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Home My WebLink AboutR26950 - Propty Appraisal 73-697 Santa Rosa Way�D PALM DESERT REDEVELOPMENT AGENCY REQUEST SUBMITTED BY CONTRACTOR: DATE: CONTENTS: Recommendation: STAFF REPORT RATIFICATION OF AGREEMENT FOR PROFESSIONAL SERVICES (CONTRACT NO. R 26950 ) FOR APPRAISAL OF RESIDENTIAL PROPERTY KNOWN AS 73-697 SANTA ROSA WAY MARTIN ALVAREZ, REDEVELOPMENT MANAGER LIDGARD AND ASSOCIATES, INC. 2808 E. KATELLA AVENUE, SUITE 107 ORANGE, CA 92867 — 5246 SEPTEMBER 13, 2007 PROFESSIONAL SERVICES AGREEMENT AERIAL MAP By Minute Motion, that the Agency Board ratify an agreement in an amount not -to - exceed $3,600.00 (including reimbursables) with Lidgard and Associates for the appraisal of property located at 73-697 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 73-697 Santa Rosa Way. Approval of staff s recommendation will ratify a professional services agreement in the amount not -to -exceed $3,600.00 with Lidgard and Associates. Discussion: The subject property is located at 73-697 Santa Rosa Way and consists of a 4-unit multi -family apartment complex on a 28,170 square foot parcel (see attached aerial map). The property is listed for sale and is located adjacent to Agency owned property to the east (vacant), west (Pueblos Apartments) and the Senior Center to the south. 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 $3,600.00. Staff Report Ratification of Appraisal Services for 73-697 Santa Rosa Way (Contract No. R26950 Page 2 September 13, 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: �7lartin Alvarez, Redevelopment Manager Ju n f4cCarthy, ACM R e pment AW - /�/-1 rL. Ortega, Executiv ctor Department Head: 4—'"6ave Yrigoy ' Director of development/Housing P )IS. Gibson, Director of Finance 4 )'ed BY RDAY-0 CCei�y,-,t� r) /#�S&/U7> ON 9-13-69 VERIFIED BY I(Mk II)AM Original on fife with City Clerk's Office G \rda\Martin Alvarez\2007 SR\Rahfcation SR-Lidgard Appraisal 73697 Santa Rosa.doc Contract No. R-26950 TRANSMITTED VIA EMAIL July 27, 2007 Mr. Martin Alvarez Redevelopment Manager Palm Desert Redevelopment Agency 73-510 Fred Waring Drive Palm Desert, California 92260 Subject: Real Estate Appraisal Services Garday Ownership 73-697 Santa Rosa Way Palm Desert, California Dear Mr. Alvarez: I appreciate the opportunity of submitting this proposal for professional real estate appraisal services pertaining to the above -referenced property. The scope of our services will include (1) a complete on -site field inspection of the subject property, (2) notification of, and an interview with the property owner or his/her representative, (3) a review of public records, (4) the research and collection of comparable market data in the immediate and general subject market area, (5) a valuation employing applicable methodology based on an analysis of the comparable market data, and (6) preparation of the formal narrative appraisal report in summation of the activities outlined above. It is understood that the subject property is improved with a multiple family residential facility containing four units. Assessor's records indicate the underlying land parcel contains 45,236 square feet, and is zoned R-2. The valuation study will include all real estate items (land, building(s), and appurtenant on -site improvements), exclusive of non -realty fixtures/equipment, if any. The property will be appraised as of a current date. Long Beach Office. 3353 Linden Avenue Suite 200 Long Beach, CA 90807 - 4503 Orange County Office. 2808 E Katella Avenue Suite 107 Orange, CA 92867 - 5246 Telephone. (562) 988-2926 (714) 633-8441 Facsimile: (714) 633-8449 LIDGARD AND ASSOCIATES Real Estate Appraisal and Consultation INCORPORATED Contract No. R-26950 Mr. Martin Alvarez Redevelopment Manager Palm Desert Redevelopment Agency July 27, 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. 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 $3,600, payable upon delivery of the appraisal report. The summary appraisal report can be delivered, in triplicate, within approximately six weeks following receipt of your authorization to proceed. 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. Carlos L. 046ga LIDGARD AND ASSOCIATES INCORPOItATE D 3l4 ate Real Estate Appraisal and Consultation is rrI irm!