Title
Real Estate Appraisal Review Services
Action
Action:
A. Approve unit price contracts with the following companies for real estate appraisal review services for an initial term of three years:
For projects funded with local funds:
* Absolute Appraisal & Acquisition, LLC;
* John Bosworth & Assoc., LLC dba Valbridge Property Advisors;
* Kack Consulting Group, LLC;
* Randy W. Hopkins, dba Hopkins Consulting and Review, LLC;
* The Hanes Group, Inc.;
* William R. Morgan Company; and
For projects funded by the Federal Highway Administration/North Carolina Department of Transportation:
* Kack Consulting Group, LLC;
* Randy W. Hopkins, dba Hopkins Consulting and Review, LLC;
* The Hanes Group, Inc.; and
* William R. Morgan Company; and
For projects funded by the Federal Transit Administration:
* Absolute Appraisal & Acquisition, LLC;
* The Hanes Group, Inc.;
* William R. Morgan Company; and
For projects funded by the Department of Housing and Urban Development:
* Kack Consulting Group, LLC; and
B. Authorize the City Manager to renew the contracts for up to two, one-year terms with possible price adjustments and to amend the contracts consistent with the purpose for which the contracts were approved.
Body
Staff Resource(s):
Phil Reiger, General Services
Jennifer Smith, General Services
Tony Korolos, General Services
Explanation
* As part of the real estate acquisition phase, real estate appraisal review services are required for all federal-, state-, and locally-funded Capital Investment Plan projects.
* Appraisal services are used to conduct an appraisal of a property. The function of the appraisal review is to analyze the contents of the appraisal report for credibility and market support.
* Independent real estate appraisal review services serve as an important quality control measure.
* On September 15, 2020, the city issued a Request for Proposals (RFP); 18 responses were received.
* The companies selected best meet the city's needs in terms of q...
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