
- Objective 1.8: Explore and evaluate the creation of an Enhanced infrastructure Financing District (EIFD).
FISCAL IMPACT:
Not to exceed $35,000.
NOTICING PROCEDURE:
None required.