City Council Agenda Report
July 1, 2025
TO: Honorable City Council
FROM: Jesus M. Gomez, City Manager
BY: Alex Hamilton, Interim Director of Community Development SUBJECT: AWARD OF CONTRACT – CONTINUED ECONOMIC DEVELOPMENT
CONSULTING SERVICES
Background:
In December 2022, City Council awarded a new contract to Kosmont Companies (Kosmont) for economic development consulting services for a three-year term. Kosmont offers a full range of professional economic development services, including but not limited to, business recruitment and retention activities, strategic planning, marketing, proforma analysis, maintaining and updating databases, and evaluating infrastructure funding strategies. Kosmont has worked extensively with the City since 2018 and has a strong understanding of local market trends and added value to the analysis of current projects. They provided a detailed work plan to achieve the objectives of the City’s economic development goals.
Kosmont has provided a variety of economic development and real estate advisory services to the City including broad-based analyses, such as producing a quarterly market dashboard observing market changes in various land use typologies between the City and surrounding communities; and project-specific analyses, such as performing a net fiscal impact analysis for residential reuse of the former California Youth Authority site, conducting market due diligence for the proposed development at the Norwalk Entertainment District, and provided an economic analysis for the upcoming Heart of Norwalk Specific Plan.
Additionally, during the current three-year period Kosmont prepared an update to the 2018 Economic Development Opportunities Plan (Plan) in 2023 that identifies nodes throughout the City that could promote economic development. The Plan analyzed retail/office/commercial voids, demographics, shopping patterns, traffic counts, daytime population statistics, and most importantly identified ten Economic Nodes/Strategic Areas for focused economic development and planning efforts. Kosmont also developed quarterly market reports for the City commonly known as Market Dashboards. Kosmont prepared a feasibility analysis of an Enhanced
City Council July 1, 2025
Award of Contract – Continued Economic Development Consulting Page No. 2 1 4
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Infrastructure Financing District (EIFD) as a tool to fund critical infrastructure and affordable housing improvements. They prepared the financial analysis and led discussions with the County of Los Angeles regarding the partnership for the EIFD; currently they are assisting with preparing required documentation for the public meetings, hearings, and noticing processes associated with the formation of the EIFD. They help represent the City at various International Shopping Centers Convention conferences and assist with marketing material for key opportunity sites.
Kosmont’s continued collaboration will be beneficial for the City to evaluate the feasibility of ongoing developments and in negotiations with developers. Services are anticipated to continue in July 2025.
Due to prior services rendered to the City, Kosmont understands the City’s demographics and economic profile, and are highly suited to provide economic development services based on their experience and expertise. Therefore, staff is recommending that the contract be renewed for a three-year term. The contract award was tabled on the meeting of June 17, 2025 to tonight’s meeting to address City Council inquiries regarding the economic development services contract and goals.
Fiscal Impact:
Funds for this service are included in the Proposed Budget for Fiscal Year 2025-26 and will be requested for subsequent years.
Citizens Advised:
N/A
Strategic Plan 2023 Implementation:
The recommended actions will further the City’s Strategic Plan Goal 3: Create and sustain a resilient and economically prosperous City.
Recommended Action:
Staff recommends City Council award a contract to Kosmont Companies for continued economic development consulting services for a three-year term in an amount not to exceed $100,000 each year; and authorize the City Manager to execute an agreement and any amendments provided there is funding in the budget, and it is within the City Manager’s signing authority, on behalf of the City, in a form approved by the City Attorney.
Attachments:
1. Kosmont – Norwalk Services June 17, 2025 PowerPoint Presentation
2. Norwalk ICSC Recap