HomeMy WebLinkAboutR25400 Ratify Appraisal of Candlewood AptsContract No. R25
PALM DESERT REDEVELOPMENT AGENCY
STAFF REPORT
REQUEST: RATIFICATION OF PROFESSIONAL SERVICES AGREEMENT
TO APPRAISE THE CANDLEWOOD APARTMENTS AT 74-000
AND 74-002 SHADOW MOUNTAIN ROAD, PALM DESERT,
CALIFORNIA
SUBMITTED BY: LAURI AYLAIAN, REDEVELOPMENT MANAGER
CONTRACTOR: CAPITAL REALTY ANALYSTS
41-865 BOARDWALK, STE. 201
PALM DESERT, CA 92211
DATE: JUNE 22, 2006
CONTENTS: APPROVED PROPOSAL DATED 7 JUNE 2006
Recommendation:
By Minute Motion, that the Agency Board ratify an agreement in the
amount of $6,500 with Capital Realty Analysts for performing an appraisal
of the 30-unit apartment complex at 74-000 Shadow Mountain Road
known as Candlewood Apartments. Funds for this work are available in
Account No. 870-4195-466-3092.
Executive Summary:
By approval of staff recommendation, the Agency Board will ratify an agreement
approved and executed by the Agency's Executive Director using a consultant approved
by the Agency Board on 12 January 2006. The consultant will appraise an apartment
complex that the Agency proposes to acquire.
Discussion:
The Agency Board has authorized staff to negotiate to acquire the Candlewood
Apartments for a specified amount subject to confirmation of the value by an appraisal.
Under the authority granted in Section 3.30.270 of the Palm Desert Municipal Code of
ordinances, the Executive Director has approved and executed an agreement with
Capital Realty Analysts to perform the necessary professional appraisal services. The
G:\RDA\Mara Hunt\WPDATNAYLAIANtSTFRPTS\062206capitaldtyagm.doc
Staff Report
Ratification of Capital Realty Analysts Agreement for appraisal of Candlewood Apts.
Page 2 of 2
June 22, 2006
agreement is hereby presented to the Agency Board for ratification, as is required by
the cited section of the Municipal Code. The appraisal will be performed within four
weeks of the authorization date, which was 7 June 2006.
Submitted by:
Lauri Aylaian
Redevelopment Manager
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Approval:
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Department Head:
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Director development/Housing
lopment Paul S. Gibson, Director of Finance
Carlos L. Orte ,Executive Director
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VERIFIED BY
Original on file with City erWs Office
June 7, 2006
City of Palm Desert
Attn: Ms. Lauri Aylaian
73-510 Fred Waring Drive
Palm Desert, CA. 92260
CAPITAL REALTY ANALYSTS
REAL ESTATE APPRAISERS® ANALYSTS® ADVISORS
41-865 BOARDWALK, SUITE 201
PALM DESERT, CA 92211
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RE: Appraisal Request for "Candlewood Apartments"
Dear Ms. Aylaian:
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: 30-Unit Apartment Complex
Location: 74-000 and 74-002 Shadow Mountain Road, Palm Desert,
CA.
APN: 625-132-046, Riverside County, CA.
Type of Report: Complete Appraisal
Reporting Format: Summary Report
Date of Value: 7/06 or Client's Option
Purpose of Appraisal: Market Value "As Is"
Function of Appraisal: Internal Use
Property Rights: Leased Fee Estate
The valuation will be prepared in accordance with the Uniform Standards of Professional
Appraisal Practice. The fee proposal for this assignment is $6,500. The fee quote is inclusive of
all expenses and charges. The required retainer is $0. The date of completion of the assignment is
4 weeks from the engagement date 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 and the retainer. Thank you, and please feel free to phone me if I can answer questions or
be of additional assistance.
Agreed and Accepted Agreed and Accepted
#dv � Palm Desert Redevelopment Agency
Michael A. Scarcella, MAI Ca"Ort,ecutiveDirector
PHONE: (760) 779-9004
FAX: (760) 779-9815
http://realtyadvisor.com