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HomeMy WebLinkAboutTraynor & Associates/CRC/900/Appraisal Party Time Traynor & Associates, Inc. • Real Estate Appraising&Consulting Joseph C.Traynor,GAA.RAA Denise Klivanshv Stephen A.Traynor Eric Guhl Timothy J.Fuller Jodi Williams Zora Crabtree Davina Lady April 10, 2013 Mr. Matthew Worthley Operations Manager/Special Projects Carmel Redevelopment Commission 30 West Main Street, Suitc 220 Carmel, IN 46032 Re: 1212 S. Rangeline Road, Party Time Rental Property Dear Mr. Worthley, We are submitting an agreement to perform an appraisal at the above referenced property. The appraisal results will be communicated in a restricted report using the sales comparison approach as per the Uniform Standards of Professional Appraisal Practice (USPAP). The client and intended user is the Carmel Redevelopment Commission. The intended use is for internal planning purposes. The total fee for the appraisal will be $1,500. In the event it is necessary for you the client to stop work on the appraisal, you agree to pay for time and costs incurred prior to the receipt of written notice of such a stop order. Our appraisal work will start upon receipt of payment and a signed copy of this letter of engagement. The fee for the appraisals is for the service rendered and not necessarily the time spent in preparation of the actual physical report. The above fee does not include a charge for court appearances or appearances before government agencies to give testimony, if such should be required. The fee for such services will be Two Hundred Twenty Five Dollars ($225.00) per hour with a minimum of Nine Hundred Dollars ($900.00). These rates are subject to change, but will remain valid for a period of six (6) months from the date of execution of this agreement. We require-one half(/) day's notice of the cancellation of a scheduled court appearance and in lieu of such notice, charge the minimum appearance fee of Nine Hundred Dollars ($900.00). The minimum fee is due prior to testimony. 6750 East 751h Street* Indianapolis, Indiana 46250 (317) 813-4990 * fax (317)813-4992 W W W.traynorassociates.com Traynor&Associates, Inc. The findings and conclusions of the appraisal will be reported to our client. The findings will not be reported to any other individuals unless we are otherwise authorized. It will be necessary for us to disclose the fact that we are undertaking the appraisal as we proceed through the investigation process. The evaluation and analysis of the subject property as it appears in the appraisal review report will be the opinion of Joseph C. Traynor, his associates and staff. The fee for this appraisal is not contingent upon any particular conclusions. The appraiser's liability to the client is limited to the amount of the fee as liquidated damages. The appraisers hereby limit their liability to the client alone and the use of the appraisal by third parties shall be at the risk of the client and/or the third party. We will have the appraisal completed by April 26, 2013. We thank you for your interest in our tine's services. If this contract meets with you approval, please so indicate by your signature. Upon receipt, please return a signed copy. TRAYNOR & ASSOCIATES. INC. By: 906,/, ditcyleat Joseph C. Traynor, MR ICS, GAA, RAA President Accepted and Agreed to, this /7 day of Q///IL . 2013 Authorize Signature Letter of Engagement for 1212 S. Rangeline Road,Cannel. IN • Traynor&Associates,Inc' • ASSUMPTIONS AND LIMITING CONDITIONS THIS APPRAISAL IS SUBJECT TO THE FOLLOWING UNDERLYING ASSUMPTIONS AND QUALIFYING AND LIMITING CONDITIONS: 1. This is a Summary Appraisal Report, which is intended to comply with the reporting requirements set forth under Standard Rule 2-2(b) of the Uniform Standards of Professional Appraisal Practice for a Summary Appraisal Report. As such, it includes summary discussions of the data, reasoning and analyses that were used in the appraisal process to develop the appraiser's opinion of value. It also includes summary descriptions of the subject property, the property's locale, the market for the property type, and the appraiser's opinion of the highest and best use. 2. The value of the property is expressed in dollars on the date specified and is subject to any changes in the value of the dollar. All existing liens or encumbrances have been disregarded and the property is appraised as though free and clear under responsible ownership and competent management. 3. The legal description furnished is assumed to be correct. No survey was available (unless otherwise stated) and the dimensions used are from sources deemed to be reliable. 4. All information and comments concerning the location, neighborhood, trends, construction quality and costs, loss in value from whatever cause, condition, rents, or any other data of the property appraised herein represent the estimates and opinions of the appraiser, formed after an examination and study of the property. 5. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures that render it more or less valuable. No responsibility is assumed for such conditions or for arranging for engineering studies that may be required to discover them. 6. It is assumed that there is full compliance with all-applicable federal, state and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report. 7. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined and considered in the appraisal report. 8. It is assumed that all required licenses, certificates of occupancy, consents or other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the value estate contained in this report is based. 9. It is assumed that the utilization of the land and improvements is within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in the report. 10. The forecasts, projections or operating estimates contained herein are based upon current market conditions, anticipated short-term supply and demand factors and a continued stable economy. These forecasts are, therefore, subject to changes in future conditions. Letter of Engagement for 1212 S. Ramgeline Road,Cannel, IN Traynor&Associates,Inc. 11. In preparing this appraisal, the appraisers were required to rely on information furnished by other individuals or found in previously existing records and/or documents. While it is believed the information, estimates and analysis given and the opinions and conclusions drawn therefrom are correct, the appraisers do not guarantee them and assumes no liability for any errors in fact, in analysis, or in judgment as a result of the inaccuracy of such information. No attempt has been made to render an opinion of title or status of easements or of any other matter of a legal nature. 12. The distribution of the total valuation in this report between land and improvements apply only under the existing program or utilization. The separate valuations for land and buildings must not be used in conjunction with any other appraisal and are invalid if so used. 13. Possession of this report, or a copy thereof, does not carry with it the right of publication, nor may it be used for any purpose by any but the client for whom it was made without the consent of the appraisers or the client. 14. The fee for this appraisal does not provide compensation for conference or testimony or attendance in court, with reference to the property in question. 15. This appraisal represents the independent opinions of the appraiser's free from any commitments and free from any present or contemplated future interest in the property, with the sole compensation for the employment being a fair professional fee. 18. Neither the fee nor the employment to make the appraisal was contingent on the value to be reported. Further, the appraisal was not based on a requested minimum valuation, specific valuation or the approval of a loan. 19. The existence of hazardous material, which may or may not be present on the property, was not observed by the appraisers. The appraisers have no knowledge of the existence of such materials on or in the property unless specifically stated within the appraisal report. The appraisers are not qualified to detect such substances and no responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if there is any suspicion of hazardous material. 20. The presence of substances such as asbestos, urea-formaldehyde foam insulation, radon gas, or other potentially hazardous materials may affect the value of the property. The value estimate is predicated on the assumption that there is no such material on or in the property that would cause a loss in value. 21. The Americans with Disabilities Act ("ADA") became effective January 26, 1992. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. Since we have no direct evidence relating to this issue, we did not consider possible noncompliance with the requirements of ADA in estimating the value of the property. Letter of Engagement for 1212 S. Rangeline Road, Carmel. IN Traynor&Associates, Inc. Traynor& Associates, Inc. Real Estate Appraising&Consulting QUALIFICATIONS QUALIFICATIONS JOSEPH C.TRAYNOR,MRICS,GAA,RAA INDIANA CERTIFIED GENERAL APPRAISER OFFICE: 6750 East 75th Street Indianapolis,Indiana 46250 Phone:(317)8134990 entail:joa@nayncrassodazesmm Fax (317)813-4992 www.trayuoras.AOdates oom EDUCATION: Business Administration,Ball State University,1974-1976 Architectural Technology,WUPUI,1976-1977 Aopmisal Course Work Completed: Aooraisal Institute T Standards of Professional Practice-Part A Standards of Professional Practice-Part B Condenmalian Appraising Course 550-Advanced Income Applications American Institute of Real Estate Appraisers Capitalization Theory and Teduuques-Part A Capitalization Theory and Techniques-Part B Soaen of Rail Estate APamsm An Introduction to Appraising Real Property Applied Residential Property Valuation Naaretive Report Writing Senator Applied Income Property Valuation Appraisal Contlnuht¢Educatbn Seminars Completed: Randal/II Pracitce and the SocIety a RPM EPPS Appanen EonKE,Alerttt-Nita ASP Use APO.]Sohn Conn palm.APPrmd, The Appals As Expel Wien The Appminrs lags Weelles WxkntIng The VSaO(An Appals Plaako Rags,Reins 6 Reasonableness nANeM1iMq prodded Appraisas-C rail DluoWed Casts Flow Analysis Tv High Tech Appraisal 011ke Mane Depart ant or Tnmpormon RhgNia-Wy seminar no armet and