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Home My WebLink AboutC23740 Capital Realty Analysts Appraisal Services - University Village Community Facility District PM 31730gl Contract No. C23740 CITY OF PALM DESERT STAFF REPORT REQUEST: APPROVAL OF AGREEMENT FOR APPRAISAL SERVICES WITH CAPITAL REALTY ANALYSTS IN CONNECTION WITH THE FORMATION OF A COMMUNITY FACILITY DISTRICT (UNIVERSITY VILLAGE) SUBMITTED BY: DENNIS M. COLEMAN, REDEVELOPMENT/HOUSING FINANCE MANAGER DATE: MAY 12, 2005 CONTENTS: AGREEMENT WITH CAPITAL REALTY ANALYSTS FOR UNIVERSITY VILLAGE COMMUNITY FACILITY DISTRICT PARCEL MAP NO. 31730 UNIVERSITY PARK NORTH EXHIBIT Recommendation: By Minute Motion, that the City Council: 1) Approve the agreement with Capital Realty Analysts for appraisal services in the amount of $26,000 for the property associated with the formation of the University Village Community Facility District (CFD); and 2) Authorize the Mayor to execute the agreement. Funds are available in Account Number 610-0000-228-2100. Executive Summary: Approval and execution of this agreement for services is necessary in establishing an appraisal for the assessment district. Funds for this agreement are provided by the developer within the proposed assessment district. Discussion: On May 13, 2004, the City Council approved the Deposit and Reimbursement Agreement with Desert Wells 237, LLC for the reimbursement of costs associated with the formation of an assessment district for construction of public improvements. The proposed district is located in a northeast section of the City generally referred to as the University Village. The proposed district is east of Portola Avenue, west of Cook Street, north of Frank Sinatra and on both sides of Gerald Ford Drive between Cook Street and Portola Avenue (see attached exhibits), The proposed district is approximately 370 acres and has diversified property ownership. Contract No. C23740 Staff Report Approval of Agreement with Capital Realty Analysts Page 2 May 12, 2005 The public improvements to be funded by the proposed district are the pedestrian bridge at Cook Street, water, sewer, traffic signals, landscaping and street improvements. The street improvements include the following streets: Frank Sinatra, Cook Street, Portola Avenue, Gerald Ford Drive, University Drive, Pacific Drive, and College Drive. 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. Staff requested proposals from six firms and received three proposals. The three firms were deemed qualified and submitted proposals in the following amounts: Firm DMD Appraisals, Inc. Mason & Mason Capital Realty Analysts Assessment District $ 95,000 45,000 26,000 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 developer. The agreement will be paid from the $50,000 deposit the developers have 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: Ju Carthy developme Department Head: avid Yrigo Director oJdevelopment/Housing 3„),/i4,-- Paul S. Gibson Finance_ Director Carlos L. Ort City Manag CONTRACT NO. C23740 CAPITAL REALTY ANALYSTS REAL ESTATE APPRAISERS • ANALYSTS • ADVISORS Thursday, March 24, 2005 Palm Desert Redevelopment Agency Attn: Mr. Dennis M. Co{eman RedevelopmenUHousing Finance Manager Palm Desert, CA. 92660 RE: Appraisal Request for AD 2005-1 University Village Dear Mr. Coleman: 4I-H6S BOARDWALK, SUITE ZOI PALM DFSERT, CA 92211 /� i+e� �„ � � . � � . oan 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: Location: APN: Various vacant land parcels Palm Desert, CA. All of Parcel Map No. 31730 + acres located north of Gerald Ford Complete Appraisal Self-Contained Report May 2005, or ClienYs option approximately 82- Drive Type of Report: Reporting Format: Date of Value: Purpose of Appraisal: Function of Appraisal: Property Rights: Market Value "As Is", assuming proposed improvements are in place. Bond Financing 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 $26,000. 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 appraisaf 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. P►�oNe: (760) 779-9004 Fnx: (760) 779-9815 http: //real tyadvi sor. com CONTRACT NO. C23740 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 j1•. . . :i : J � Y . ' AF'.4�1 "!/ ' r"; •`•'`,n�" t .. .: •: �s . tr '< 7 . p ;.j:. . %n'� °�F1i � ;�. , - +,',r.*i �.' ��.I�� , ; �:y �: :.V.' 4.H1��:, `` � 'R (..• �_ .. '.%'�C . j �' i�;' . �!' �'. . ' '+'�' . � ,.f„ ,; .{:f: r ',?':',• r. .k ' ' , ' = a . ^ � '?''.'' , ' .�'.'��.i�� ;i, a ; �.. :/.'�.��)y .t.:R . � �1 4.: �s.i�.''.•I)tf.±., r�: . .�Sr �%��q j/:s:_•�.`Y!�:� ' , �� ti •.y'� :'�[r�,p..�ry,.':}��:' . ,'�'. , ' '•�i, t.h, � .y•'y�: � S :i: ..:' x,,t.�, �} t:h.: �' i ' ' .� �:�'�. ,�l a. , �u� `\ _„ `5�,,}:t-.r.,� �� `.�_; ` r �%^�"'',.4r ..�.. li��` , ';�:.,..rr;�. 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