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Home My Public Portal Aboutr 18-081Yvesofid o f tht 19orough of Tart r , Y. �4- No . 18 -81 Date of Adoption mil 19, 2018 AUTHORIZING A PROFESSIONAL SERVICES CONTRACT WITH VALUE RESEARCH GROUP, LLC WHEREAS, the Borough of Carteret is in need of professional appraisal services with regard to various appraisal services within the Borough of Carteret; and WHEREAS, Value Research Group, LLC, 301 South Livingston Avenue, Livingston, NJ 07039 possesses the requisite training, experience and expertise to provide said professional appraisal services; and WHEREAS, Value Research Group, LLC has proposed to perform the above services at a cost not to exceed $16,000.00; and WHEREAS, the Chief Financial Officer has certified that funds are or will be available for the same. Account # 8 -01- 20 - 254 NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Borough of Carteret, County of Middlesex, State of New Jersey as follows: 1. That Value Research Group, LLC is hereby retained as a licensed, professional appraiser in the above referenced matter at a cost not to exceed $16,000.00. 2. That this action is approved as an award of a professional services contract pursuant to N.J.S.A. 40A:11- 5(l)(a) in accordance with the Borough's Fair and Open Process as authorized by law. Adopted this 19' day of April 2018 and certified as a true copy of the original on April 20, 2018. KATHLEEN M. BARNEY, MMC Municipal Clerk RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO I NV A.B. BEI LINQ X JOHAL X DTAZ X KRUM X DI MASC IO X NAPIM X X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted at a meeting of the Municipal Council 19 2018 —o ApLil CLEW- W� 418925 Borough of Carteret KJW OFFICE OF I{ATBLEEN M. BARNEY, RMClC1VrC 14IUNICIPAL CLERK 08:10:50 a.m. 04 -18 -2018 1/2 Pvrjau of (-G--rfgr-rf MIDDLESEX COUNTY 'Tefu &ersavl TEL (732) 541 -3800 FAX (732) 541 -8925 61 COOKE AVENUE CARTERET, NEW JERSEY 07008 Date: April 17, 2418 To: PatrickDeBlasio Treasurer Borough of Carteret REQUEST FOR CERTIFICATION OF AVAILABLE FUNDS For: AUTHORLZ L SERVICES CONTRACT WITH VALUE RESEARCH QROUR LLC. Name of Account: RESOLUTION #18- AMOUNT TO BE ENCUMBERED: TQTAL COST NOT TO EXCEED $16,000.00 BILLABLE WITH VALUE RESEARCH GROUP, LLC'S EXISTING CONTRACT WITH THE BOROUGH. X AA TINE4.1 M. BARNS C Municipal Clerk CERTIFICATION OF AVAILABILITY OF FUNDS I, Treasurer of the Borough of Carteret, do hereby certify that there are sufficient funds available in the current budget to enable the Municipal Council to authorize the entering into a Contract between the Borough of Carteret and, The funds m4ailable for this contract are in the Budget, in the account of 74Y of In the amount of !9 By this certification, I have hereby encumbered the above named account for the amount of the contract pending C'mmnll nrtinn Date: Patrick DeBlasio Treasurer 0 VALUE RESEARCH GROUP, LLC REAL ESTATE ANALYSTS AND CONSULTANTS March 7, 2017 Jay Briscione, CTA via email ibriscione(Zthemeerssroup.com Borough of Carteret briscionei Zcarteret.net 100 Cooke Avenue Carteret, NJ 07008 Re: Real Estate Consulting Services Proposal Properties: Codey Realty of New Jersey 100 Minue Street, Carteret, New Jersey Block/Lot 2702125 B &L Tire Services, Inc. 500 Milik Street, Carteret, New Jersey BL/LT: 270313 Purpose: Estimate market value for tax assessing purposes Function: To assist in establishing the fee simple value of the property for tax years 2014 to 2017 Dear Mr. Briscione: As per your request, the following is a proposal to provide real estate appraisal and consulting services to the client(s) regarding the above captioned properties. It is our goal to properly accomplish this task by performing the following: Prenaration of a Preliminary Analvsis Report As requested, VRG will prepare a limited scope report to determine the market value of the property. The report will include all required elements as prescribed by Uniform Standards of Professional Appraisal Practice (USPAP) and comply with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. The appraisal report will be subject to all assumptions and limiting conditions stated therein. Acceptance and/or use of the report will constitute acceptance of all assumptions and limiting conditions. The report will only state conclusions regarding the