HomeMy Public PortalAbout2007 Appraisal Service Request - 85 West Enid Drive.tifSLACK
JOHNSTON
MAGENHEIMER
REAL EgrATE APPRAISERS & CONSULTANTS
L. GLENN JOHNSTON, MAI
Sr.Cerrr.GEN.REA RZ443
THEODORE W. SLACK, MAI
(1902- 1992)
ANDREW H. MAGENHEIMER, MAI THEODORE C. SLACK, MAI
ST.CERr.GEN.REA RZ1073 (REriRQD)
SUE BARRETT SLACK, MAI
(ReuREo)
VIA EMAIL
May 9, 2007
Mr. Jud Kurlancheek, IACP
Building, Zoning and Planning Director
Village of Key Biscayne
88 West McIntyre Street
Key Biscayne, Florida 33149
RE: Appraisal Service Request — 85 West Enid Drive, Key Biscayne
Folio Numbers: 24-5205-001-0020
Dear Mr. Kurlancheek:
We are in receipt of your request for an appraisal of the above referenced property. It is
our understanding the intended use of the appraisal is to assist in negotiating the purchase
of the property from a willing seller and the intended user of the appraisal will be the
Village of Key Biscayne (VKB). This will serve as our engagement contract to appraise
the real property referenced above.
Based on the information provided, the property consists of 22,100 square feet of
commercial land improved with a parking lot. The scope of the analysis is to estimate the
current market value and annual market rent of the property as of a current date of
valuation. The appraisal will consider all relevant approaches to value and will conform
to the Uniform Standards of Professional Appraisal Practice (USPAP). The analysis will
be completed subject to the attached standard assumptions and limiting conditions. If, in
the process of preparation of the analysis, additional assumptions and limiting conditions
are required, we will notify you accordingly.
We are available to prepare an appraisal of the property, based on the scope of services
outlined above, in a summary report for a fee of $4,750. In order to start the process, we
require execution of this engagement letter and a purchase order. Three signed originals
of the report can be delivered by May 29 provided this engagement agreement is
executed by 3:00 PM today and required property information. The fee will be due upon
completion of the appraisal.
SLACK, JOHNSTON & MAGENHEIMER, INC.
7300 NORTH KENDALL DRIVE, SUITE 520, MIAMI, FLORIDA 33156
TELEPHONE (305) 670-2111 • FACSIMILE (305) 670-1002 • EMAIL: SJMIAMI@AOL.COM
Mr. Jud Kurlancheek
May 9, 2007
Page Two
It is agreed, if VKB becomes involved in litigation in which this analysis is in issue, and
we are required to spend time in hearings, depositions, trial, etc., VKB shall be
responsible for our time involved preparation, travel and participation in those
proceedings based on an hourly rate of $175 per hour. This contingency rarely occurs,
and we trust that it will not with reference to this assignment. It is agreed VKB will be
charged interest on balances not paid in full pursuant to the Florida Prompt Payment
Act, section 218.70 - Florida Statutes et.seq.
If the above stated terms are acceptable, please execute and return. Thank you for
considering Slack, Johnston & Magenheimer for your appraisal needs in south Florida.
We appreciate the opportunity to be of service and look forward to working with you.
Sincerely,
SLACK, JOHNSTON & MAGENHEIMER, INC.
Andrew H. Magenheimer, MAI
ST. CERT. GEN. REA R21073
The terms and conditions of the above proposal are agreeable to the undersigned.
Village of Key Biscayne
By: £z' £tittc 7s/ —
Its:
Date: __S--- `7'— 07
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SLACK
JOHNSTON
MAGENHEIMER
ASSUMPTIONS AND LIMITING CONDITIONS
The assignment is subject to the following assumptions and limiting conditions:
1. No responsibility is assumed for the legal description or for matters including legal or title considerations. Title to the
property is assumed to be good and marketable unless otherwise stated.
2. No legal opinion related to a title search was provided and all existing liens and encumbrances, including deed restrictions
and developers agreements, have not been investigated unless otherwise stated. The property is appraised as though free and clear
3. Responsible ownership and competent property management are assumed.
4. The information furnished by others has been gathered from sources deemed to be reliable, however, no warranty is given for
its accuracy.
5. All engineering and surveying is assumed to be correct. Any sketches, plats, or drawings included in this report are included
to assist the reader in visualizing the property. We have made no survey of the property, and assume no responsibility in connection
with such matters,
6. It is assumed that there are no hidden or inapparent conditions of the property, subsoil, or structures that render it more or less
valuable. No responsibility is assumed for unusual soil conditions and no opinion as to these matters is to be inferred or construed
from the attached report other than those specifically stated in the report. Unless stated otherwise, the soil conditions of the subject
property are assumed to be adequate to support development utilizing conventional construction techniques. We recommend the
client obtain an opinion from a competent engineering firm.
