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Real Estate Appraisers And Consultants
Licensed Real Estate Brokers
Please respond to West Palm Beach office
WEST PALM BEACH
E -Mail: cpi@cpwpb.com
1639 Forum Place
Suite 5
West Palm Beach, FL 33401
Phone (561)686-0333
Fax (561)686-3705
Michael R. Slade, MAI, SRA, CRE
May 8, 2007
St. Cert. Gen. REA RZ116
Daniel A Hrabko, MAI
St.Cert.Gen.REA RZ48
Mr. Bill Thrasher
Stephen D. Shaw, MAI
Town of Gulf Stream
St. Cert. Gen. REA RZ1192
100 Sea Road
Gulf Stream, FL 33483
FORT PIERCE/STUART
500 South U.S. Highway
Suite 107
Via Fax: 561-737-0188
Fort Pierce, FL 34950
Dear Mr. Thrasher:
Phone (772)464-8607
Fax (772)461-0809
Stuart
We would be pleased to prepare a Summary Appraisal Report on
Phone (772)287-3330
the proposed easements located north of Avenue Au Soleil in Gulf
Fax (772)461-0809
Stream, Florida. It is our understanding that the purpose of the
Harry D. Gray, MAI, SRA
appraisal is to estimate the Market Value of the part taken, as well
St. Cert. Gen. REARZ662
as damages to the remainder property, if any.
Stephen G. Neill, Jr., MAI
St.Cert.Gen.REA RZ2480
This report will be prepared for our client, Town of Gulf Stream.
The intended use is to assist the client in negotiating purposes and
MELBOURNE/INDIALANTIC
potential trial testimony. The scope of work performed is specific
114 6th Avenue,
Suite 3
to the needs of the intended user and the intended use. No other
Indialantic, FL 32903
use is intended, and the scope of work may not be appropriate for
Phone (321)726-0970
other uses.
Fax (321)726-0384
Curtis L. Phillips, MAI
St.Cert.Gen.REA RZ2085
The fee would be $3,500. The fee is due and payable upon
delivery of the report. We will provide 3 originals of the final
BOCA RATON
report. If you require a PDF format, that must be requested at
PMB #87
time of engagement or there will be an extra charge.
4400 N. Federal Highway
Suite 210
Boca Raton, FL 33431
We need you to supply person to contact and phone number, and
Phone (561)998-8088
any other information you deem appropriate.
Fax (561)686-3705
Daniel A Hrabko, MAr
St.Cert.Gen.REA RZ48
We will have the report completed in approximate) 3-4 weeks
y
from the da we receive
y your authorization and information
FOUNDERS
requested; be aware that delays in our receipt of
toe R. Price, MAI, SRA
information requested could postpone completion.
St. Cert. Gen. REA RZ555
Robert J. Callaway, MAI, SRA
St.Cert.Gen.REA RZ505
Mr. Bill Thrasher
Town of Gulf Stream
May 8, 2007
Page Two
If the above is agreeable to you, please sign below as our authorization and return
it together with the information requested and we will begin work immediately.
This agreement is subject to the Agreements and Conditions listed on the attached
pages, a copy of which should also be signed and returned to us. Our work will be
done in accordance with the Appraisal Institute Code of Ethics and Standards of
Professional Practice. Thank you for the opportunity to be of service.
Respectfully submitted,
CALLAWAY & PRICE, INC.
Daniel P. Hrabko, MAI
St.Cert.Gen.REA RZ48
DPH/dlm
Attachments
Client:
Accepted By\Date:
Date
Name and Title (Printed or Typed)
TownofGulf Stream
Signature
5-10-07
William F. Koch, Jr., Mayor
Client Fed ID# or SS#: 59-6002370
CP Conditions of
CONDITIONS OF AGREEMENT
1. Premise: The completed report shall comply with the professional and ethical
standards of the Appraisal Institute. The report will be addressed to the
Client, or, as directed by the Client.
Z. Compensation: The fee is due and payable as designated in the contract
letter; the retainer is to be sent to the Appraiser along with the signed
contract letter, which constitutes authorization to commence the assignment.
The Appraiser's/Consultant's compensation is in no event contingent upon a
predetermined value or conclusion.
3. Completion Date: Every effort will be made to deliver the report as per the
specified date in the contract letter. If delays occur for reasons beyond the
control of the Appraiser/Consultant, such as not receiving necessary data
requested from the Client in a timely manner, changes in the scope of
services of the assignment, acts of God, et cetera, the due date shall be
extended.
4. Changes: The Appraiser/Consultant shall, to the best of his ability, complete
the assignment in compliance with professional and ethical standards of the
appraisal industry. Changes which are not in keeping with these standards
will necessitate a new contract letter and renegotiation of the original fee; or
billed on a time basis plus the original fee.
5. Cancellation: This agreement may be cancelled by the Client by written
notice, or telephone followed by written notice. Appraiser/Consultant shall
submit a statement based on professional time and expenses accrued, if
applicable, for all services expended to the date of cancellation.
6. Additional Report Copies: Additional copies will be furnished upon request,
and prepayment of $1 per page per report.
