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HomeMy WebLinkAboutC11-375 J.S. Lengel and Associates CJ J.S. LENGEL and ASSOCIATES, Inc. REAL ESTATE APPRAISERS and CONSULTANTS Tovem • 0, l 1 i 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 60 acres to 70 acres of riparian area located along and primarily south of the Eagle River and adjacent on the east to the American Gypsum property in Sections 4 and 5, Township 5 North, Range 85 West in Eagle County, Colorado. The property is part of the parcel identified by the Eagle County Assessor's office as Parcel No. 2111 -042- 00-001. Dear Mr. Sprunk: Pursuant to your request, l am 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 contractees 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 to provide an opinion of the Market Value of the 100 percent fee simple interest in 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. i anticipate completing the appraisal and the Summary Appraisal Report within four (4) to five (5) weeks of the date of this letter. 1 will make every effort to complete the assignment and report earlier; however, no assurance of early completion can be made. 1 can only complete the appraisal and report in a timely manner if 1 receive expeditiously any relevant information needed for the preparation of the appraisal assignment and report that I 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 S4,000. 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. Lengel, MAI P.O. Box 2082, Eagle, Colorado, 81631 -2082, (970) 328-7337 C1 f -31 Novem . = 30, 2011 Page 2 An hour rate of $125.00 will be charged for work performed outside the scope of the appraisal. Additionally, if prior to compl; ion the appraisal assignment is cancelled, the same hourly rate will apply for the work completed previous to the time $ cancellation. Please si,i and return a copy of this letter at your earliest convenience. If you have any questions about anything contain in this letter, please contact me at the address or phone number listed at the bottom of my letterhead. Respect I ly submitted, Jonathan . Lengel, MAI Certified eneral Appraiser No. CGO 313125 Engagement Letter Accepted: (Si lo ) Mate) JSL:eII