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Home My WebLink AboutF-2 - Correspondence - Proposals for the Appraisals of the Castaways Property and Back Bay Land Remnants PropertyCITY OF NEWPORT BEACH OFFICE OF THE CITY MANAGER COUNCIL AGENDA No. F-2 June 14, 1976 TO: MAYOR AND CITY COUNCIL FROM: Administrative Assistant to the City Manager PROPOSALS FOR THE APPRAISALS OF THE CASTAWAYS PROPERTY AND SUBJECT: BACK BAY LAND REMNANTS PROPERTY At the City Council meeting of April 26, 1976 Council directed staff to solicit proposals from qualified appraisers for the appraisal of the Castaways property (74 acres) and the Back Bay land remnants property (8 acres). On May 3rd staff met with Councilman Ryckoff and as a result of that meeting the attached letter was sent to the following appraisers: Richard A. Fuller, M.A.I. (Newport Beach) Michael P. Locke, SRA, A.S.A. (Long Beach) Robert H, Harrison, M.A.I. (Newport Beach) Robert L. Foreman, M.A.I., SRPA (Newport Beach) As indicated in the letter to these individuals, each of them were asked to submit separate proposals for the appraisal of the Castaways property and the Back Bay land remnants property (because of the large amount of material in these proposals, this material is on file in my office, and can be viewed upon request). They were asked to include in their proposals the following infor- mation: 1) Personal resume; 2) Stipulated maximum fee; 3) Standard hourly rate; 4) Time period for completion of appraisal report; and 5)Current, or previous involvement with the Irvine Company. The following is a comparison of the maximum stipulated fee for the appraisal of each of the two properties, the hourly rate, and the time period for completion of the appraisal: CASTAWAYS PROPERTY STIPULATED TIME HOURLY APPRAISER MAXIMUM FEE PERIOD RATE Michael P. Locke, SRA, A.S.A. $ 2,700 60 days $30.00 Robert H. Harrison, M.A.I. 9,000 56 days 40.00 Richard A. FULLER, M.A.I. 10,000 60-90 days 40.00 Robert L. Foreman, M.A.I., SRPA 12,500 105 days 35.00 MAYOR AND CITY COUNCIL Subj: Proposals for the Appraisals of the Castaways Property and Back Bay Land Remnants Property Page 2 - 6/14/76 BACK BAY LAND REMNANTS STIPULATED TIME HOURLY APPRAISER MAXIMUM FEE PERIOD RATE Michael P. Locke, SRA, A.S.A. $1,750 60 days $30.00 Richard A. Fuller, M.A.I. 3,000 60-90 days 40.00 Robert L. Foreman, M.A.I., SRPA 5,500 105 days 35.00 Robert H. Harrison, M.A.I. 6,000 35 days 40.00 Conclusion: Mr. Locke had the lowest stipulated maximum fee for the appraisal of both properties; however, Council should be aware that the City has traditionally awarded appraisal contracts to qualified members of the American Institute of Real Estate Appraisers (M.A.I.), which the City considers to be the highest standard for appraisers. Mr. Locke is a member of the American Society of Appraisers (A.S.A.), while the other three appraisers are qualified M.A.I. None of the appraisers who have submitted proposals are engaged in working with the Irvine Company at the present time. Mr. Locke and Mr. Foreman have stated that they have never had any direct involvement with the Irvine Company, while Mr. Fuller and Mr. Harris have stated that they have done some work for the Irvine Company in the past. Mr. Harris and Mr. Fuller have been engaged by the City of Newport Beach for appraisal work and have both performed satisfactorily. Both are qualified members of the American Institute of Real Estate Appraisers (M.A.I.). Mr. Harris had the second lowest stipulated maximum fee of $9,000 for the appraisal of the Castaways property; while Mr. Fuller had the second lowest stipulated maximum fee of $3,000 for the appraisal of the Back Bay Land Remnants property. Recommendation: If Council desires to have either the Back Bay Land Remnants and/or the Castaways property appraised, please consider adopting a resolution to: (a) Authorize the Mayor and City Clerk to execute an agreement between the City and for the appraisal of the Back Bay Land