7. Collection: All fees and expenses are due upon delivery of the final report. A
late charge of 1.5% per month shall be imposed on balances unpaid 30 days
after the statement date. If collection efforts become necessary, all costs for
same, including court costs and attorney's fees will be added to the balance
due. We are currently operating under an agreement with a collection agency
which charges us 53.8%. IF THEIR COLLECTION SERVICES ARE REQUIRED,
CLIENT'S TOTAL BALANCE DUE WILL BE INCREASED BY 53.8%.
B. Limiting Conditions: This agreement and the completed report shall be
subject to the attached Limiting Conditions (also included in said report).
rP Conditions of Agreement
Confidential Data: Data assembled for the assignment will remain the
property of the Appraiser/Consultant. Data provided by the Client will be held
in file, unless otherwise instructed by the Client, and considered confidential.
Appraiser/Consultant is authorized by the Client to disclose the report to
appropriate representative of the Appraisal Institute to comply with the
Bylaws and regulations of this professional organization.
I hereby agree to the Conditions of Agreement outlined above.
TOWN OF GULF STREAM
William F. Koch, Jr. Mayor 5-10-07
Client's Name Date of Acceptance
ra
LIMITING CONDITIONS
Conditions
1. Unless otherwise stated, the value appearing in this appraisal represents the
opinion of the Market Value or the Value Defined AS OF THE DATE
SPECIFIED. Market Value of real estate is affected by national and local
economic conditions and consequently will vary with future changes in such
conditions.
2. The value estimated in this appraisal report is gross, without consideration
given to any encumbrance, restriction or question of title, unless specifically
defined.
3. This appraisal report covers only the property described and any values or
rates utilized are not to be construed as applicable to any other property,
however similar the properties might be.
4. It is assumed that the title to the premises is good; that the legal description
is correct; that the improvements are entirely and correctly located on the
property described and that there are no encroachments on this property, but
no investigation or survey has been made.
5. This appraisal expresses our opinion, and employment to make this appraisal
was in no way contingent upon the reporting of predetermined value or
conclusion.
6. No responsibility is assumed for matters legal in nature, nor is any opinion of
title rendered. In the performance of our investigation and analysis leading to
the conclusions reached herein, the statements of others were relied on. No
liability is assumed for the correctness of these statements; and, in any
event, the appraiser's total liability for this report is limited to the actual fee
charged.
7. Neither all nor any part of the contents of this report (especially any
conclusions, the identity of the appraiser or the firm with which he is
connected, or any reference to the Appraisal Institute or any of its
designations) shall be disseminated to the public through advertising media,
public relations media, news media, sales media or any other public means of
communication without our prior written consent and approval.
B. It is assumed that there are no hidden or unapparent conditions of the
property, subsoil, or structures which would render it more or less valuable.
The appraiser assumes no responsibility for such conditions or the
engineering which might be required to discover these factors.
r?
Conditions
9. Unless otherwise stated in this report, the existence of hazardous substances,
including without limitation stachybotrys chartarum (mold), 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 for 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 proximity
thereto that would cause a loss in value. We are unaware of very wet
conditions that may have existed for days or weeks which are required to
grow mold. No responsibility is assumed for any such conditions, nor for any
expertise or engineering knowledge required to discover them.
10. The Americans with Disabilities Act ("ADA") became effective January 26,
1992. The appraiser has not made a specific compliance survey and analysis
of this property to determine whether or not it is in conformity with the
various detailed requirements of the ADA. It is possible that a compliance
survey of the property, together with a detailed analysis of the requirements
of the ADA, could reveal that the property is not in compliance with one or
more of the requirements of the Act. If so, this fact could have a negative
effect upon the value of the property. Since the appraiser has no direct
evidence relating to this issue, possible noncompliance with the requirements
of ADA in estimating the value of the property has not been considered.
11. Our opinion of value was based on the assumption of competent marketing
and management regarding the Subject Property. If there is no competent
marketing and management, then the value contained herein may not apply.
COMMISSIONERS
WILLIAM F. KOCH, JR. Mayor
JOAN K. ORTHWEIN, Vice Mayor
FRED B. DEVITT III
CHRIS 0. WHEELER
MURIEL J. ANDERSON
May 10, 2007
Daniel P. Hrabko,
Callaway & Price,
1639 Forum Place
Suite 5
West Palm Beach,
Dear Mr. Hrabko:
TOWN OF GULF STREAM
PALM BEACH COUNTY, FLORIDA
MAI
Inc.
FL 33401
Telephone
(561) 276-5116
Fax
(561) 737-0186
Town Manager
WILLIAM H. THRASHER
Town Clerk
RITA LTAYLOR
Please find enclosed an executed copy of the Agreement for
preparation of a Summary Appraisal Report. Please contact Mr.
William H. Thrasher at 561-276-5116 with regard to anything
related to this assignment. Mr. Thrasher is the Gulf Stream
Town Manager.
Very truly yours,
Rita L. Taylor
Town Clerk
100 SEA ROAD, GULF STREAM, FLORIDA 33483