PRESS RELEASE DETAIL


Jan 07, 2010

District of Columbia Offers $6.1 Million Tax Abatement for CoStar Group to Relocate Headquarters

2010-01-07 2010 District of Columbia Offers $6.1 Million Tax Abatement for CoStar Group to Relocate Headquarters Move Could Present an Opportunity for CoStar Group to ...

2010-01-07 2010 District of Columbia Offers $6.1 Million Tax Abatement for CoStar Group to Relocate Headquarters Move Could Present an Opportunity for CoStar Group to Take Advantage of Property Tax Incentives

BETHESDA, MD — January 7, 2010 - CoStar Group, Inc. (Nasdaq: CSGP) the number one provider of information, marketing and analytic services to the commercial real estate industry, today announced the Council of the District of Columbia approved the offering of approximately $6.1 million in real estate property tax abatements over a 10-year period, if CoStar Group relocates and hires 100 District residents.  In addition, CoStar Group may be eligible for additional incentives such as a five year elimination of District corporate income tax and certain sale and use tax exemptions.

 “We appreciate the support from the District and respect Mayor Fenty and the Council members who supported the bill, and for their continued efforts to generate more jobs and tax revenue for local small and disadvantaged enterprises in D.C.” stated Andrew Florance, CoStar Group’s CEO. 

About CoStar Group, Inc.
CoStar Group, Inc. (Nasdaq:CSGP) is the number one provider of information, marketing and analytic services to commercial real estate professionals in the United States as well as the United Kingdom. CoStar's suite of services offers customers access via the Internet to the most comprehensive database of commercial real estate information throughout the U.S. as well as in the United Kingdom and France. Headquartered in Bethesda, MD, CoStar has approximately 1,400 people working for the company worldwide, including the largest professional research organization in the industry. For more information, visit http://www.costar.com.

This news release includes "forward-looking statements" including, without limitation, statements regarding CoStar's expectations, beliefs, intentions or strategies regarding the future. These statements are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2008, and Form 10-Q for the quarter ended September 30, 2009, under the heading "Risk Factors." In addition to these statements, there can be no assurance that CoStar will move to Washington, D.C., that CoStar will hire additional District residents, that CoStar will realize $6.1 million in property tax breaks over 10 years, and that CoStar will receive additional incentives such as a five year elimination of District corporate income tax and certain sale and use tax exemptions.  All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar assumes no obligation to update such statements.
'