HomeMy WebLinkAbout6C(4) Proposal of appraisal of 111 S. St JosephC
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Communit y & Economic Development
1200 County -City Building, 227 West Jefferson, South Bend, Indiana 46601 -1830 Phone 574/235 -9371 Fax 574/235 -9021
To: Redevelopment Commission
From: David Relos, Economic Development Planner
Subject: Professional Services Agreement
R. E. Pitts - Appraisal Quote
Date: October 15, 2010
The attached appraisal quote is for the College Football Hall of Fame building, at 111 S. St.
Joseph Street.
The Economic Development Department requests to have the building appraised, so its
market value can be determined.
Because of the unique nature of this building, the cost to have this appraisal done is over
the Commission's contract limit, and therefore needs Commission approval to proceed.
Staff requests approval of this appraisal quote for this property, to allow an appraisal to be
completed.
What We Do Today Makes A Difference!
R. E. PITTS & ASSOCIATES, INC.
Real Estate Appraisers - Consultants
Mr. David Relos, Economic Development Planner
South Bend Department of Community & Economic Development
227 West Jefferson Blvd., Suite 1200S
South Bend, IN 46601 -1830
October 12, 2010
Re: Appraisal Proposal of Museum Facility, 111 South St. Joseph Street, South Bend, IN 46601
Dear Mr. Relos:
Pursuant to your request, I hereby submit a proposal for appraisal services for the above referenced
subject property. The appraisal shall be prepared for and is for the use of the client and its
appropriate authorities and /or representatives. The purpose of the appraisal is to estimate the Market
Value of the Fee Simple Interest in the subject property "As -Is ". In this assignment, the appraiser
will consider all recognized approaches to value and directly apply the most applicable approaches.
The effective valuation date of the appraisal will be the date of inspection of the property by the
undersigned appraiser. The appraisal will be reported in Summary Narrative format and will
conform to the reporting requirements of Standards Rule 2 -2b of the Uniform Standards of
Professional Appraisal Practice (USPAP).
The completion date for the assignment is estimated to be within 30 -45 days from acceptance of this
proposal and receipt of any relevant documentation needed for preparation of the reports in a timely
manner. I will furnish (2) original copies of the appraisal report. The total fee for this assignment
shall be $5,500 which will be invoiced and shall be due upon completion of the appraisal report.
Sincerely,
R. E. PITTS & ASSOCIATES, INC.
Rick Pitts, MAI
Indiana Certified General Appraiser, License #CG69100722
Engagement Letter Accepted:
Signature
Rick Pitts, MAI
A 50580 Woodbury Way - Granger, IN 46530
574 -272 -3224 - Fax: 574- 272 -3224
MAI PittsMAT @aol.com
Date