HomeMy WebLinkAboutURA RES 2020-40 RESOLUTION NO. 2020-40
A RESOLUTION OF THE URBAN RENEWAL AGENCY OF THE CITY OF
CALDWELL, IDAHO RATIFYING THE EXECUTION OF THE RE-USE APPRAISAL
BY VALBRIDGE PROPERTY ADVISORS FOR PROPOSED BUILDING
RENOVATIONS AT 711 CLEVELAND BOULEVARD.
BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE URBAN
RENEWAL AGENCY OF THE CITY OF CALDWELL, IDAHO:
Section 1: Agency hereby authorizes its Chairman to approve the ratification of the
invoice as set forth in full.
Section 2: That this Resolution shall be in full force and effect immediately upon its
adoption and approval.
ADOPTED AND APPROVED THIS 131h day of October, 2020.
AJAIRMAN
ATTEST:
SECRETARY
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Urban Renewal Agency of the City of Caldwell, Idaho
c/o Mr. Mark Hilty, Legal Counsel
411 Blaine Street, P.O. Box 1179
Caldwell, ID 83605
RE: Authorization & Engagement
Re-Use Appraisal of:
Redevelopment Project
711 Cleveland Boulevard
Caldwell, ID 83606
Dear Hilty:
This letter serves as our agreement for appraisal services relating to the proposed renovation of the
improvements located at 711 Cleveland Boulevard. The building renovation will include a mix of office,
retail, event center, and restaurant uses.
The purpose of this appraisal is to provide an opinion of Fair Re-Use Value for the property based on the
proposed use. Urban Renewal Agency of the City of Caldwell, Idaho is the client in this assignment. The
intended use is to provide a basis for negotiating a sale of the property to the developer based on the
specific development proposal. The intended users of this report include the client and any duly appointed
representatives of the client, specifically authorized by the client to view or use this appraisal in accordance
with the stated purpose or function.
We will develop our analyses, opinions, and conclusions and prepare the reports in conformity with the
Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation; the Code of
Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute; and the
requirements of our client as we understand them. The reports will be presented in Appraisal Report format
and comply with the requirements set forth under Standards Rule 2-2(a) of USPAP. The report will present
a narrative, but condensed discussion of the pertinent data gathered, the techniques employed, and the
reasoning leading to our value opinions. The depth of the discussion contained in this report is specific to
the needs of the client and the intended use.
The fee will be in the range of$5,500 to $6,500. Please have the person(s) responsible for payment
acknowledge the intent for payment by signing this engagement letter. Delivery of the report will be no
later than 3-4 weeks from the date we receive the signed engagement letter. Jeff Vance, MAI, and Joe
Corlett, MAI, SRA, will be co-signors of the report.
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If you agree to these terms, please have the person(s) responsible for payment acknowledge the intent for �
payment by signing this engagement letter. Thank you for the opportunity to be of service.
Sincerely,
Va|6rUdge Property Advisors | Mountain States
Appraisal Qu Cumsm|t]m0' Inc.
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Jeff Vance, MA|
Idaho Certified General Appraiser
[GA'2828
Phone:208'336-70D7, ext22
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