Appraising Eastman Veuelee Appraiser d Lacs nets Properties Mats Extractions USPAP For Broken^ FfMoos.tl was Seminar Skye Famy AppNLb" Subdivision Aney,ls N Fen y Appraisal" ADA Ad Sembwr Imane Ayproln ucencema Lae PROJECT Financial Analysis Seminar TM Appals Rohn In 20 11110" Matlu1 VaWlen Seminar SWdNWn Demographics Anym" Appraising Lacs Real Properties Ite High TaOReal Estee 011ke Idea*Sean Staeplat USPAP 7W3 Hideo Mtpeq OPnrmg Spans CaseaWes M Hapnest and Best Uses-commercial Pert Mahn Valais.MISS "Author ahaNtla •Imaudo Cluaftatpn Conti-Ned W Pape Two$/1(2011 6750 East 75^street Indianapolis,IN 46250 P:317.51349901 F:317.8134992 s nb.Traperhssuciates.com Letter of Engagement for 1212 S. Rangeline Road,Carmel, IN Traynor&Associates, Inc. Traynor&Associates, Inc. - • Real Estate.Appraising&Consulling QUALIFICATIONS PROFESSIONAL MEMBERSHIPS AND DESIGNATIONS: MRICS-Royal Institution of Chartered Surveyors MAI Candidate Appraisal Institute General Accredited Appraiser(GAA):National Association of Realtors Residential Accredited Appraiser(RAA):National Association of Realtors Metropolitan Indianapolis Board of Realtors(Member) Indiana Association of Realtors(Member) National Association of Realtors(Member) PROFESSIONAL INVOLVEMENT: Appraisal Foundation Chairman of the Board of Trustees 2011 Vice Chairman of the Board of Trustees 2010 Board of Trustees 2005-2012,Executive Committee 2007-2012 AQB Certified USPAP Instructor Appraisal Institute Secretary 1991 Governmental Affairs Committee—Chair 1997-2005 Metropolitan Indianapolis Board Of Realtors Realtor of the Year 2005 Distinguished Service Award 2003 President 1996 Piesidcel-Elea 1995 Secretary/Treasurer 1994 Moderator Leadership Academy 2004-2005 Broker-Appraiser Committee Member 1988-1990 Indiana Appraiser Certification and Licensing Board Board Member appointed by Indiana Governor Mitch Daniels 2006-2012, Chair 2008-2009 Indiana Association of Realtors Realtor of The Year 2006 Resident 2001 Presiders-Elect 2000 'treasurer,Leadership Team 1999 Regional Vice President 1997-1998 Director 1993-2006 National Association of Realtors Regional Vice President-2004 Appraisal Committee Chair-2003 Board of Directors 2000-2002,2004 Appraisal Fonum 1994-1995 Commercial,Industrial Forum 1994 Appraisal Committee 1995-2010 LICENSES: Indiana Broker k11351442778 Indiana Certified General Appraiser#:CG69100233 EXPERIENCE: Co-Owner,Traynor Company Realtors,1982-1986 Independent Fee Real Estate Appraiser since 1985,specializing in commercial, industrial,residential,special use properties,subdivisions,Waal properties,easements and right-of-way takings including assignments for financial institutions,public agencies, government agencies,real estate developers,attorneys and individuals 6750 East 75^street Indianapolis,IN 46250 P317.8134990 F:312.8134992 rrvm.Tratnornsssciates.com Letter of Engagement for 1212 S. Rangeline Road, Cannel, IN Traynor&Associates, Inc. Traynor& Associates. Inc. Real Estate Appraising S Consulting QUALIFICATIONS Traynor& Associates,Inc Client Listing Ranks end Financial lnncatloa Developers Bay Development Corporation Bank Calumet Beazer Homes Citizens Bank of Central Indiana Boomerang Development Community Bank Centex Homes Fi RL Third Bank Dennison Properties First Merchants Bank Estridge Group First National Bank Five Points Development Heatland Community Bank Harbour Town Vertures,LLC Hendricks County Bank and Trust Holladay Properties Hwmtingtm National Bank Kite Development Indiana Busman Bad Kosme&Kosene Irwin Union Bank Langston Development 1P Morgan Chase Bad Platinum Properties LaSalle Bank N.A. Triton Development Lincoln Federal Savings Bank Thompson Land Company MI Marshall&Daley Bank. Wetpat Homes Monroe Bank National City Bank,Indiana Old National Bank Regions Bank Star Financial Bad Government Symphony Bank Carroll County-Highway Department Union Federal Savings Bank City of Cannel City of Elwood City of Indianapolis City of Noblesite Professional(Legal.Engineering,Real Estate,not City of Tent Hate Associated Right of Way Services Decatur Township Trustee Games&Thombmg Attorneys Greenwood Community Schools Bean Longest&Neff,Engineers Hamilton County Assessor Burgess&Niple Engineers Hamilton County Highway Department Butler Fairman&Siefert,Engineers Hanihm County Asition Board Campbell Kyle Profit,Attorneys Hendricks County Highway Departmera Cmssltoad Engineering Hendricks County Sewer Board Carpenter Realtors Johnson County Highway Department First Group Engineers Indiana Department of Transportation Floyd Burrow&Associates,Engineers Marion County Superior Court 41 Forsythe Rasing.Inc. MSD of Decatur Township Henderson,Daly,Withrow&Devoe,Attorneys M SD of Lawrence Township Hill,Ftlwider,McDowell,Funk&Mathews,Attorneys MSD of Perry Township Kroger Gordis&Regas,Attorneys MSD of Pike Township Paul I Cripe,Inc.,Engineers MSD of Wayne Township Strand Associates,Engineers Wasltington Township Trustee United Consulting,Engineers Vermillion County Highway Department Zook GMAC Realty 6750 East 254 Street Indianapolis,IN 46250 P:317.813.4990 I F:317.0t3.4992 www.irainornssocates.com Letter of Engagement for 1212 S. Rangeline Road,Cannel. IN