Service Solicited - 2019 - Idaho Commercial Appraisal - Appraisal Report of ROW vacation from ACHD for Cul-de-sac located at the north end of 1st Stcommerclalapprars 11
August 23, 2019
Nichoel Baird Spencer, MCRP, MCP
Planner III
The City of Eagle
Timothy E. Robb, MAI
Principal, Idaho CGA #1490
Idaho Commercial Appraisal
Office 208.955.0800
Direct 208.955.0802
Fax 208.475.2089
.III111k.
Appraisal
Institute
MAI
Re: Appraisal Report of the ROW vacation from ACHD for the Cul-de-sac located at the north end of
s` Street in Eagle, Idaho.
Dear N ichoel:
Per your request, this letter is to confirm our agreement to perform an Appraisal Report for the purpose of
determining a market value estimate in Fee Simple for the above referenced property. The following
conditions will be the basis of a contract agreement between The City of Eagle ("Client") and Idaho
Commercial Appraisal, Inc. ("ICA").
1. The appraisal is to be of the Fee Simple Market Value of the property in accordance with the
current definition utilized by the Uniform Standards of Professional Appraisal Practices.
Io report the assignment results. 1 use the Appraisal Report option of Standards Rule 2-2(a) of
USPAP. USPAP gives appraisers the flexibility to vary the level of information in an Appraisal
Report depending on the intended use and intended users of the appraisal. As such, it presents
summary discussions of the data, reasoning, and analyses that were used in the appraisal process
to develop the appraisers' opinion of value. Additional supporting documentation concerning the
data, reasoning, and analyses is retained in the appraisers' file. The depth of discussion contained
in this report is specific to the needs of the client and for the intended use stated within the report.
The appraisers are not responsible for unauthorized use of this report.
3. Idaho Commercial Appraisal, Inc. agrees to exercise independent judgment and to complete the
appraisal assignment in accordance with sound appraisal practice and the Code of Professional
Ethics and Standards of Professional Practice of the Appraisal Institute.
4. Client agrees to pay Idaho commercial Appraisal. Inc. as compensation for professional appraisal
services, as specified following:
The fee is not to exceed $2,750. The fee is due within 15 days upon client's receipt of the
appraisal report.
Idaho Commercial Appraisal, Inc.
398 South 9tth Street, Suite 250, Boise Idaho 83702
5. Idaho commercial Appraisal, Inc. does not assure or guarantee any preconceived value to the
client.
6. Idaho commercial Appraisal, Inc. agrees to provide the client one pdf copy of the appraisal report.
Hard copies will be provided upon request.
7. The anticipated date of completion for this project is three weeks from being engaged. This
assumes 1CA's receipt from the client of all data pertinent to the assignment, including a signed
engagement letter. The estimated completion period assumes that access to the property is
readily available. We agree to make a good faith effort to complete the report within the
anticipated time frame; but reserve the right to delay such completion where strict adherence
would compromise the quality or validity of the resulting analysis.
8. All statements of fact in the appraisal report which are used as the basis of the appraiser's
analyses, opinions and conclusions will be true and correct to the best of the ICA's knowledge and
belief. Idaho commercial Appraisal, Inc. shall have no responsibility for legal matters; questions
of survey; opinion of title; soil or subsoil conditions; engineering; technical matters; or hazardous
waste substances such as asbestos, radon gas, toxic wastes, or any other substances which might
present a health hazard. Idaho commercial Appraisal, Inc. does not have expertise to advice in any
of the foregoing matters and can offer no guarantees regarding same. It is the express assumption,
unless otherwise noted in the body of the report that no problems exist in any of the preceding
areas which might impact the estimation of Market Value. Idaho commercial Appraisal, Inc. will,
however, disclose the existence of any such issues should they become known to us prior to or
during the course of our analysis of the subject property.
9. If the client requests or anyone requires Idaho commercial Appraisal, Inc. or its agent(s) to testify
or be in attendance at any court or administrative law proceeding relating to this appraisal, or
attend conferences relating thereto, client shall pay Idaho commercial Appraisal, Inc. at the rate of
$250.00 per hour.
10. If you agree to the conditions set forth herein and authorize Idaho commercial Appraisal, Inc. to
begin the appraisal process and subsequently decide that our services are no longer needed, you
are responsible for payment for the time Idaho commercial Appraisal, Inc. has invested in the
project. In this case you will be billed for the time invested at a rate of $125 per hour, not to
exceed the fee quote for the complete appraisal.
11. In the event any provision of this agreement shall be determined to be void or unenforceable by
any court of competent jurisdiction, then such determination shall not affect any other provision of
this agreement and all other provisions shall remain in full force and affect.
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Your signature on the original of this letter, returned to our office, will confirm our mutual understanding.
Upon receipt of such, and all applicable information, we will immediately undertake our analysis of the
above -referenced property. I appreciate this opportunity to be of service to you.
Sincerely,
IDAIlo COMMERCIAL APPRAISAL, INC.
Timothy
Robb, MA
Digitally signed by Timothy Robb.
MAI
DN. cn=Timalhy Robb, MAI,
o-ldaho Commercial Appraisal,
ou,emall=nm#idahoca cow,
c=US
Date: 2019 08.23 12, I002 •07'00'
Timothy E. Robb. MAI
Idaho CGA #1490
Principal
Idaho Commercial Appraisal
Client (Signature)
Client Name & Title (Printed)
Date
3 I P a$ c