Meeting Type: BCC Regular Meeting
Meeting Date: 10/19/2021
Item Status: New
From: Teddy J. Faust, Revenue Commissioner
Submitted by: Susan Hill, Chief Administrative Assistant
______________________________________________________________________
ITEM TITLE
Title
Renewal Amendment to IncomeWorks Software License Agreement
Body
STAFF RECOMMENDATION
Recommendation
Approve the Renewal Amendment to IncomeWorks License Agreement between Assessment Advisors, LLC and Baldwin County Commission, 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 on January 1, 2022, and terminate on December 31, 2022, per Renewal Amendment. The renewal fee of $29,000.00 was invoiced to Licensee on September 23, 2021. Payment received in October 2021 will ensure release of both “2020” and “2021” data years during December 2021.
End
BACKGROUND INFORMATION
Previous Commission action/date: October 1, 2019
Background: The Commission has approved an annual Software License Agreement with Assessment Advisors, LLC since 2013.
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, until Revenue Commission opted out of renewal during 2020.
FINANCIAL IMPACT
Total cost of recommendation: $29,000.00
Budget line item(s) to be used: 12051810.52350
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?
Yes
Reviewed/approved by: Brad Hicks, County Attorney - 09/30/2021
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: 2021 License Fee to be paid (Invoice #2169) following approval.
Individual(s) responsible for follow up: Accounting: Pay $29,000.00 2021 License Fee
Action required (list contact persons/addresses if documents are to be mailed or emailed):
Administration Staff: Get Renewal Amendment to IncomeWorks Software License Agreement, fully executed by the Chairman and mail to:
Linda Pedalino, MAI, Co-Founder & 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: