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HomeMy WebLinkAbout6050RESOLUTION NO. 6050 A RESOLUTION APPROVING AN AGREEMENT WITH THE FELLOWS COMPANY FOR THE APPRAISAL OF LANDS TO BE FURNISHED FOR THE FOUNTAIN CREEK PROJECT BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PUEBLO, COLORADO, that: SECTION 1. An Agreement dated June 4, 1987, a copy of which is on file at the office of the City Clerk, and made a part hereof by reference, after having been approved as to form by the City Attorney, by and between Pueblo, a Municipal Corporation, and The Fellows Company, is hereby approved. SECTION 2. The Director of Public Works is hereby authorized to execute the said Agreement on behalf of Pueblo, a Municipal Corporation, and the City Clerk shall affix the seal of the City thereto and attest the same. INTRODUCED June 2 2 ,1987 By PAUL JONES Councilman APPROV President of the Counc 1 ATTEST: City Clerk DENVER Susan A. King 4489 East Florida Denver, Colorado 80222 (303) 758 -0584 Mr. Tom Cvar, P.E. Director of Public City of Pueblo 211 "D" Street Pueblo, Colorado THE FELLOWS COMPANY Real Estate Appraisals and Counseling Thomas L. Fellows, MAI 405 South Cascade, Suite 203 Colorado Springs, Colorado 80903 (303) 632 -2285 June 4, 1987 Works 81003 PUEBLO K.B. Smokstad, MAI, SRPA, CRE 201 W. 8th, Suite 890 Pueblo, Colorado 81004 (303) 545 -8112 RE: Proposed Appraisal Contract 75 Parcels Fountain Creek Flood Plain Pueblo, Colorado Dear Mr. Cvar: As you requested, I am submitting this proposal to appraise the captioned properties. This letter summarizes the scope and terms of the assignment. Scope of the Assignment The purpose of our assignment is to estimate the market value of the captioned properties. The definition of market value to be used is: "The most probable price in terms of money which a property should bring in competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus...." Source: Federal Home Loan Bank Board R41C. Other definitions may be used subject to jurisdictional requirements. Our valuation study will be fully documented, utilizing commonly accepted appraisal techniques. It is not intended to conform with the standards and reporting requirements of the Federal Home Loan Bank Board. The assignment will be completed in accordance with the Standards and Regulations of the American Institute of Real Estate Appraisers. Page 2 June 4, 1987 Mr. Tom Cvar, P.E. The properties to be appraised consist of 75 parcels located in the Fountain River Flood Plain. Approximately 65 parcels are owned by the City of Pueblo; the remaining ten must yet be acquired, possibly through eminent domain proceedings. The function of our appraisal is to provide a basis for credits from the Corps of Engineers and acquisition. The ten properties to be acquired will be appraised according to the "Uniform Standards" for Federal land acquisitions. It is my understanding that these are partial acquisitions. Six of these will require "before and after" analysis; the others will primarily address land values. We will require that you provide us with the following items: written confirmation, legal descriptions, title policies, boundary surveys and acquisition history of each parcel. Report Our conclusions will be presented in the following format: Ten Acquisition Appraisals - Individual Narrative Reports 65 City -owned Property - Basic Data Report Summary Appraisals Each format will include a detailed description of the project, surrounding area, highest and best use analysis, valuation analysis, conclusions and exhibits. The summary appraisals will be in outline format identifying each parcel. Completion I anticipate completion of the ten acquisition reports in approximately thirty days, although individual parcels may require more or less time. The City -owned parcel reports will be completed within 60 to 90 days. This schedule is subject to our best efforts, but may be affected by Acts of God or unforeseen circumstances. Page 3 June 4, 1987 Mr. Tom Cvar, P.E. Fee and Payment The fee for completion of this assignment is $37,500, or $500 per parcel. We will submit periodic billings as major stages of the assignment are completed. Fees are payable within thirty days of billing. A monthly charge of 2% will be added to any balance unpaid after thirty days. If the assignment is cancelled for any reason, my services to that date will be billed on the basis of $150 per hour. I will furnish three copies of the reports. Additional copies can be prepared at our cost. The amount or payment of the fee is not contingent upon the conclusions reached. The prevailing party shall be entitled to recover reasonable attorney's fees, costs and expenses in settlement of any dispute involved in this assignment. The appraisers' liability is limited to the amount of the fee collected. Qualifications For your information, I am attaching a summary of my qualifications and the limiting conditions of this assignment. Your authorization acknowledges these conditions. Thank you for the opportunity to submit this proposal. Respectfully, THE FELLOWS COMPANY `Thomas L. Fellows, MAI TLF /s Mr. Tom Cvar, P.E.