following: the identification of the property, title history, purpose and function of the appraisal report, date of valuation, identification of property rights appraised, zoning, property assessments and taxes, site data, highest and best use conclusion, a discussion and presentation of the appraisal techniques considered and used in the valuation process, and a reconciliation of the approach(s) into a final valuation estimate as of the www vaWese=h corn 301 SOUTH LMN=ON AVENUE - SURE 10d 0 LN*WON • NEW JERSEY • 07039.9734224E00 • FAX 973- M-9797 Mr. Jay Briscione Page 2. April 9, 2018 appraisal date. The value in this report is based on a preliminary analysis consisting of a broad overview of pertinent market data and subject property information. The report is intended for use the client and the municipality and is intended to assist in settlement negotiations. Pre aration of Trial Ready Apvraisal Report(s If necessary, VRG will prepare an Appraisal Report as defined by Uniform Standards of Professional Appraisal Practice (USPAP) and comply with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. The appraisal report will be subject to all assumptions and limiting conditions stated therein. If a Preliminary Report is required, the report will be limited for use to assist in settlement negotiations and will contain limited data. If a trial ready report is required, additional research and data will be contained in the report in an effort to assist the court in determining the value of the property for tax assessment purposes. Acceptance and /or use of the report will constitute acceptance of all assumptions and limiting conditions. The report will contain the identification of the properties, title history, purpose and function of the appraisal report, date of valuation, identification of property rights appraised, area and neighborhood analysis, zoning, property assessments and taxes, site data, highest and best use analysis, a discussion and presentation of the appraisal techniques considered and used in the valuation process, and a reconciliation of the approach(s) into a final valuation estimate as of the appraisal date. Market research will include an investigation of the relevant market, and conduct inquiries with the relevant government authorities, municipal authorities, real estate agents/brokers, and other market participants. To fully analyze the value of the subject properties, the following basic information will be required, to the extent available: • A contact person to assist in arranging site inspections and interviews with persons knowledgeable of existing conditions as of our valuation date. • All discovery received to date • All Property record cards • Chapter 91 reposes from 2012 to current • A) municipal zoning and Redevelopment Area Plans applicable for each property. Due to the complexity of this assignment additional data may be required during our valuation process. Therefore, VRG will require a contact person to be available to answer any additional questions or provide additional information as needed. If any of the information is not available please let us know prior to our preparation of the reports. Consulting Assignments/Expert Testimony Consulting assignments include but are not limited to reviewing and assisting in the discovery process, additional research or review meetings subsequent to completion of the initial report, strategy sessions during the preparation of the report, review of any other studies, appraisals, or www.Vok mese=h CM 301 SOU1H LNWWON AVENUE • SWIE 104 • LIMGSTON • NEW 14M • 07039.973d22MW • FAx 973 - 422-9197 Mr. Jay Briscione April 9, 2018 Page 3. reports, outside the scope of the VRG report, and attendance at any formal or informal meetings or conferences. In the event of a legal proceeding, Arthur A. Linfante III, MAI, CRE, or another representative of our firm will be available to provide testimony regarding the analysis and conclusions contained within the appraisal report. Invoicing and Compensation Codey Realty $200.00/hour Preliminary Appraisal Fee: $2,500.00 A� Trial Ready Appraisal Fee: $5,500.00 d' B &L Tire $ 75.00/hour Preliminary Appraisal Fee: $2,500.00 Trial Ready Appraisal Fee: $5,500.00 Consulting Assignments/Expert Testimony All Consulting Assignments /Expert Testimony services will be charged at