HomeMy WebLinkAboutR27090 - Appraisal of 73-755 Santa Rosa Way1l. F.
PALM DESERT REDEVELOPMENT AGENCY
STAFF REPORT
REQUEST: RATIFICATION OF AGREEMENT FOR PROFESSIONAL
SERVICES (CONTRACT NO. R27090 ) FOR APPRAISAL OF
RESIDENTIAL PROPERTY KNOWN AS 73-775 SANTA ROSA
WAY
SUBMITTED BY: MARTIN ALVAREZ, REDEVELOPMENT MANAGER
CONTRACTOR: LIDGARD AND ASSOCIATES, INC.
2808 E. KATELLA AVENUE, SUITE 107
ORANGE, CA 92867-5246
DATE: OCTOBER 25, 2007
CONTENTS: PROFESSIONAL SERVICES AGREEMENT
AERIAL MAP
Recommendation:
By Minute Motion, that the Agency Board ratify an agreement in an amount
not -to -exceed $4,850.00 (including reimbursables) with Lidgard and
Associates for the appraisal of property located at 73-775 Santa Rosa Way.
Funds for this service are available in Account No. 850-4195-466-3092.
Executive Summarv:
The Agency's Executive Director authorized staff to contract with Lidgard and
Associates, Inc. to provide property appraisal services necessary to identify a fair
market value for the property located at 73-775 Santa Rosa Way. Approval of staff's
recommendation will ratify a professional services agreement in the amount not -to -
exceed $4,850.00 with Lidgard and Associates.
Discussion:
The subject property is located at 73-775 Santa Rosa Way and consists of a 14-unit
multi -family apartment complex on a 55,076 square foot parcel (see attached aerial
map). The property is listed for sale and is located in close proximity to other Agency
owned affordable housing properties including Pueblos Apartments, Laguna Palms and
Palm Village. In order to determine a fair market value, the City Manager authorized
staff to contract with Lidgard and Associates to conduct a property appraisal in the
amount not -to -exceed $4,850.00.
G:\rda\Martin A varezTroperty Acquisitions\73-775 Santa Rosa\Ratlfication SR-Lidgard Appraisal 73775 Santa Rosa.doc
Staff Report
Ratification of Appraisal Services for 73-775 Santa Rosa Way (Contract No. R 27090
Page 2
October 25, 2007
Lidgard and Associates is a qualified firm, which has successfully conducted other
property appraisals for the Agency. Therefore, staff recommends that the Agency
Board ratify the professional services agreement with Lidgard and Associates.
Submitted by:
rtin Alvarez, Re evelopment Manager
lopment
Carlos L. brteW, Executive Director
Department Head:
Dave Yrigoye l
Director of Redevelopment/Housing
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Paul S. Gibson, Director of Finance
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VERIFIED BY__R b,�(-
Original on file with City Clerk's Office
Contract No. R27090
TRANSMITTED VIA EMAIL
September 18, 2007
Mr. Martin Alvarez
Redevelopment Manager
Palm Desert Redevelopment Agency
73-510 Fred Waring Drive
Palm Desert, California 92260
Subject: Real Estate Appraisal Services
Bloom Ownership
13 Unit Apartment Complex Long Beach Office.
73-775 Santa Rosa Way 3353 Linden Avenue
Suite 200
Palm Desert, California Long Beach, CA
90807 - 4503
Dear Mr. Alvarez:
I appreciate the opportunity of submitting this proposal for professional
real estate appraisal services pertaining to the above -referenced Orange County Office
2808 E Katella Avenue
property. suite 107
Orange, CA
The scope of our services will include (1) notification of, and an interview 92867- 5246
with, the property owner or his/her representative, (2) a field inspection
of the subject property, (3) a review of historical income/expense
records, (4) a review of public records, (5) the research and collection of
comparable market data in the immediate and general subject market Telephone:
2926
area, (6) a valuation employing applicable methodology based on an (714) 633-8441
(7>4) 633-844>
analysis of the comparable market data, and (7) preparation of the
formal narrative appraisal report in summation of the activities outlined Facsimile:
above. (714) 633-8449
It is understood that the subject property is presently improved with a
multiple family residential facility containing thirteen dwelling units.
Assessor's records indicate the development is situated on a parcel
containing 55,076 square feet of land area. The property is zoned for
multiple family residential use.
The valuation study will include all real estate items (land, buildings, and
appurtenant on -site improvements), exclusive of personal property, if
any. The property will be appraised as of a current date.
LIDGARD AND ASSOCIATES Real Estate Appraisal acid Consultation
INCORPORATED
Contract No. R27090
Mr. Martin Alvarez
Redevelopment Manager
Palm Desert Redevelopment Agency
September 18, 2007
Page 2
The appraisal report will comply with reporting requirements set forth in the
Uniform Standards of Professional Appraisal Practice (USPAP), under Standard
Rule 2-2(b) for a summary appraisal report, and will incorporate, by reference, the
data and valuation analysis contained in our office file/database. The report will
be suitable for public acquisition negotiation purposes with the private property
owners.
Based on the amount of time estimated to complete the appraisal study, and
formal narrative appraisal report, the fee for our services will be in the total
amount of $4,850, payable upon delivery of the appraisal report. A preappraisal
letter setting forth the final estimate of market value will be delivered via email no
later than October 10, 2007. The summary appraisal report will be delivered, in
triplicate, within approximately seven to ten days thereafter.
Please do not hesitate to contact me in the event you have any questions
regarding this proposal.
Very truly yours,
LIDGARD AND ASSOCIATES, INC.
Scott A. Lidgard, MAI, CCIM
Certified General Real Estate Appraiser
California Certification No. AG 004014
Renewal Date: March 13, 2008
SAL:kb
I hereby authorize the firm of LIDGARD AND ASSOCIATES, INC. to perform the
appraisal services referred to above.
CarloftDi
Execur
Date
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LIDGARDAND ASSOCIATES Real Estate Appraisal and Consultation
INCORPORATED