10199• • 81
1 RESOLUTION NO. 10.199
2
3 A RESOLUTION AUTHORIZING THE CITY MANAGER
TO ENTER INTO A CONTRACT WITH RICHARD
STEPHENS, INC., FOR APPRAISAL SERVICES FOR
THE CLINTON PRESIDENTIAL LIBRARY; AND
DECLARING THE INTENT OF THE CITY OF LITTLE
ROCK TO REIMBURSE ITSELF FROM PROCEEDS OF
REVENUE BONDS OF THE CITY.
WHEREAS, a Request for Qualifications (RFQ) was issued on January 15, 1998, for
appraisal services; and
WHEREAS, a selection committee was formed and met on January 19, 1998; and
WHEREAS, the committee reviewed the documentation of all applicants and Richard
Stephens, Inc. was selected as the firm that met the needs of the City of Little Rock.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS
OF THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The City Manager is authorized to enter into a contract with Richard
Stephens, Inc., the most qualified bidder, to perform appraisal services in connection with
the Clinton Presidential Library and the issuance of related bonds.
SECTION 2. The contract amount for initial services is $27,500 to determine the
market value of the properties to meet the deadline for the proposed bond issue.
SECTION 3. An additional $30,000 is required for summary reports which are
required for condemnations; courtroom time will be billed separately.
SECTION 4. The City of Little Rock will be reimbursed from proceeds of the
Revenue Bonds.
SECTION 5. This resolution shall be in full force and effect from and after its
adoption.
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ADOPTED: February 3, 1998
ATTEST:
ROBBIE HANCOCK
CITY CLERK
APPROVED AS TO FORM:
p`,.Ll9.w7 YY\• Ply
THOMAS M. CARPE ER
CITY ATTORNEY
APPROVED:
JIM (DAILEY
MAYOR
82
City of Little F11,'
N!
Office of the
City Manager
Mr. Richard A. Stephens
Richard Stephens & Associates
400 West Capitol, Suite 1222
Little Rock, Arkansas 72201
City Hall
500 W. Markham
Little Rock, Arkansas 72201
(501) 371 -4510
FAX N (501) 371 -4498
February 4, 1998
Re: Letter Agreement for Appraisal Service - Clinton Presidential Library Site
Dear Mr. Stephens:
This letter will confirm the City's selection of Richard Stephens & Associates to perform
appraisal services in connection with the City's acquisition of land for the Clinton Presidential
Library. The site selected for acquisition is bounded on the north by the Arkansas River, on the south
by East Third Street, on the west by Interstate Highway 30, and on the east by the eastern boundary
of the Arkansas Book Depository site, in the City of Little Rock, Arkansas, exclusive of railroad
right -of -way within the boundaries of the area.
M M
Since the source of funding for these land purchases will be revenue bond proceeds, it is
imperative that the fair market value analysis is as accurate as possible given available market data.
To that end the appraisals should reflect state and nationally recognized appraisal standards, including
sufficient documentation of valuation data and the analysis of such data to support the opinion of
value, a description of the physical characteristics of the land and buildings, a statement of known and
observed encumbrances, a description of environmental hazards which affect the market value, title
information, location neaps and description and zoning information, a description and analysis of
comparable sales, conclusions of value of the parcels to be acquired, and an appraiser certification.
We have agreed that the services to be provided will consist of two pleases. First, a
preliminary estimate of value for each of the parcels will be transmitted on a "limited- restricted"
format. For the initial set of documents and contact with the property owners, if possible, inspection
of the sites, collection of data and your analysis, the fee will be not more than $27,500. We have
agreed that for this initial part of the assignment the value estimates will be presented in a "wholesale"
format rather than specific conclusions that would be necessary for presentation in a court of law.
Phase Two of the appraisal process will be "Complete Appraisal Analyses - Summary
Appraisal Reports ", which will include the information outlined in the second paragraph above. Such
information will be presented in a format that is suitable for litigation purposes.and the fee for such
service will be not more than $30,000 in addition to the fee referenced in the preceding paragraph.
3
To: Richard Stephens and Assoc., Inc.
Re: Letter Agreement
February_ 4, 1998
Page 2
Additional services under this agreement may include litigation support including expert
witness, meetings, negotiations and other services which will be performed on an hourly basis in
accordance with the following fee schedule:
Richard A. Stephens ........................
Principal ........... ...............................
$150 per hour
Sara W. Stephens ............................
Staff /Research .. ...............................
$75 per hour
Marvin W. Blaes .............................
Staff / Research .. ...............................
$75 per hour
Herbert W. Weise, Jr ......................
Staff/Research .. ...............................
$50 per hour
Elaine Moran .. ...............................
Support/ Document Preparation ......
$35 per hour
If the above description of services accurately reflects your understanding of our agreement,
please execute both originals of this letter in the space provided. You may retain one copy of the
letter for your files. Thank you for your assistance and we look forward to working with you on this
project.
CITY OF LITTLE ROCK
By: Ai 69-zl
Cy Carney, City Mana er
RIC1jQRD A. STEPHENS & ASSOCIATES, INC.
A. Stephens, CRE, MAI \?\RA, SRA
.,