7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws
unless noncompliance is stated, defined, and considered in the appraisal report.
8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity
has been stated, defined, and considered in the appraisal report.
9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority
from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use on
which the value estimate contained in this report is based.
10. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property
described and that there is no encroachment or trespass unless noted in the report.
11. Any proposed or partially completed improvements included in this report are assumed to be completed in accordance with
approved plans and specifications and in a workmanlike manner.
12. Our estimates of future values were formulated based upon market conditions as of the date of appraisal, considerate of future
projections concerning supply and demand. The appraiser has no responsibility for significant events that alter market conditions
subsequent to the effective date or dates of appraisal.
13. This study is to be used in whole and not in part. No part of it shall be used in conjunction with any other appraisal.
Publication of this report or any portion thereof without the written consent of the appraiser is not permitted.
14. The appraiser, by reason of this report, is not required to give further consultation, testimony, or be in attendance in court
with reference to the property in question unless arrangements have been previously made.
15. Neither all, nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or
the firm with which the appraiser is connected), shall be disseminated to the public through advertising, public relations, news, sales,
or other media without the written consent and approval of the appraiser. The use of this report in any public offering or syndication
document is specifically prohibited.
16. Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos,
polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other
environmental conditions, were not called to the attention of, nor did the appraiser become aware of such during the appraiser's
inspection. The appraiser has no knowledge of the existence of such materials on or in the property unless otherwise stated. The
appraiser, however, is not qualified to test such substances or conditions. If the presence of such substances, such as asbestos, urea
formaldehyde foam insulation, or other hazardous substances or environmental conditions, may affect the value of the property, the
value estimated is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it
would cause a loss in value. No responsibility is assumed for any such conditions, nor for any expertise or engineering knowledge
required to discover them. It is recommended that the client retain an expert in this field, if needed.
17. Disclosure of the contents of this report by the appraiser is controlled by the Appraisal Institute of which one or more
signatures of this report is an MAI member and by the Florida Department of Professional Regulation, Division of Appraisal State
Certification. The analysis and value conclusions, as well as non-public information about the subject property, are confidential
matters and cannot be divulged to any persons other than the party for whom the report is prepared. Exceptions to this confidentiality
provision are requests by committees of the Appraisal Institute or the Florida Department of Professional Regulations for peer review,
and subpoenas by any court having jurisdiction to request production of the report.
18 Acceptance or use of this report constitutes acceptance of the preceding conditions.
SLACK
JOHNSTON
MAGENHEIMER
05/09/2007 WED 11:17
FAX
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TRANSMISSION OK
JOB NO. 1710
DESTINATION ADDRESS 3056701002
PSWD/SUBADDRESS
DESTINATION ID
ST. TIME 05/09 11:16
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RESULT OK
DATE:
TO:
FROM:
FAX NUMBER:
Village of Key Biscayne
Building, Zoning, and Planning Department
88 West McIntyre Street
Key Biscayne, Fl 33149
305 365 8908 Telephone
305 365 5556 Fax
FAX TRANSMITTAL COVER SHEET
May 9, 2007
Andy Magenheimer
Jud Kurlanchee
Building, Zoning,
305 670 1002
P, Director
Planning Department
SUBJECT: Please prepare an appraisal for 85 W. Enid Drive for purchase and
lease at market rates. Attached is the lease with the County. As discussed with you today,
we need the appraisal delivered to us no later than May 29. Also, please attend the June
5 Council meeting. When the agenda is set, I will let you know the approximate time. The
meeting starts at 7:00 p.m.
You can contact me via e mail at vkbbzp@aol.com
Thank you.
Page 1 of 1
Subj 85 West Enid Drive
Date 5/9/2007 1 22 11 P M Eastern Daylight Time
From. AHMMAI
To VKBBZP
Mr Kurlancheek
Attached please find our proposal to prepare an appraisal of the above referenced property Please contact us if
there are any questions
Regards,
Andrew H Magenheimer, MAI
ST CERT GEN REA 1073
SLACK, JOHNSTON & MAGENHEIMER, INC
7300 NORTH KENDALL DRIVE, SUITE 520
MIAMI, FLORIDA 331 56
305-670-21 1 1 PHONE
305-670-1002 FACSIMILE
**************************************
See what's free at http //www aol com
DATE:
TO:
FROM:
Village of Key Biscayne
Building, Zoning, and Planning Department
88 West McIntyre Street
Key Biscayne, Fl 33149
305 365 8908 Telephone
305 365 5556 Fax
FAX TRANSMITTAL COVER SHEET
May 9, 2007
Andy Magenheimer
Jud Kurlanchee AICP, Director
Building, Zoning, and Planning Department
FAX NUMBER: 305 670 1002
Attached is an executed agreement.
Thank you.