HomeMy WebLinkAboutKidder Matthews - Appraisal Report ServicesAugust 8, 2017
Sean Hawkins
Economic Development Manager
City of Yakima
129 N. 2nd St.
Yakima, WA 98901
RE: Engagement of Services — Appraisal Report
Dear Mr. Hawkins:
La Kidder
Mathews
Via e-mail - sean.hawkins@yakima.wa.gov
We are pleased to have the opportunity to furnish appraisal services involving the property located at 2312 W. Nob
Hill Blvd. in Yakima, Washington. The purpose of this letter is to confirm the scope of our services for this
engagement, our office practices and policies.
We will prepare an appraisal report using an appraisal process in accordance with the appraisal reporting standards
of the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation. It will contain the
descriptions, comparative data, analyses, conclusions and exhibits generally considered essential to a documented
appraisal report. In addition, our services will comply with and be subject to the Code of Professional Ethics and
Standards of Professional Practice of the Appraisal Institute. The intended user(s) of this appraisal is the City of
Yakima, and others as you may designate. The intended use of this appraisal is for portfolio management
purposes.
The scope of the assignment will be to estimate the market value of the fee simple interest in subject property,
subject to a Hypothetical Condition, as we understand that Ecology has not yet issued an NFA letter. The
hypothetical condition to be employed in the appraisal will reflect the assumption that the subject property is free of
any 'recognized environmental condition', and that any future owners/buyers of the subject property will be given
indemnity from becoming a potentially liable party.
The cost of the appraisal will be $3,500.00. This fee is based on the scope and timing of our analysis as outlined in
this letter. If the scope of analysis changes during the appraisal process, the change could alter the cost. At the
stated fee you will receive an electronic copy of the report in PDF format. You may request up to two optional hard
copies without additional charge by checking the box by the signature block. Additional hard copies will be available
at nominal expense (billed at $75/hour for administrative staffs time), but it is helpful if we know of your copy
requirements at the time we begin work on the project. Payment for our services is due no later than 30 days
following delivery of the completed reports. Any past -due accounts bear interest at the rate of 18 percent per year.
Because of the nature of our business, it is difficult to quote a precise delivery date for the completed report.
However, we anticipate delivery of the report will be made within four weeks from the date we receive from you a
signed copy of this engagement letter authorizing us to proceed.
Either party may terminate this engagement for any reason upon written notification delivered any time prior to
completion of the project. Upon such termination, you remain obligated to pay us promptly for all charges for
services rendered to date, as well as for all charges incurred as a result of termination.
acoma;TAWA;°9840
Kidder
Mathews
Sean Hawkins
August 8, 2017
Page 2
We do not anticipate that any disputes will arise out of our relationship with you. However, if any dispute should
arise about our services or fees or any other aspect of our relationship, we and you agree to seek a fair negotiated
resolution. If this is not successful, all disputes shall be resolved by binding arbitration in Seattle under the
American Arbitration Association ("AAA") Commercial Arbitration Rules with Expedited Procedures in effect on the
date hereof. The arbitrator may award attorneys' fees and costs to the prevailing party.
If you agree with these terms of engagement and wish us to proceed, please sign where indicated below and return
the letter via facsimile at 253.722.1409 or via e-mail at ssidor@kiddermathews.com.
Very truly yours,
KIDDER MATHEWS
Stan Sidor, A�
Senior Vice Presiden`t-
Check if two hard copy reports are required: 0
ACCEPTED & AGREED this
day of
CITY CONTRACT NO: �� / _ 12
RESOLUTION NO: '2/'a
, 2017:
080817 City of Yakima — W. Nob Hill Blvd.lsh
Kidder
Mathews
Request for Information
In order to complete the proposed appraisal, we will require the following information. Please send the information
to the address below or contact me to discuss other delivery arrangements. Please feel free to call if you have any
questions.
1. Legal description and title report
2. Prior appraisals (if any others are available; Bill Genschow has his copy
from 2013)
3. Latest environmental site assessment (Phase I or II?), for reference
4. Any purchase and sale agreements, offers to purchase (verbal or written),
brokers opinions of value, or listings within the past five years
5. Any known limitations on development potential (documented, if available)
6. Any additional information you consider pertinent
Stan Sidor
Kidder Mathews
1201 Pacific Avenue, Suite 1400
Tacoma, WA 98402
sidor(cr)kiddermathews.com
253.722.1442