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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 Q\AHM\V KB 1 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 'x'0001 ********************* *** FAX TX REPORT *** ********************* TRANSMISSION OK JOB NO. 1710 DESTINATION ADDRESS 3056701002 PSWD/SUBADDRESS DESTINATION ID ST. TIME 05/09 11:16 USAGE T 00' 53 PGS. 7 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.