HomeMy WebLinkAbout1992-07-07; City Council; Resolution 92-204e 0
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RESOLUTION NO. 92-204
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNIA, SELECTING BRUCE W.
HULL & ASSOCIATES AS THE APPRAISERS FOR THE
PROPOSED RANCHO SANTA FE ASSESSMENT DISTRICT
(ASSESSMENT DISTRICT NO. 91-11
WHEREAS, the City Council of the City of Carlsbad, California, is
considering the formation of a special assessment district, pursuant to the
terms and provisions of the "Municipal Improvement Act of 1913", being
Division 12 of the Streets and Highways Code of the State of California, for
the installation of certain public works of improvement, together with
appurtenances and appurtenant work, said special assessment district to be
known and designated as Assessment District No. 91-1 (Rancho Santa Fe
Road) (hereinafter referred to as the "Assessment District"); and,
WHEREAS, the City requires the services of an appraiser in order
to determine the feasibility of the proposed assessment district and to provide
an appraised value at the time of issuance of any bonds; and,
WHEREAS, staff has recommended the selection of Bruce W. Hull
& Associates as the appraiser for the proposed district due to their experience
and knowledge of similar projects.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Carlsbad as follows:
1. That the above recitals are all true and correct.
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1 11 2. That Bruce W. Hull & Associates is hereby selected to perform appraisal
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services for the previously mentioned assessment district such as
described in the attached proposal which is incorporated herein by
reference.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
City Council on the 7th day of July , 1992, by the following vote,
to wit:
AYES: Council Members Lewis, Kulchin, Larson, Stanton and Nygaard
NOES: None
ABSENT: None
ATTEST:
ALETHA L. RAUTENKRANZ, City Clerk
(SEAL)
PROPOSAL FOR APPRAISAL SERWCES
(RANCHO SANTA FE ROAD)
CITY OF CARLSBAD
COMMUNITY FACILITIES DISTRICT NO. 91-1
Submitted By
Bruce W. Hull 81 Associates, Inc.
13844 Alton Parkway
Suite 138
Irvine, California 9271 8
Brms wn Mu100 62 A@m@Uat@@g OmGU
REAL ESTATE APPRAISERS 81 CONSULTANTS
April 15, 1992
~~
Mr. James F. Elliott Financial Management Director City of Carlsbad
1200 Carlsbad Drive
Carlsbad, California 92008-1899
Reference: Proposal for Appraisal Services
Rancho Santa Fe Road Assessment District No. 91-1
Carlsbad, California
Dear Mr. Elliott:
Thank you for providing Bruce W. Hull & Associates, Inc. the opportu- nity to submit a proposal to perform appraisal services for the City of Carlsbad on the above referenced project.
I believe our experience in Mello-Roos/Assessment District appraisal
as well as our ability to work with the financing teams would be an
asset to the City in determining the financial viability of the bond
issue.
In response the following is submitted by Item No. as listed in your
solicitation letter of April 6, 1992.
ITEM NO. 1
Fees for Appraisal Services - In estimating the fee I took into
consideration the requirement for both a reconnaissance level
appraisal as well as a parcel by parcel valuation. Due to the
unknowns regarding the scope of the appraisal assignment I would like
to suggest an appraisal fee range. This range is anticipated to be
$50,000 to $60,000. After initial meetings with the property owners
a specific fee range would be quoted. - . -,
ITEM NO. 2
Appraisal Approach - In order to value these properties I believe the
consultant should consider the following:
a) The "city-wideII Communities Facilities District for the City
of Carlsbad. As I understand it, this lien is extinguished
upon issuance of a building permit.
b) The zone level assessment district (or the subject) . The
lands being appraised should reflect the fair market value as enhanced by those public improvements being issued through the sub j ect bond issue.
13844 Alton Parkway . Suite 138 Irvine, California 92718 714/581-2194
0 e
c) The appraiser/consultant should consider the potential of the
school mitigation agreement (or if in existence at the time of the appraisal) with the School District.
In valuing the properties I believe two valuation methods are
applicable. They are the Market Data Approach and the Discounted Cash Flow Approach. In some instances I believe only the market data approach would be applicable. This would be in the valuation of the smaller properties that would be sold in bulk as opposed to the Field- stone project which would take several years to develop and absorb the units.
The market data approach is defined as:
n. . . an appraisal procedure in which the market value estimate is predicated upon prices paid in actual market transactions and current listings, the former fixing the lower limit of value in a static or advancing market (price wise), and fixing the higher limit in a declining market; and the latter fixing the higher limit in any market. It is a process of analyzing sales of similar recently sold properties in order to derive an indication of the most probable sales price of the property being appraised. ##’
The discounted cash flow approach is defined as
nA set of procedures in which an appraiser specifies the quantity, variability, timing, and duration of periodic income, as well as the quantity and timing of reversions, and discounts each to its present value at a specified yield rate. #tZ
ITEM NO. 3
Time Required to Provide Necessary Services - I believe the recon-
naissance level appraisal could be completed in a sixty to seventy- five (60 to 75) day period after execution of contract. To be able to achieve that time deadline the cooperation of the property owners is of significant importance. The parcel by parcel valuation could be completed within an additional sixty-day (60) period.
-
‘Real Estate Appraisal Terminology, Revised Edition, 1981
‘The Dictionary of Real Estate Appraisal, AIRFA, 1984
2
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I have taken the liberty of including the following list of references for Mello-Roos/Assessment Districts appraisal services. I have also attached a list of Mello-Roos/Assessment Districts on which we have
completed appraisals.
Tom Breitkreuz City of Moreno Valley (714) 243-3480 Mr. Breitkreuz is a senior engineer with the City of Moreno Valley. I have worked with him on several Mello-Roos Districts within the past several years which include a regional city mall and mixed-use site (200 acres), and an auto mall.
Deborah Robinson Chino Hills Manauer's Office 1714) 590-5280 Within the past several months I have completed an appraisal for
a $22,000,000 Mello-Roos District located in the Chino Hills area
of San Bernardino County. This involved three separate residen-
tial projects that consisted of several thousand units.
Ken Gerdes, City Engineer
City of San Marcos (619) 744-4020 I have worked with Mr. Gerdes on two separate Mello-Roos Districts
involving a total of 40 properties.
John Gibson
Stone .& Youncrbercr (619) 452-0504
In September of 1991 I completed an appraisal for a Mello-Roos District sponsored by the Saddleback Unified School District. This was a master-planned project that involved undeveloped lands, finished lots and completed units.
Norman P. McPhail ' Muni-Guide Cornoration (619) 481-3725 I am currently working on a proposed 200+ acre mixed use project
in the City of Redlands. Mr. McPhail is the bond underwriter for
the proposed $12,000,000 Assessment District.
This project appears to be a challenging and complex one. Again, thank you for the opportunity to submit this proposal. I hope that we will be considered in the selection of firms for the proposed Community Facilities District.
Respectfully I SOCIATES, INC.
BWH:dh
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