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Home My WebLink AboutC23680A Capital Realty Analysts - Formation of Assessment District (Section 29)REQUEST: SUBMITTED BY: DATE: CONTENTS: Recommendation: CITY OF PALM DESERT STAFF REPORT APPROVAL OF AGREEMENTS FOR APPRAISAL SERVICES WITH CAPITAL REALTY ANALYSTS IN CONNECTION WITH THE FORMATION OF AN ASSESSMENT DISTRICT (SECTION 29) DENNIS M. COLEMAN, REDEVELOPMENT/HOUSING FINANCE MANAGER APRIL 28, 2005 AGREEMENTS WITH CAPITAL REALTY ANALYSTS FOR SECTION 29 ASSESSMENT DISTRICT AND RETENTION BASIN PROPERTY By Minute Motion, that the City Council: 1) Approve the agreement with Capital Realty Analysts for appraisal services in the amount of $40,000 for the property associated with the formation of the Section 29 Assessment District; 2) Approve the agreement with Capital Realty Analysts in the amount of $4,500 for appraisal services for the property needed for a retention basin for the Section 29 Assessment District; and 3) Authorize the Mayor to execute the agreement. Funds are available in Account No. 610-0000-228-2100. Executive Summanr: Approval and execution of these agreements for services is necessary in establishing appraisals for both the assessment district and to purchase property within the district necessary for a retention basin. Funds for this agreement are provided by the developers within the proposed assessment district. Discussion: On November 18, 2004, the City Council approved the Deposit and Reimbursement Agreement with Ponderosa Homes II, Inc. for the reimbursement of costs associated with the formation of an assessment district for construction of public improvements. The District is located in a northwest section of the City with Monterey Avenue to the west, Gerald Ford Drive to the south, Portola Avenue to the east, and Avenue 35 to the north. The proposed District is approximately 300 acres and includes six property owners. The proposed District includes property owned by the McLeod Family Trust, Lowes Corporation, The Sares- Regis Group, Rillington Communities, and Ponderosa Homes II, Inc., and the Noble Company. Staff Report Approval of an Agreement to Provide Appraisal Services with Capital Realty Analysts Page 2 of 2 April 28, 2005 The public improvements to be funded by the District include street improvements on Monterey Avenue, Gerald Ford Drive, Gateway Drive, Dinah Shore, Portola and others. The District will also fund storm drain improvements, water main improvements, sewer improvements, and will relocate utility poles. An appraisal is necessary to establish the aggregate property values within the district in order to issue bonds, should the City Council authorize both the formation of the district and bonds to be issued. An appraisal is also necessary to establish the purchase price of property within the district which is necessary for a retention basin. Staff requested proposals from six firms and received three proposals. The three firms were deemed qualified and submitted proposals in the following amounts: Firm Assessment District Retention Basin DMD Appraisals, Inc. $ 95,000 $10,000 Mason & Mason 45,000 7,000 Capital Realty Analysts 40,000 4,500 Capital Realty Analysts submitted a responsive proposal with the lowest price to perform the appraisal. This is a local Palm Desert firm with extensive knowledge of this real estate market. Staff is recommending this firm be utilized to perform the appraisals with the