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R. E. PITTS & ASSOCIATES, INC.
Real Estate Appraisers - Consultants
City of South Bend November 21, 2013
c/o Mr. Dave Relos
Department of Community Investment
Economic Resources
227 West Jefferson Blvd., Suite 1400
South Bend, IN 46601
Re: Appraisal of former Hotel LaSalle building,
237 N. Michigan 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 sole and exclusive use of the
client, its representatives and assigns. The purpose of the appraisal is to estimate the "Market Value
In Use" of the Fee Simple Interest in the subject property "As -Is ". The effective date of valuation
will be March 1, 2013 (retrospective), the date of local property tax assessment for 2013 /payable
2014 real estate taxes. The property will be inspected by the undersigned appraiser. In this
assignment, the appraiser will consider all recognized and relevant approaches to value. The
appraisal will be reported in Narrative Format and will conform to the reporting requirements of
Standards Rule 2 -2b of the Uniform Standards of Professional Appraisal Practice (USPAP).
I have no present or prospective interest in or bias with respect to the property that is the subject of
the appraisal assignment, and have no personal interest or bias with respect to the parties involved
with this assignment.
I have not provided prior services as an appraiser regarding the subject property within 3 years
immediately preceding acceptance of this appraisal assignment.
The completion date for the assignment is estimated to be within 21 -30 days, assuming 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 and an electronic transmission (pdf format). The total fee
for this assignment shall be $4,300 which will be invoiced and shall be due upon completion of the
report. The appraisal assignment shall be considered complete upon delivery of the appraisal report.
Fees for any additional services such as PTABOA appearances or preparation for such appearances
as well as driving time shall be invoiced at a rate of $165.00 per hour.
Rick Pitts, MAI
50580 Woodbury Way - Granger, IN 46530
574- 272 -3224 - Fax: 574- 272 -3224
MAI • PittsMA1(Q)aol.com
Mr. Dave Relos
November 21, 2013
Pg. 2
The value indications within the appraisal report will be subject to any assumptions and limiting
conditions or hypothetical conditions stated in the report and/or the addenda and consistent with the
certification.
Sincerely,
R.E. PITTS & ASSOCIATES, INC.
Rick Pitts, MAI
Indiana Certified General Appraiser, License #CG69100722
Engagement Letter Accepted:
Signature
Date