September 30, 2014 Mr. HJ Stalf City Manager City of Edgewater

September 30, 2014
Mr. HJ Stalf
City Manager
City of Edgewater
2401 Sheridan Boulevard
Edgewater, CO 80214
VIA EMAIL ONLY: [email protected]
RE:
Summary Appraisal Report
Estimate of Market Value
5505 W.20th Ave.
Edgewater, Co 80214
Dear Mr. Stalf:
The following is a letter of engagement concerning a summary appraisal report on the above-referenced
property. The scope of the assignment will include a separate value for Parcel 1 which is owned by the
Urban Renewal Authority. The report will exclude the leased fee estate of the existing liquor store.
Contributory value of existing buildings will be addressed in Highest and Best Use.
The estimated completion date, subject to furnishing all necessary data, is as soon as possible, from
receipt of authorization to proceed. Delivery of the report will be on or before October 24, 2014. Data
requested includes site plans and any documents regarding proposed uses.
The fee for this assignment is $4,000. The fee is due and payable upon completion, with interest charged
at a rate of two percent per month (24% per year) on any unpaid balance.
This report will be prepared in accordance with the professional appraisal standards of the Appraisal
Institute. The appraisal report will be transmitted in electronic format. If you require alternative formats,
those will be provided at an additional fee. In order to comply with the anticipated completion deadline,
we must have authorization to proceed as soon as possible.
WestTerra's fee does not include post appraisal consultation for any purpose, nor court preparation,
conferences, exhibits, title work, fees for work subcontracted out, or any other expenses for which
appraiser is to be reimbursed. The current hourly rate for appraisers is $275.00 per hour. There is a fourhour minimum charge for testimony.
Hourly rates are subject to change without notice.
Mr. HJ Stalf
September 30, 2014
Page 2
If the above is agreeable to you, please sign and return one copy of this letter to my office. Keep one
copy for your files. Should you have any questions, please feel free to contact me.
Respectfully submitted,
WestTerra, a Corporation
Basil S. Katsaros, MAI, SRA
President
Certified General Appraiser CG#01313311
Signature of Responsible Party:
__________________________________
HJ Stalf
City Manager
___________________________________
Date

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