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File #: 15-14489    Version: 1 Name:
Type: Consent Item Status: Agenda Ready
File created: 10/22/2020 In control: City Council Business Meeting
On agenda: 11/9/2020 Final action:
Title: Real Estate Appraisal Review Services
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideoAudio
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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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