HomeMy WebLinkAboutBurrell Appraisal Services, Inc./211 2nd Street SWSeptember 30, 2005
BURRELL APPRAISAL SERVICE, INC.
9550 WHITLEY DRIVE, SUITE D • INDIANAPOLIS, INDIANA 46240 -1352
(317) 574 -9848 • FAX (317) 574 -0559
Mr. Les S. Olds, AIA
Director of Redevelopment
One Civic Square
Carmel, Indiana 46032
RE: Appraisai Fee Proposal - 211 2nd Street SW, Carmel, IN 46032
Dear Mr. Olds:
At your request, I: have considered the time and work involved to appraise the market value of the fee
simple interest in the above captioned property under the hypothetical condition that it is land only.
Additionally, it is my understanding that the appraisal should be made under the following two
alternatives.
1. Recognize the encumbrance of the existing perpetual easements in favor of the adjoining
property on the west (457 3rd Avenue SW).
2. Appraise the land under the hypothetical condition that the easements have been extinguished.
As with previous assignments, the appraisal would be Complete and written in a Self- Contained Report
format as defined in the reporting requirements set forth under Standards Rule 2 -2 (a) of the Uniform
Standards of Professional Appraisal Practice (USPAP) as well as the Supplemental Standards of
Professional Practice of the Appraisal Institute.
rouYL
My fee to perform this appraisal assignment and provide you with an original report an copies is
$1,750.00. Based on my current workload, I anticipate a turn around time of 4 -6 week . As always,
thank you for considering my firm for this assignment. If this proposal is acceptable, please sign below
and return to my attention.
Respectfully submitted, QQ DD
Reily A. Burrell II, MAI, SRA, SR/WA
Indiana Certified General Appraiser
License No. CG69100433
Accepted by,
Les O' s, AIA
Director of Redevelopment
Carmel, Indiana
0 it
OCT -06 -2005 THU 10:10 AM TERZO & BOLOGNA INC,
FAX NO. 317 849 9978 P. 03
DESCRIPTION OF PROPERTY AND SCOPE OF ASSIGNMENT gnu)
This summary details the Consultant's understanding of the Property as described at
the onset of the assignment and sets forth the agreed upon scope of work upon which
the time and fee estimates are based. Consultant reserves the right to modify the fee or
timing of report delivery in the event the Property description proves to be inaccurate,
or the scope of work changes to the extent that any inaccuracy or change affects the
amount of work to be performed or the cost of providing the service to the Client.
Date: October 5, 2005
Consultant:
Terzo & Bologna, Inc.
8606 Allisonville Road, Suite 205
Indianapolis, IN 46250
Telephone: (317) 849 -9925
Fax: (317) 849 -9978
Email: kjh @terzo -com
Property:
Client:
Mr. Les S. Olds
Director of Redevelopment
Carmel Redevelopment Commission
One Civic Square
Carmel, IN 46032
Telephone: (317) 571 -2492
Pax: (317) 571 -2426
City of Carmel Site — 2.0 Acres
SEQ Second Street SW & Third Avenue SW
Carmel, Indiana
Scope of Work: Two Complete self- contained appraisals
• One appraisal of the site as -is, with easements
• One appraisal of the site as if vacant, with no easements,
and ready for development zoned C -2
Fee:
Delivery:
# Report Copies:
MAI to Sign:
$3,500 total for the two appraisals
October 26, 2005
Four of each
Yes
Accepted and agreed to by:
OLOGNA INC. n..1 astace Co r fora and Appra.sors