concurrence of the developers. The agreement will be paid from the $50,000 deposit the Ponderosa Homes II, Inc. has given to the City that has been placed in trust to be used for purposes such as this. Submitted By: Dennis M. Coleman Redevelopment/Housing Finance Manager DMC:mh Approval: JACRedevelo:")pment McCarthy GARDkDennis ColemamDATA%WPIREPORTS\Cap Real An Sec 29 042805 wpd Department Head: David Yrigoy� Director o�elopment/Housing Paul S. Gi s n Finance Direct( Car os L. Orta City Manager Contract No. C23680A Thursday, March 24, 2005 Palm Desert Redevelopment Agency Attn: Mr. Dennis M. Coleman Redevelopment/Housing Finance Manager Palm Desert, CA. 92660 CAPITAL REALTY ANALYSTS REAL ESTATE APPRAISERS • ANALYSTS • ADVISORS 41-865 BOARDWALK, SurrE 201 PALM DESERT, CA 92211 RE: Appraisal Request for AD 2005-2 Section 29 Dear Mr. Coleman: M, r-nrodWaroom Pursuant to your request, I am pleased to submit this proposal for appraisal services in connection with the above captioned property. Based our previous discussion, I understand the parameters of the assignment to be as follows: Property Type: Various vacant land parcels Location: Palm Desert, CA. APN: Per the list attached to the original proposal. Type of Report: Complete Appraisals Reporting Format: Self -Contained Report Date of Value: May 2005, or Client's option Purpose of Appraisal: Market Value "As Is", assuming proposed improvements are in place. Function of Appraisal: Bond Financing Property Rights: Fee Simple Estate The report will be prepared in accordance with the Uniform Standards of Professional Appraisal Practice and the appraisal standards for Land Secured Financing, prepared by the California Debt Advisory Committee, dated May 1994, revised July 2004. The fee proposal for this appraisal assignment is $40,000. This fee is inclusive of all expenses and charges. The terms of payment are net 30. The required retainer is $0. The date of completion of the assignment is 6 weeks from the engagement date (the date I receive the signed engagement letter, retainer), or sooner if possible. Upon completion, I will provide you with 3 copies of each report, or more at your request. I will proceed with the preparation of this appraisal upon receipt of a signed copy of this engagement letter.. Thank you, and please feel free to phone me if I can answer questions or be of additional assistance. PHONE: (760) 779-9004 FAx: (760) 779-9815 http://realtyadvisor.com r CONTRACT No. C23680A Capital Realty Analysts / Mr. Dennis Coleman Page 2 Agreed and Accepted Capital Realty Analysts Michael A. Scarcella, MAI Agreed and Accepted City of Palm Desert Mayor CONTRACT NO. C23680A MYRON McLEOD 653-260-022 IZ47AC MYRON McLEOD 653-260-023 12.92 AC MYRON McLEOD 653-260-024 23.33 AC VERIZON 652-260-021 1.43 AC POTENTIAL SCHOOL SITE 653-260-025 25.64 AC LOWES HIW INC. PALM DESERT 653-260-018 20.66AC SARES REGIS GROUP 653-260-018 25 07 AC DOLCE - DESERT LAND HOLDINGS LLC 653-260-090 30.28 AC PONDEROSA HOMES It, INC. 653-260-033 35.76AC PONDEROSA HOMES 11 INC. 653-260-036 85.66 AC TOM NOBLE 653-26M33 35.76 AC US-1 l00/l00'd W-1 E681EZE 091 Sul Bulllnsuo3 Ysv-mojj lud11:S0 BOOT-30-jum Contract NO. C23680A Thursday, March 24, 2005 Palm Desert Redevelopment Agency Attn: Mr. Dennis M. Coleman Redevelopment/Housing Finance Manager Palm Desert, CA. 92660 RE: Appraisal Request for AD 2005-2 Section 29 Dear Mr. Coleman: CAPITAL REALTY ANALYSTS REAL ESTATE APPRAISERS • ANALYSTS • ADVISORS 41-865 BOARDWALK, SUrrE 201 PALM DESERT, CA 92211 M r+e&ftyod~..c»rn Pursuant to your request, 1 am pleased to submit this proposal for appraisal services in connection with the above captioned property. Based our previous discussion, I understand the parameters of the assignment to be as follows: Property Type: Various vacant land parcels Location: Palm Desert, CA. APN: Per the list attached to the original proposal. Type of Report: Complete Appraisals Reporting Format: Self -Contained Report Date of Value: May 2005, or Client's option Purpose of Appraisal: Market Value "As Is", assuming proposed improvements are in place. Function of Appraisal: Bond Financing Property Rights: Fee Simple Estate The report will be prepared in accordance with the Uniform Standards of Professional Appraisal Practice and the appraisal standards for Land Secured Financing, prepared by the California Debt Advisory Committee, dated May 1994, revised July 2004. The fee proposal for this appraisal assignment is $40,000. This fee is inclusive of all expenses and charges. The terms of payment are net 30. The required retainer is $0. The date of completion of the assignment is 6 weeks from the engagement date (the date I receive the signed engagement letter, retainer), or sooner if possible. Upon completion, I will provide you with 3 copies of each report, or more at your request. I will proceed with the preparation of this appraisal upon receipt of a signed copy of this engagement letter.. Thank you, and please feel free to phone me if I can answer questions or be of additional assistance. PHONE: (760) 779-9004 FAx: (760) 779-9815 httP://realtyadvisor.com Contract NO. C23680A Capital Realty Analysts / Mr. Dennis Coleman Page 2 Agreed and Accepted Capital Realty Analysts Agreed and Accepted City of Palm Desert Michael A. Scarcella, MAI Mayor Contract No. C23680A MYRON McLEOD 653-260-022 IZ47AC MYRON AkLEOD 653-260-023 IZ92AC MYRON McLEOD 653-260-024 23.33 AC VERIZON 652-260-021 1.43 AC POTENTML SCHOOL S/TE 653-260-025 25.64 AC LOWES H1W INC. PALM DESERT 653-260-018 20.66 AC SARES REGIS GROUP 653-260-018 25 07AC DOLCE - DESERT LAND HOLDINGS LLC 653-260-090 30.28 AC PONDEROSA HOMES II, INC. 653-280-033 35.76 AC PONDEROSA HOMES II INC. 653-260-036 85.66 AC TOM NOBLE 653-260-033 35 76 AC US-1 100/100'd L8V-1 £69!£Z£ 091 Sul 8ui;Insu03 YSM-moaj Wd11:50 90OZ-ZO-Jen Contract No. C23680A CAPITAL REALTY ANALYSTS REAL ESTATE APPRAISERS • ANALYSTS • ADVISORS Thursday, March 24, 2005 41-865 BOARDWALK, surm 201 PALM DESERT, CA 92211 Palm Desert Redevelopment Agency Attn: Mr. Dennis M. Coleman Redevelopment/Housing Finance Manager re oa, Palm Desert, CA. 92660 RE: Appraisal Request for AD 2005-2 (Section 29 Retention Basin Dear Mr. Coleman: Pursuant to your request, I am pleased to submit this proposal for appraisal services in connection with the above captioned property. Based our previous discussion, I understand the parameters of the assignment to be as follows: Property Type: Vacant land parcel Location: Palm Desert, CA. APN: Parcel C, City of Palm Desert Adjustment Plat. Type of Report: Complete Appraisals Reporting Format: Self -Contained Report Date of Value: May 2005, or Client's option Purpose of Appraisal: Market Value "As Is", assuming proposed improvements are in place. Function of Appraisal: Bond Financing Property Rights: Fee Simple Estate The report will be prepared in accordance with the Uniform Standards of Professional