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RESOLUTION NO. ____________
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FOSTER CITY
AUTHORIZING THE MAYOR TO EXECUTE AN AGREEMENT WITH KOSMONT
COMPANIES TO CONDUCT A REAL ESTATE ECONOMIC MARKET ANALYSIS WITH AN AMOUNT NOT TO EXCEED $125,000, APPROVE A PROJECT CONTINGENCY IN THE AMOUNT OF $15,000 WITH AUTHORITY GIVEN TO THE CITY MANAGER TO
EXECUTE AGREEMENT AMENDMENTS UP TO THE CONTINGENCY AMOUNT, IF NECESSARY; AND FIND THE REQUEST EXEMPT FROM THE CALIFORNIA
ENVIRONMENTAL QUALITY ACT (CEQA) PURSUANT TO CEQA GUIDELINE SECTION 15061(B)(3)
CITY OF FOSTER CITY
WHEREAS, Foster City is a "Planned Community", constructed and implemented on the basis of an organized program of development that was conceived over 30 years ago; and
WHEREAS, Foster City’s commercial and industrial lands are currently nearly built out. There is no traditional downtown or historic "main street," instead, retail activity is spread across five (5) retail shopping centers. Additional retail/commercial spaces are located within newer commercial and/or mixed-use developments, including the Chess Retail Center, Foster Square, Pilgrim Triton, and Parkside Towers; and WHEREAS, on September 22, 2025, staff issued a Request for Proposals (RFP) from qualified consultants to conduct an independent professional Real Estate Economic Market Analysis; and
WHEREAS, the objective of the analysis is to assess market trends and cycles, demographic trends, supply and demand dynamics, economic indicators, evaluate future needs, and provide strong baseline data that will be used to inform actionable strategies to guide sustainable growth and economic development; and WHEREAS, the proposals were due by October 20, 2025, and eight (8) firms submitted proposals in response to the RFP; and
WHEREAS, after initial review of the proposals, five (5) firms were invited for interviews; and
WHEREAS, after conducting interviews, Kosmont stood out as the firm most capable of leading a successful process to conduct Real Estate Economic Market Analysis; and
WHEREAS, staff is recommending an agreement with Kosmont with an amount not to exceed $125,000 to conduct a Real Estate Economic Market Analysis for the City of Foster City; approve a project contingency in the amount of $15,000 with authority given to the City Manager to execute agreement amendments up to the contingency 4 2
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amount, if necessary and find the request exempt from the CEQA pursuant to section 15061(b)(3).
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Foster City does hereby:
1. Authorize the approval of the agreement is exempt per CEQA Guideline Section 15061(b)(3), Common Sense Exemption (14 Cal. Code Regs. § 15061(b)(3)) because it can be seen with certainty that there is no possibility that this action may have a significant effect on the environment;
2. Authorize the Mayor to execute an agreement with Kosmont with an amount not to exceed $125,000 to conduct a Real Estate Economic Market Analysis for the City of Foster City; and
3. Approve project contingency in the amount of $15,000 with authority given to the City Manager to execute agreement amendments up to the contingency amount, if necessary.
PASSED AND ADOPTED as a Resolution of the City Council of the City of Foster City at the regular meeting held on the 2nd day of February 2026, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
ART KIESEL, MAYOR
ATTEST:
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PRISCILLA SCHAUS, CITY CLERK