The URL can be used to link to this page

Home My WebLink About21- Task Order 1 - Economic Professional Services - Market Update ProposalCity of Bozeman Term Contract with Economic and Planning Systems, Inc. Task Order Number 1 PROJECT: Economic Development and Community Housing Services Issued under the authority of the City of Bozeman Professional Services Agreement Term Contract with Economic and Planning Systems, Inc. to support Economic Development and Community Housing programs. This Task Order is dated June 22, 2021 between the City of Bozeman Economic Development Department and Economic and Planning Systems, Inc. (EPS) (Contractor). The following representatives have been designated for the work performed under this Task Order: City: David Fine, Urban Renewal Program Manager Contractor: Brian Duffany, Executive Vice President SCOPE OF WORK: The scope for this task order is detailed in the attached Market Update Proposal. COMPENSATION: EPS will bill for its services on a lump sum basis with a project total of $35,680. The provisions of the Professional Services Agreement Term Contract shall govern the Work. IN WITNESS WHEREOF, the parties authorized to commit resources of the parties have executed this Task Order: City of Bozeman Jeff Mihelich City Manager Dan Guimond DocuSign Envelope ID: C24B1AB7-B753-4867-B319-CF756D6111C3 Principal Economic & Planning Systems, Inc. Economic & Planning Systems, Inc. 1 Market Update Proposal Project Understanding This Scope of Work defines a process with the City of Bozeman of designing and producing an annual or other periodic Market and Economic Conditions document and supporting material. Below, a concise objectives statement is provided for guidance and a description of the Scope of Work. After the Scope of Work, a draft list of data and metrics to be compiled is provided in three categories: • Economy and General Demographics • Commercial Real Estate Market • Housing and Affordability Objectives • Design a document and data update process that can be done on an annual basis to inform real estate and policy maker stakeholders on market trends and conditions in Greater Bozeman. • Produce a reader-friendly document and accompanying summary material and graphics for display on economic development or City websites or social media channels. • The targeted audience for these market materials include real estate and builder interests, lenders, economic development prospects, affordable housing advocates, and policymakers. Scope of Work The Scope of Work contains 5 tasks: • Task 1: Define Metrics. This task covers discussions with EPS and the City to define the initial metrics to be included. The exact data points or metrics to be included may shift as the document and material are developed, but this task will give general direction. • Task 2: Compile and Analyze Data. This includes the work by EPS with support from Staff to gather the information needed. We anticipate collecting a greater range of data than will ultimately be included in the report. After analyzing the data and working with staff we will select the most meaningful indicators for inclusion. EPS will analyze the data and information to create meaningful “takeaways” that inform the private sector and policy makers. DocuSign Envelope ID: C24B1AB7-B753-4867-B319-CF756D6111C3 Bozeman Economic Development Planning • Task 3: Market Update Outline and Examples. EPS will prepare an outline of the report to review with staff. We will also perform a literature search for examples prepared by other communities or economic development organizations (EDOs). • Task 4: Report and Graphic Preparation. EPS will prepare a draft document for review by City staff followed by a revised final report. We anticipate three rounds of revisions in this budget from comments consolidated by the City. The document will be concise and emphasize charts and other graphics, and text highlighting key takeaways and messages. At the scoping level, we will aim for a graphic-heavy document in the 10 to 20 page range that can be easily viewed online or printed. EPS and Staff will also determine what content should be published online and what graphics are needed (Task 6). • Task 5: Graphic Support. This task includes graphic design services to be completed by EPS staff or subcontracted depending on requirements. Key Data and Metrics Metric/Trend Area Source Notes Economy and General Demographics Wage and salary job growth in total and by industry (economic base) Gallatin County BLS/QCEW +/- 6 mo. lag from current Wages overall and by industry Gallatin County BLS/QCEW +/- 6 mo. lag from current Major employers Gallatin County EPS and Staff research Proprietor’s employment Gallatin County BEA 18 mo. lag Non-wage income Gallatin County BEA 18 mo. lag Unemployment rate Gallatin County BLS Current Population Survey (CPS) Population and household growth Gallatin County by place Census/ACS Net migration Gallatin County Census Flow Mapper MSU On-Campus Enrollment MSU MSU DocuSign Envelope ID: C24B1AB7-B753-4867-B319-CF756D6111C3 Metric/Trend Area Source Notes Commercial Real Estate Market Office construction/inventory Gallatin County by place MT Dept. of Commerce (parcel data, GIS analysis) CoStar Need to check CoStar for improved market coverage vs. 2017 Bozeman staff to do GIS analysis? Office vacancy rate and rents Bozeman CoStar, local brokerages Check CoStar Industrial, flex construction/inventory Gallatin County by place MT Dept. of Commerce (parcel data, GIS analysis) CoStar Need to check CoStar for improved market coverage vs. 2017 Bozeman staff to do GIS analysis? Industrial, flex vacancy rate and rents Bozeman CoStar, local brokerages Check CoStar Major retailers (list only) Bozeman EPS and staff research Metric/Trend Area Source Notes Housing and Affordability Building permits by type (single family, multifamily) Bozeman Belgrade Gallatin County Cities and County Develop metrics to compare against job growth Bozeman & Gallatin County EPS analysis, LEHD On the Map for City employment How is supply keeping up with job growth? Home prices: average and price distribution by type Bozeman Greater Bozeman MLS areas Realtor partner Realtor partner needed. Provide defined query/report regularly. Apartment rents - average Bozeman CoStar, realtor partner CoStar, realtor partner Income needed to afford average home price and rent Bozeman EPS Can express multiple ways: annual wage, number of earners, etc. Second homes Bozeman Census/ACS Vacant for seasonal use census definition Cost burden Bozeman Census/ACS DocuSign Envelope ID: C24B1AB7-B753-4867-B319-CF756D6111C3 Bozeman Economic Development Planning Cost As shown below, the proposed budget is not to exceed $35,680 without authorization from the Client. The graphic design task 6 equates to approximately 30 hours of labor at an average billing rate of $150 per hour. Task 6 could be completed by EPS or with support from another firm on the on-call contract team such as Agency Landscape + Planning. Task Principal &Associate Research Budget Exec. V.P. [1]Analyst Billing Rate $240 $135 $105 Task 1: Define Metrics 8 0 0 $1,920 Task 2: Compile and Analyze Data 8 24 16 $6,840 Task 3: Market Update Outline and Examples 8 16 0 $4,080 Task 4: Report and Graphic Preparation 24 40 16 $12,840 Task 5: Graphic Support ---------$5,000 Total Labor 48 80 32 $30,680 Graphic Support $5,000 Travel Expenses $0 Total Budget $35,680 [1] Includes Executive VP hours at $215 per hour. Z:\Shared\Proposals\DEN\213051-Bozeman ED, TIF Projects, and Development Planning\June Scope of Work\[213051 Market Update Budget.xlsx]BUDGET DocuSign Envelope ID: C24B1AB7-B753-4867-B319-CF756D6111C3