Remnants; and (b) Authorize the Mayor and the City Clerk to execute an agreement between the City and for the appraisal of the Castaways property. e /i ROBERT J. LONG RJL:ib Attachments Cf ' r OF NEWPORT 3EACI•� 4/Fog As I indicated to you in our telephone conversation, the Newport Beach City Council has directed staff to solicit proposals from qualified appraisers for a full appraisal report on two separateparcels of land, one being the Castaways property located on Dover and l7th Streets, and the other being the remnants located on Back Bay Drive. Both parcels are located within the City of Newport Beach. Castaways Council has asked for a separate proposal for the appraisal of the Castaways property. As outlined on the attached Map 1, there is a total of 73.82 acres. Council has asked that the proposal for the appraisal of this property be based on two appraisals: 1. Appraisal of that will be Highway when Map 2 in the ramp, please (640-2281). the total 73.82 acres (1,2,3, Map 1) minus the land taken by the state for an off -ramp. off the Coast the new bridge is built as outlined on the attached shaded area. For further information about this off - contact Don Webb of the City's Public Works Department 2. An appraisal of the three individual areas (1, 2, 3, Map 1) as if they were to be sold separately. Also, the appraisal of Area 1 as indicated on Map 1 and 2 should take into consideration the future off -ramp from Coast Highway minus the land necessary for the development of this off -ramp. Remnants on Back Bay Drive The City Council has also asked for a separate proposal for a full appraisal report on the remnants on Back Bay Drive in Newport Beach as indicated on the attached Map 3. This area contains approximately eight acres, and if you should have any further questions about this parcel, please contact Tim Cowell of the City's Community Development Department (640-2217). City i Iall n 3300 Newport Boulevard, Newport Beach, California 92663 - 2 - May 12, 1976 The separate proposals for the Castaways property and the remnants on Back Bay Drive should include the following information: 1. Personal resume 2. Standard hourly rates with stipulated maximum fee 3. Time period for completion of appraisal report 4. Tabulated maximum fee 5. Are you currently involved or have you had any previous involvement with the Irvine Company? (If so, please explain) Please submit your proposals by June 1, 1976. If you should need any further information, please feel free to contact me at any time. Very truly yours, So G ROBERT J. LONt Administrative Assistant to the City Manager RJL:pg Attachments \c° 49 - 20 ,n stipEi?ieR I27 49 — 2 7 125 N 440 — CASE 3 C. tu z - 63 DR/ VE Y/ES TCL /FP LA1 51 0 0 55' (Z1 le; TS: IL 0 t•-4.' q-. -1 M6I/L.4HO IN/Vf- (_) •• 0 QR1VE MARCH /966 . MARCH 1974-75 IRVINE SUB. TRACT NO. /125 P.M. / -50 Al. 41. I - 88 • M.M. 39 - 7, 8 P Fl NO 7 0 3c TA6 IV 1-14c- smrc jC,, FR-71,re 0 F-F n p. a 4 SIT .'JI' NO. .1t P-C P-C \75 FEy. Z-'F-1ti 1 .SEF NAP NO UPPER NEWPORT" BAY NAP 3A 4 57 DISTRICTING IU P--CITi Y OF EVJPO BEACH i Rn ♦I ADRICULTCRAL-RESIDENTIAL DISTRICT 1---C-N� NEIGHBORHOOD COMMERCIAL DISTRICT C-I I MANUFACTURING DISTRICT 1111,-1 1 $U.DLE FAMILY DISTRICT LIMITED COMMERCIAL -MULTIPLE RESIDENTIAL DISTRICT I-7;17AT COIITROLLEO MANVFACTURINO DISTRICT r ---R-27 -1 DUPLEx RESIDENTIAL DISTRICT C-I LIGHT COMMERCIAL DISTRICT CH I COM81NIN0 OR *H DISTRICT `R_)_, RE9TRIZTED MULTIPLE RESIDENTIAL I C-2 I GENERAL COMMERCIAL DISTRICT r 2 l COMBINING OR. Z. DISTRICT ra-1J NLT.PLE RESIDENTIAL DISTRICT • I I INTERMEDIATE DISTRICT B CONSININA OR 'B. DiBTRICT I D-o I I-U I UNCLASSIFIED DISTRICT O R-4-0-2 CALIFOk iA REVISIONS yiy YA AUTHORITY ORO. N0.14R4 LOCATIONS DATE r M1.1.10 14-iixT ORC.NANLC (AN- iNC MNT N0.]iiE iF OR` ADOPTED BY..., CITY COUNCIL CR 4.0.03 ORO. NO. IC82 MAP ICO {,� 0 11000 Zoo 330C • r iC.AL 7SS-jj+Y1t LT H J. 9 ca 'ON c3VV\1 X3ONI 3]S / 7,1"‘. • O.QO9 cl7P1/ S,./0Sc3SSV ON c/VW X _70N/ \c, s ( 0