Title
Real Estate Appraisal Review Services
Action
Action:
Approve contracts with the following companies for real estate appraisal review services for a three-year term:
§ Locally Funded Projects (totaling $1,695,000)
- Kathyrn Bunker ($225,000)
- T.B. Harris, Jr. & Associates ($60,000)
- The Hanes Group, Inc. ($675,000)
- Valbridge Property Advisors dba John Bosworth & Associates, LLC ($60,000)
- William R. Morgan Company ($675,000),
§ Federal Highway Administration/North Carolina Department of Transportation Funded Projects (totaling $600,000)
- Kathyrn Bunker ($150,000)
- The Hanes Group, Inc. ($225,000)
- William R. Morgan Company ($225,000),
§ Federal Transit Administration Funded Projects (totaling $570,000)
- Kathyrn Bunker ($150,000)
- T.B. Harris, Jr. & Associates ($60,000)
- The Hanes Group, Inc. ($150,000)
- Valbridge Property Advisors dba John Bosworth & Associates, LLC ($60,000)
- William R. Morgan Company ($150,000), and
§ Housing and Urban Development Funded Projects (totaling $300,000)
- Kathyrn Bunker ($75,000)
- The Hanes Group, Inc. ($75,000)
- Valbridge Property Advisors dba John Bosworth & Associates, LLC ($75,000)
- William R. Morgan Company ($75,000)
Body
Staff Resource(s):
Mike Davis, Engineering and Property Management
Tony Korolos, Engineering and Property Management
Explanation
§ As part of the real estate acquisition phase, real estate appraisal review services are required for all federal, state, and locally funded Community Investment Plan projects to determine impacts to real property. These are routine contracts with consultant selection every three years.
§ 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. Appraisers are always under close scrutiny to provide accurate reports and the appraisal review is one tool to help with this.
§ Independent real estate appraisal review services serve as an important quality control measure.
§ On April 3, 2017, the City advertised Request for Proposals. Five firms were selected using a competitive proposal selection process to provide real estate appraisal review services.
§ Projects will be assigned to firms on a work-order basis using unit prices provided for in the contract.
§ Total expenditures for real estate appraisal review services with the firms selected are anticipated to total $1,055,000 annually, with a total of $3,165,000 for the contract term.
Charlotte Business INClusion
No subcontracting goals were established because there are no subcontracting opportunities (Part B: Section 2.3 of the Charlotte Business INClusion Policy).
Fiscal Note
Funding: General Community Investment Plan