HomeMy WebLinkAboutC11-368 J.S. Lengel Agreement J.S. LENGEL and ASSOCIATES, Inc.
RE.U. ESTATE APPRAISERS and CONSULTANTS
November 30, 2011
Mr. Toby Sprunk
Eagle County Open Space Director
Eagle County Government
P.O. Box 850
Eagle, Colorado 81631
RE: Real estate appraisal and Summary Appraisal Report of approximately 425 acres located along and bisected by
Interstate 70, U.S. Highway 6, and the Eagle River in Sections 8, 17 and 18, Township 4 North, Range 83 West in Eagle
County, Colorado. The property is identified by the Eagle County Assessor's office as Parcel No. 1941 -171 - 00-024,
Dear Mr. Sprunk:
Pursuant to your request, 1 an happy to submit this engagement letter for the above referenced appraisal assignment.
The appraisal and analyses shall be prepared for Eagle County; attorneys, employees, Commissioners, and Open Space
Committee board members with the County; the current ownership of the subject property, and their agents, attorney(s)
and accountant(s) in the stated matter. The purpose of the appraisal is as a basis for negotiating a price for the purchase
of the property by Eagle County possibly using Open Space Funds. No other users or uses are expressed or implied. My
written authorization is to be sought and granted before releasing the report to any parties not noted above and/or not
associated with the above stated use.
The purpose of the appraisal is two -fold. First, it is to provide an opinion of the Market Value of a conservation
easement on the entire property that forbids subdivision, allows no more residential square footage than currently exists,
and grants public access the length of the Eagle River through the subject. Secondly, it is to provide an opinion of the
Market Value of a conservation easement on that portion of the property north of Interstate 70 with the same restrictions
noted in the first scenario and of the 100 percent fee simple interest in the remainder of the subject property. The date of
the valuation will be current the date of the last inspection of the property. The legal property appraised will be the fee
simple estate, subject to easements, encroachments, conditions, covenants, declarations and deed restrictions, if any. The
property will be appraised assuming there is no environmental contamination.
Neither my employment nor my compensation will in any way be contingent upon the development or reporting of a
predetermined value or direction in value that favors the cause of the client(s), the amount of the value opinion, the
attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this
appraisal. The value estimate will be reached without collaboration or compulsion.
The reported analyses, opinions, and conclusions will be developed in conformity with Standards Rule 2 -1 and the
report will be prepared in conformity with Standards Rule 2 -2 (b) of the Uniform Standards of Professional Appraisal
Practice (USPAP) and with the Code of Professional Ethics of the Appraisal Institute.
1 anticipate completing the appraisal and the Summary Appraisal Report within four (4) to five (5) weeks of the date of
this letter. I will make every effort to complete the assignment and report earlier; however, no assurance of early
completion can be made. I can only complete the appraisal and report in a timely manner if I receive expeditiously any
relevant information needed for the preparation of the appraisal assignment and report that 1 may request at a later date.
1 will furnish you with one electronic and three hard copy originals of the Summary Appraisal Report. My fee for the
previously stated appraisal assignment and associated summary appraisal report will be 56,000. The appraisal fee
includes the cost of certain expenses that may be incurred in the preparation of the assignments and the reports.
Although none are anticipated for this assignment, the fee does not include the costs of other professionals, such as title
agents, engineers, planners, attorneys, etc. who might be necessary. Should I deem it necessary to retain other
professionals, your approval will be requested and needed before doing so. Any approved professionals are to be
retained and compensated by you unless other arrangements are made.
Jonathan S. Lend, MAI P.O. Box 2082, Ea81e, Colorado, 81631 -2082, (970) 328 -7337
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Novem • - 30, 2011
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An hours rate of 5125.00 will be charged for work performed outside the scope of the appraisal. Additionally, if prior
to compl on the appraisal assignment is cancelled, the same hourly rate will apply for the work completed previous to
the time • f cancellation.
Please si and return a copy of this letter at your earliest convenience. If you have any questions about anything
contain : s in this letter, please contact me at the address or phone number listed at the bottom of my letterhead.
Res. , fly submitted,
/ 7/ /
Jonathan Lengel, MAI
Certified eneral Appraiser
No. CGO 313125
Engag • t Letter Accepted: , r_ ` • 3 /j/
(S'y. ) )
JSL:ell
