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HomeMy WebLinkAboutRes 0851 - Appraisal Services on Christensen Road Bridge (T Line Bridge)Approved as to Form CITY OF TUKWILA WASHINGTON RESOLUTION NO. 851 A RESOLUTION' OF THE CITY OF TUKWILA, WASHINGTON, AUTHORIZING THE MAYOR TO ENTER INTO AN AGREEMENT WITH WASHINGTON APPRAISAL SERVICES, INC. FOR AP- PRAISAL SERVICES ON THE CHRISTENSEN ROAD BRIDGE PROJECT. (T Line Bridge) NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, DO RESOLVE AS FOLLOWS: The Mayor is hereby authorized to enter into an agreement with Washington Appraisal Services, Inc. for appraisal and negotiation services on the Christensen Road Bridge Project. PASSED BY THE CITY COUNCIL OF THE CITY OF TUKWILA, WASHINGTON, at a regular meeting thereof this 7th day of March 1983. ATTEST: Deputy City Attorney, Daniel D. Woo Mayor gary Van Dusen City Clerk Maxine Anderson INGTON APPRAISAL SERVICES, IN 10232 N.E. lOtn STREET BELLEVUE, WASHINGTON 004 453 -1456 CONTRACT FOR PROFESSIONAL APPRAISAL SERVICES AGREEMENT made on 19 between hereinafter referred to as "Client and WASHINGTON APPRAISAL SERVICES, INC. and hereinafter jointly referred to as "Appraiser agree as follows: I IDENTIFICATION: Client hereby engages Appraiser, and Appraiser hereby agrees, to appraise that real property more particularly described as follows: Address and /or location: Legal Description: Property Description: II PURPOSE OF APPRAISAL: Appraiser agrees to furnish Client copies of a written appraisal for the purpose of estimating value as of The appraisal shall comply with the professional and ethical requirements of the professional appraisal organizations of which the appraiser, or any one employed by him to assist him, is a member. III AUTHORIZATION AND DATA TO BE FURNISHED: Client authorizes the Appraiser to inspect the premises and agrees to furnish Appraiser with all pertinent data which Appraiser requests in connection with the appraisal of the above- described property. If special legal instruc- tions are to be considered by the Appraiser, such instructions shall be in writing and the basis for such instructions in applicable case law shall also be provided. IV EMPLOYMENT: The client authorizes the appraiser to utilize other members and employee's of Washington Appraisal Services, Inc. in the preparation of the appraisal. V COMPENSATION: Client agrees to pay Appraiser, for services in appraising the above described property, a fee of Dollars or at a rate not greater than per If the fee is to be paid on an hourly or daily basis, the Appraiser agrees to keep and furnish accurate time records with the billing. Hourly or daily rates for individuals involved in preparation of the appraisal will be pro -rated according to qualifications and experience of the individual. Appraisal services will include all work performed under catergories "A" through "E" listed on back. VI RETAINER: Appraiser acknowledges receipt of Dollars as a retainer herein, to be credit against the compensation designated in Article V of this agreement. VII COMPLETION DATE ESTIMATE: Appraiser agrees to use his best efforts to complete this appraisal by 19 Said completion date is an estimate and does not take into consideration pre trial or court time, as well as delays beyond the control of the Appraiser, such as illness, lack of specific necessary data and /or Acts of God. VIII EXPENSES: If the appraisal is outside the area in which the appraiser normally resides, Client agrees to pay all reasonable appraisal expenses incurred including travel expense, extra- ordinary job costs and reasonable subsistence costs incurred by Appraiser. Client agrees to pay these expenses upon submission of an itemized statement therefor. IX TESTIMONY: In the event the Appraiser's testimony is requested for any legal pro- ceeding, the Appraiser agrees to be available for such purpose provided he is given adequate notice. X LITIGATION FEE: In addition to the appraisal fee, Client agrees to pay Appraiser per hour for Appraiser's services in connection with time spent in preparation for litigation, pre -trial time or time spent in court or other proceeding and related travel time to and from Appraiser's office and the place of the pre trial, hearing or court. Reference work category "F" under item V. XI COLLECTION: Client and Appraiser agree that simple interest of one (1 percent per month with a maximum of twelve (12 per annum will accrue on any balance for compensation or expense reimbursement due to Appraiser and remaining unpaid as of the date due. Client also agrees to pay Appraiser's reasonable expenses incurred in collecting all amounts due and owing under the terms of this Agreement, including court costs and reasonable attorneys' fees. Approved by Client and Appraiser the date and year first above written, subject to attached exhibits: WASHINGTON APPRAISAL SERVICES, INC. BY APPRAISER CLIENT CLIENT O L Item II, Continued MARKET VALUE The highest price in terms of money which a property will 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. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. buyer and seller are typically motivated. 2. both parties are well informed or well advised, and each acting in what he considers his own best interest. 3. a reasonable time is allowed for exposure in the open market. 4. payment is made in cash or its equivalent. 5. financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale. 6. the price represents a normal consideration for the property sold unaffected by special financing amounts and /or terms, services, fees, costs, or credits incurred in the transaction. JUST COMPENSATION In condemnation, the amount of the loss for which a property owner has established a claim to compensation. It is the pay- ment of the market value of the real estate which was taken. Boyce, Byri N. Real estate appraisal terminology. 333.3'32'03 V COMPENSATION (continued) GENERAL WORK CATEGORIES: "A" General Research: This work area starts with the identification of the subject property together with the basic work requirements of the client for this project. The next step is to assemble all data as provided by the client together with all in -house resource material as taken from the appraisers files and or library records. This may include public records, such as: land use maps, zoning, building codes, flood zone maps, etc. "B" Data Assembly Review: All material under Category "A" is reviewed, as to: content, compara- bility and specific application to this project. Outside data sources are explored for market information, such as: Monitor computer service, Title company, Multiple Listing Groups together with other professional appraisers and or realtors. All pertinent material is then catalogued and correlated into a workbook. Make up a want list of all known items to complete the project. "C" Field Inspection Interviews: Inspection would include the neighborhood, subject property together with all market data obtained from various sources. On site physical inspection of all comparables for comparison to the subject property. Plot all comparables on maps and obtain pertinent data (copies) of the property records cards and instruments to the transaction. Take on site photos and confirm all comparable transactions with one or more of the parties. Have interviews with government officials as to land use plans, zoning together with highest and best use. Search for restrictions from the legal instrument and or some branch of government. Should the project represent a partial taking, obtain all details as to the extent and use in the after situation. "D" Report Writing: Prepare a narrative report that will cover all of the requirements for a professional appraisal. The first exercise will be in the form of a rough draft which will be subject to review and refinement. This first draft should also include all exhibits, maps, title, zoning and other pertinent reference material. From this first draft prepare a final want list that will be necessary for the completion of your report. Final Review Assemblage: This work area on the part of the appraiser represents the final review of the work product. The report may be revised and or edited, proofed, assembled and correlated prior to completion. Exhibits are reviewed as to their content and location. Pre -Trial Trial Time: This work may consist of giving depositions to opposing counsel, meetings for arbitration and or pre -trial settlement, pre -trial preparation including court exhibits and attendance together with testimony during the time of trial. All of this work is performed under specific instructions of counsel and or the court.