Appraisal Practice and the appraisal standards for Land Secured Financing, prepared by the California Debt Advisory Committee, dated May 1994, revised July 2004. The fee proposal for this appraisal assignment is $4,500. This fee is inclusive of all expenses and charges. The terms of payment are net 30. The required retainer is $0. The date of completion of the assignment is 6 weeks from the engagement date (the date I receive the signed engagement letter, retainer), or sooner if possible. Upon completion, I will provide you with 3 copies of the report, or more at your request. I will proceed with the preparation of this appraisal upon receipt of a signed copy of this engagement letter. Thank you, and please feel free to phone me if I can answer questions or be of additional assistance. PHONE: (760) 779-9004 FAx: (760) 779-9815 http://realtyadvisor.com Contract NO. C23680A Capital Realty Analysts / Mr. Dennis Coleman Page 2 Agreed and Accepted Capital Realty Analysts Agreed and Accepted City of Palm Desert Michael A. Scarcella, MAI Mayor ,03/04/2005 16:27 7603416372 RDA PALM DESERT Mar-04-2005 01:19 From -PALM DESERT PUBLIC 110RKS DEPT 7600417061 FPCIM FAX NO. :76tA3 s69w r4 EXHIBIT "B-l" P.M.W. 04-18 r � 40 '\ 1d. 1 PAGE 03/03 T-416 P•002/002 F-992 Mr. %" 4whm w r. ate-.•, f-t 4riEE 1 ti,p P.O.C. ' •� AAj � e �s=s PAR A` �r �—' —''" : _ C !i *•1. C..�. �4 C4 ) N ��g• A Kez rr L3 7p08 _ C3 1 r, '��9 NE COR PAR. "A" W.0 SCALE: 1 =300' �`' SETA'A• �,� � . t //4 SEE PL. ort , . 'a��- S P0.B. ♦ PAR. "C" EASEMENTS A -F SHOWN TF09' P.0 C. ra t.M.R. 208/94-99 PARCEL W PAR. `s' ► AR. •00 10' ACCESS EASEMENT A§MA• 18412 AG. o► 20' SEWER E45MNT 20' LANDSCAPE AND PEOESTRYW EASEMENT 5C6 O.R. 5312109ZI 'G �Z'L • SCE- .O.R. 66/56741 0'L C/L ZO S8►vEit EASEMENT �- O.R. 90/0422 s 2 SCE O.Q. sir./1ACQy0 — u( 5CE O.R. 54/135655 ^ < NQ•Ilr! TH5 PAT WA3 F'REYARED FROM RECORD G } DATA ONLY AND DOES NOT REPRtESEN7 A SURWY OF N 15'17'39" E J PROPERTY SHOWN HEREON. THIS NAP N" BEEN PAR �B" (R) APPROVED UPON THE EXPRMM OOKOMOr4 THAT P.M.W. 02-22 c BUILDING PEFMITS SHALL NOT BE ISSUED FOR ANC! OEVELOPIMENT VATiMN THIS AOJLISTIME r PLAT UNTIL NECESSARY DEDICAPONB, IF ANY, HAVE OCCURRED.�-- PAR "A" I w SCE L 4 PARCEL. 1. P.M. 24100 F.M.W. 02--22 ti 0.14, 92/32SC42 __Ij PARCEL C2,�P.M. 241" pBvlai SHORG VRW 653—Z80�030, 031, 029 � ORTION) LCfr ", P.M. 24255 PARCEL G . O.W.W. 02-22 PORTOLA AVBNVE 653-290-003 (PORTION) LOT NO. STREET NAME A.P.N. ADJUSTMENT PLAT -- CITY OF PALM DESERT ....1 QR. Ir 1/2 SEC. 29, T. 4 5_. R_ 0 E.. 3.0 M. ,1, N 1524 ENCINEERs ms^ covauLTINC wc. APPLICANT; APPRQYED 8Y' ROR RANCHO DMO" DRIVE TOM NOBLE. RANCHO MIRAGE, CA MRN A 92270 MONTEREY 170► U-C JA Ptfomt: (76o) 320--9es 1 A.v. BOX 12980 R. PAft GAR14EN PALM DESERT. CA 92255 CITY SURVEYOR Q"/Sr PHONE' (760) 335-9073 I.-S. Np. 510, 6ki-gLES R. ItARRr9 4989 OATS Ea10- 3/41 /05 DATE lusived Mar-04-2005 06:07 From-7101189074 Ta-PALM DESERT PWLIC E Pao 002 Contract No. C23680A L Contract No. C236801 CAPITAL REALTY ANALYSTS REAL ESTATE APPRAISERS' ANALYSTS' ADVISORS Thursday, March 24, 2005 41-865 BOARDWALK, SurrE 201 PALM DESERT, CA 92211 Palm Desert Redevelopment Agency Attn: Mr. Dennis M. Coleman Redevelopment/Housing Finance Manager rem.,. � Palm Desert, CA. 92660 RE: Appraisal Request for AD 2005-2 (Section 29 Retention Basin Dear Mr. Coleman: Pursuant to your request, I am pleased to submit this proposal for appraisal services in connection with the above