Meeting Type: BCC Regular Meeting
Meeting Date: 11/5/2024
Item Status: New
From: Teddy J. Faust, Jr., Revenue Commissioner
Submitted by: Susan Hill, Administrative Support Specialist IV
______________________________________________________________________
ITEM TITLE
Title
Revenue Commission - Renewal Amendment to IncomeWorks Software License Agreement
Body
STAFF RECOMMENDATION
Recommendation
Approve and authorize the Chairman to execute the Renewal Amendment to IncomeWorks Software License Agreement between the Baldwin County Commission and Assessment Advisors, LLC in the amount of $5,000.00, to provide the Baldwin County Revenue Commission with an income based local-market-specific commercial real estate evaluation model designed specifically to bring consistency and equity to the assessment of commercial, industrial, lodging, multi-family, office, and retail properties.
This Agreement shall be for a term of one (1) year, to commence January 1, 2025, and terminate December 31, 2025, per Renewal Amendment.
End
BACKGROUND INFORMATION
Previous Commission action/date: November 7, 2023 - The BCC approved a renewal amendment.
Background: IncomeWorks is a product and a process that collects and analyzes local lease practices and data, which can be customized for Baldwin County, Alabama. This allows the income approach to be utilized in valuing income producing properties. The initial Agreement, between Assessment Advisors, LLC and the Baldwin County Commission was approved on April 16, 2013, and has continued on an annual basis.
The 2025 calendar year term set forth in the agreement is for IncomeWorks 2024 Maintenance Year renewal.
FINANCIAL IMPACT
Total cost of recommendation: $5,000.00
Budget line item(s) to be used: 12051810.52350 (Computer Maintenance)
If this is not a budgeted expenditure, does the recommendation create a need for funding? N/A
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
N/A
Reviewed/approved by: N/A
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? No
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: 2024 Maintenance Year Fee to be paid (Invoice #2464) following approval.
Individual(s) responsible for follow up: Accounting: Pay $5,000.00 Maintenance Year Fee
Action required (list contact persons/addresses if documents are to be mailed or emailed): Administration Staff: Send fully executed Amendment to:
Ms. Linda Pedalino, MAI, Co-Founder and President
Assessment Advisors, LLC
736 N. Western Avenue, #393
Lake Forest, Illinois 60045
cc: Walt Lindsey, Chief Appraiser
Teddy J. Faust, Jr., Revenue Commissioner
Additional instructions/notes: Admin - Append renewal amendment to agreement and reupload to Contracts.