1996-07-24 - CC Packet - Laserfiche WebLink

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REAR REAL ESTATE APPRAISAL • ADVISORS 4744 Washington Avenue, White Bear Lake, MN 55110 -3038 • (612) 426 -6676, FAX (612) 426 -8129 July 10, 1996 Jim March Administrator City of Centerville 1880 Main Street Centerville, Minnesota 55038 -9794 Re: Water Main Projects on Main Street Dear Mr. March I am in receipt of your request for proposal to perform an appraisal of the property described as follows: Water Main Projects on Main Street The appraisal will be done in conformance with Uniform Standards of Professional Appraisal Practice (USPAP) and the Financial Institutions Reform, Recovery, and Enforcement At (FIRREA). Special note should be made of Standards Rule 2 -3 which requires that my compensation will not be contingent upon the reporting of a pre - determined value or direction in value that favors the cause of the client, the amount of the value estimated, the attainment of a stipulated result or the occurrence of the subsequent event. Please note also that a full legal description should be provided to be upon the authorization to perform the appraisal. Note; the appraiser must consider and analyze any current agreement of sale, option or listing of the subject property as well as any prior sales that have occurred within the past three years. This would apply to land as well as to improved property. The report will contain sufficient quantity of comparable market data related to sales, rental and improved sales if applicable. Adequate support will be provided for operating expenses, utilization of capitalization rates, etc., if required. The appraisals can be done in two stages. The first stage would be a limited appraisal which would consist of the value estimates and summary report of the basic indicators of value. All of the data would be kept in a rough draft form in our files for the second stage or a complete appraisal. From the limited appraisal we would then be able to reform that report and include all of the file data into a self contained report of a full appraisal which is the type of appraisal you would need as an exhibit for court testimony or condemnation hearings. The following is a breakdown on the two types of appraisals and their estimated fees for the different property types.