an hourly as follows: Principals of the Firm: $200.00/hour Senior Associates: $150.00/hour Associates: $140.00/hour Support Staff. $ 75.00/hour A representative of our firm will not engage in any related consulting assignments or expert testimony until all outstanding fees are satisfied in full. Hourly rates are calculated on 1 /10` hour increments portal to portal. Invoices will be submitted monthly along with a detail as to the date, time, and type of work that was performed. Time and Performance Services provided by VRG will be consistent with the skill and care ordinarily exercised by members of our profession. Analysis, conclusions, and opinions developed in our appraisal assignments will be prepared in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Practice of the Appraisal Institute. The report will be completed and ready for exchange as prescribed by the rules of the court. Costs and Expenses In addition to our fees the client(s) is also responsible for disbursement costs incurred or paid out in the performance of our service. These costs include by way of example: purchase of market data reports, messenger fees /FedEx/UPS, excess postage costs, photocopy costs ($0.25 1copy), faxes ($1.50 /page received or sent), and travel expenses. Late Charges and Collection fees All invoices for work performed and Cost and Expenses must be paid within 30 days. All unpaid balances after 30 days will accrue interest at a rate of 1 % per month. If VRG is required www Vokmes mch corn 301 SOUTH WINGSTON AVENUE • SURE 104 • UVMS10N • NEW ARSEY • 07(179.973422.9tl00 • FAX 973.W4791 Mr. Jay Briscione Page 4. April 9, 2018 to take action to enforce the terms of this agreement, the clients) will be responsible for all collection costs including, but not limited to, reasonable attorney fees, all litigation costs and other related expenses incurred by our firm. VRG reserves the right to discontinue work until all outstanding balances are satisfied. If the aforementioned proposal is acceptable please acknowledge the acceptance thereof in writing. It is our pleasure to assist you in this matter. If you have any questions please do not hesitate to contact me Sincerely, Arthur A. Linfante, MA1, CRE SCGREA RG 000965 WWW vokwaseachtom 301 SOUTH UVINGSTON AVENUE • SUITE 104 • UJINGSTON • NEW JERSEY • 07039.973422JMW • FAX 97"2Z.9797 AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Home News Tribune, a newspaper which is printed in Freehold, New Jersey and published in Neptune, in said County and State and of general circulation in said county. One 1 time(s), once in each issue as follows: April 25, 2018 Notary Public of CARMELA POGORZELSKI NOTARY PUBLIC OF NEW JERSEY My Commission Expires 9/27/2022 Sworn and subscribed before me this kC�day of YI I t� l Kathleen M. Barney, MMC Municipal Clerk BOROUGH OF CARTERET NOTICE OF CONTRACT AWARD The Borough of Carteret has awarded a contract without competi- tive bidding aS a Professional Service pursuant to N.J.S.A. 40A:11 5(1)(a). This contract and the resolution authorizing it are available for public inspection in the Office of the Municipal Clerk. This action is approved as an award of Professional Services Con- tract pursuant to N.J.S.A. 40A:1 1- 50)(a) in accordance with the Bor- ough's Fair and Open Process as authorized by law. Awarded to: Value Research Group, LLC Services: Professional Appraisal Services Resolution: 918 -81 Cost: Not to exceed $16,000.00 billable in accordance with the existing contract. Kathleen M. Barney, RMC/MMC Municipal Clerk ($ 18.48) Ad Number: 0002880029 Run Dates: 04/25/18 BOROUGH OF CARTERET NOTICE OF CONTRACT AWARD The Borough of Carteret has awarded a contract without competi- tive bidding as a Professional Service pursuant to N.J.S.A. 40A:1 1- 5(1)(a). This contract and the resolution authorizing it are available for public inspection in the Office of the Municipal Clerk. This action is approved as an award of Professional Services Con- tract pursuant to N.J.S.A. 40A:1 1- 5(1)(a) in accordance with the Bor- ough's Fair and Open Process as authorized by law. Awarded to: Value Research Group, LLC Services: Professional Appraisal Services Resolution: #18 -81 Q!R Cost: Not to exceed $16,000.00 billable in accordance with the existing contract. Kathleen M. Barney, RMC /MMC Municipal Clerk ($18.48) 002880029 -01