HomeMy WebLinkAboutAGMT - Parkcenter Realty Advisors (Appraisal of City Hall and Annex) .
PARKCENTER REALTY ADVISORS
Appraisers and Consultants 801 North Parkcenter Drive, Suite 210
Santa Ana, California 92705
714.547.1733
Fax 714.972.1492
August 14, 2008
CITY OF SEAL BEACH
211 8 Street
Seal Beach, California 90740
Attention: Mr. Andrew J. Tse, Personnel Manager
Reference: Appraisal Proposal of
Seal Beach City Hall and Annex
Seal Beach, California
Gentlemen:
At your request, Parkcenter Consultants, Inc., doing business as Parkcenter Realty Advisors, is pleased
to submit a proposal for appraisal services on the above referenced property. Upon receiving
authorization to proceed, we will prepare a complete appraisal, which will set forth a description and
analysis of the surroundings, the improvements and the site. The appraisal will be performed by the
Cost, Income and Sales Comparison Approaches To Value, where applicable.
The fee for this assignment will be $7,500. A retainer in the amount of $3,750 is requested. We will
require approximately 45 to 60 days to complete the assignment once written authorization has been
received and we are in receipt of the retainer amount. We will report to you our preliminary opinion of
market value as soon as possible (approximately 30 days). The report will be delivered to you in
triplicate unless otherwise stated.
The balance of the fee is payable immediately upon delivery of the report. Accounts outstanding after
30 days will be billed at the rate of 12% per annum interest charge. If it is necessary to collect the
balance of the fee through litigation, legal fees will be paid by the client if Parkcenter Realty Advisors
prevails.
The appraisal will be made in conformance and subject to the requirements of the Code of Ethics and
Standards of Professional Practice of the Appraisal Institute. By accepting and executing this
agreement, the client understands no warranties, guarantees or assurances of any kind are expressed or
implied and Parkcenter Realty Advisors will assume no liability in connection with the appraisal
assignment. Upon notice by Parkcenter Realty Advisors, the client further agrees to defend, indemnify
and hold harmless the appraiser(s) against any loss resulting from and/or as a part of, litigation with the
client or third parties over the assignment for any reason other than the appraiser's(s') sole negligence
or willful misconduct. Client hereby to provide the appraiser(s) with any necessary or appropriate
waivers for the enforcement of this agreement. The appraisal report will be subject to the conditions
and stipulations of the following Limiting Conditions.
1) No responsibility is assumed by Parkcenter Realty Advisors for matters, which are legal in
nature.
• •
CITY OF SEAL BEACH August 14, 2008
Attention: Mr. Andrew J. Tse, Personnel Manager Page 2
2) No opinion of title is rendered and the property is appraised as though free of all
encumbrances and title marketable.
3) The appraisal covers the property described only.
4) No survey of the boundaries of the property will be made. All areas and dimensions furnished
our appraiser(s) are assumed to be correct.
5) Sources of information are believed to be correct and, where feasible, have been verified.
6) That the term "market value" as used therein, is defined as, "the most probable price which a
property should bring in a 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."
7) That the date of value to which the conclusions and opinions expressed in the report apply, is
set forth in the letter of transmittal. Further, that the dollar amount of any value opinion
therein rendered is based upon the purchasing power of the American dollar on that date.
8) That the appraiser(s) assumes no responsibility for economic or physical factors, which may
affect the opinions therein stated, occurring at some date after the date of value.
9) That appraiser(s) reserves the right to make such adjustments to the valuation therein reported,
as may be required by consideration of additional data or more reliable data that may become
available.
10) That maps, plats and exhibits included therein are for illustration only as an aid in visualizing
matters discussed within the report. They should not be considered as survey, or relied upon
for any other purpose, nor should they be removed from, reproduced, or used apart from the
report.
11) By reason of the appraisal, Parkcenter Realty Advisors is not required to give testimony or to
be in attendance in court or at any governmental or other hearing with reference to the
property without prior arrangements having been made relative to such additional
employment.
12) Disclosure of the contents of any appraisal report is governed by the By -Laws and
Regulations of the Appraisal Institute.
Neither all nor any part of the contents of the report, especially any conclusions as to value,
the identity of the appraiser(s), or the firm, Parkcenter Realty Advisors, with which they are
connected, or any reference to the Appraisal Institute or to the MAI or RM designation, shall
be disseminated to the public through advertising media, public relations media, sales media
or any other public means of communication without the prior written consent and approval of
the authors.
13) This appraisal report is prepared for the sole and exclusive use of the client identified herein
for the stated intended use. No third parties are authorized to rely upon this report without the
express prior written consent of Parkcenter Realty Advisors.
CITY OF SEAL BEACH August 14, 2008
Attention: Mr. Andrew J. Tse, Personnel Manager Page 3
If this proposal meets with your acceptance, please indicate by signing this letter in the space provided
and return one copy to us with the retainer amount.
Respectfully submitted,
PARKCENTER REAL YADVISORS
By: 4
Robert A. Steele, MAI, CRE
President
Certified General Real Estate Appraiser
State of California No. AG006307
RAS:pmd
Accepted by: August, 2008
Name /Title