captioned property. Based our previous discussion, I understand the parameters of the assignment to be as follows: Property Type: Vacant land parcel Location: Palm Desert, CA. APN: Parcel C, City of Palm Desert Adjustment Plat. Type of Report: Complete Appraisals Reporting Format: Self -Contained Report Date of Value: May 2005, or Client's option Purpose of Appraisal: Market Value "As Is", assuming proposed improvements are in place. Function of Appraisal: Bond Financing Property Rights: Fee Simple Estate The report will be prepared in accordance with the Uniform Standards of Professional Appraisal Practice and the appraisal standards for Land Secured Financing, prepared by the California Debt Advisory Committee, dated May 1994, revised July 2004. The fee proposal for this appraisal assignment is $4,500. This fee is inclusive of all expenses and charges. The terms of payment are net 30. The required retainer is $0. The date of completion of the assignment is 6 weeks from the engagement date (the date I receive the signed engagement letter, retainer), or sooner if possible. Upon completion, I will provide you with 3 copies of the report, or more at your request. I will proceed with the preparation of this appraisal upon receipt of a signed copy of this engagement letter. Thank you, and please feel free to phone me if I can answer questions or be of additional assistance. PHONE: (760) 779-9004 FAx: (760) 779-9815 http://realtyadvisor.com Contract NO. C23680A Capital Realty Analysts 1 Mr. Dennis Coleman Page 2 Agreed and Accepted Capital Realty Analysts Agreed and Accepted City of Palm Desert Michael A. Scarcella, MAI Mayor 03/04/2005 16:27 7603416372 RDA PALM DESERT PAGE 03/03 • ibr-04-2005 09:10 Fran -PALM DESERT PUR IC LINKS DEPT 790841T098 T-486 P-002/002 F-992 FROM ; FAX NO. :76�i6qu e4 rtar, ny GIoin& W r . aW"-j rc EXHIBIT "B—la LAM • P.M.W. 04.-18 r Jb LOT F Z" .M,D. 206/94 9 " ' N 65'1021E r . a {R) i A .6 Ca N ��g• A �a K \ NE COR PAR. A•' 'A• p'. SE 1//4 SCALE: 1' =300.SEE DETAIL '� �• P.011L off i •6-a' PAR."C " LASA -F SHOWN S Tm Q"C' PZR P.M.P. 208/9+-99 PARCEL 'A' PAR. "9" PAR. `B` O 10' ACCESS EASEMENT 20' SCR EASEMENT 20' LANDSCAPE AND PGEDESTRIAN EASEMENT O.R. 43/21892?.G �Z � is SCE,.O.R- 66/5&741 QV� Otis s C/L 20' SEWER EASEMEN7 *.R. 90/0422 t 2 � O SCE O.R. f6/1d1.'.S70 1 yj SCE O.R. 54/138555 NOTirt THIS PLAY WAS PREPARED FROM RECORD �' QATA ONLY AND DOES NOT REPRESENT A SURVEY Or N IW17'39` E PROPERTY SHOWN HEREON. THIS MAP HAS 8EEN PAR '8" (R) 0 APPROVED UPON THE EXPRESSED GOT101710N THAT P.M.W. 02-22 6uIL.DINC PERMITS SHALL NOT 8E ISSUEP FOR ANY t: DEVELOPMENT WITMN THIS AOJUSTMIENT PLAT UNTIL T �'~ •` �� 0 NECESSARY 1FDICAYtONB, tR ANY, MAvE OCCURfiED. PAR "A" ^ SCE L 4 PARCEL, 1. P.M. 24300 P.M.W. 02-22 1 O,R. 92/323a42 PARCEL 2,MP.M. 94SAE Q~ SHORE ORIVC 653-280-030. OS1. o26 offnoON) C LOr ", P.m. 24255 PARCEL C . O.M.W. 02-22 PORTO A AVENVE 653-2SO-005 (PORTION) LOT NO, STREET NAME A.P.N. ADJUSTMENT PLAT -- CITY OF PALM DESERT ►'QR. If 1/2 SEC. 29, T. 4 S., R- 6 E-. S.¢.M, .1,N„ 1524 ENGINEER: Ma► cc+vauLpr4c INc. APPLICANT: APPRO BY: 34-200 we M0" Oti1VE TOY NOBLEfWYED � RANCHO MIRAGE, CAUFOR't" 92270 P pNTtiO0�%71170, 4LC R, PAt)IE ' JA P►iONUE (760) 3Z0--9at t MOR PALM DESERT. CA 92255 CITY SURVEYOR CtiANt� LE5 R, I�hRRIJ 49t39 "JDhPf PHONE (760) 930-9073 �P. �31%6 apdm/O¢ oArE Received L1sr-04-2006 08for Frar71041110T4 To -PALM DEt6RT I MIC V Pon 002 Contract NO. C23680A